Having fun with Utilities
Tuesday, June 18
Who knew that utilities could be fun and exciting all at the same time! After hours on the phone with each utility company... several of them involved in figuring out what is metered where and thus, what are we responsible for, finally got out of the office and on site at my first garage apartme...
Security
Friday, June 14
On the first drive-by of these properties, I knew we would have to be somewhat careful about personal security. They are in a transitioning part of town and while the whole area seems to be moving in the right direction, there are vagrants and other wanderers in the area on a regular basis. We'...
Getting To Work - Now they have to be rented
Friday, June 14
Part of the challenge on these particular properties is the garage apartments. They're perfectly nice as apartments go but I have zero experience in this area. Put the ad up on Craigslist, getting emails but so far no bites. Partly for the learning curve and partly because I am exhausted, deci...
I did it. I really really did it! Small Multi-Unit!
Tuesday, June 11
10 units on 4 lots. $176,000. ARV $294,000.10% down, Seller financing for one year at 5%. My bank informally approved the deal so not over concerned about converting to conventionalAnticipate 10K in immediate capital expense to upgrade one vacant unit and put a roof on a large duplex.Rents $50...
It's a Company!
Saturday, June 08
I feel like my brand new baby company has just been 'born.' Have articles filed with the great state of Oklahoma, EIN from the IRS, new bank account, new phone numbers... it's all starting to sound official. I complied with the contract and sent the seller all mortgage docs in advance and they...
More Paperwork - Mortgage Etc.
Monday, June 03
This deal is seller financing for one year. That gives me the deal at 10% down which allows me to use the other 10% towards immediate maintenance needs, including a new roof for one property.As previously mentioned, we are responsible for providing the mortgage, subject to approval by the seller...