Fate (Kate) in Real Estate, Ohio & Florida

Glad to see your journal here! I really look forward to following it. And if you're still gonna be in Florida week after next (sounds like you might be) I would love to see you!

Catch ya later Miss agent/investor (you must be in demand!)

Rina

It is nice to see a realtors point of view, I will keep an eye on your journal that way I can follow two markets at once.
Kolby

Woke up at 4:30 am..I have no idea why I wake up that early down here..I'm typically more of a 6 o clocker but it's been really good for researching.

It is finally getting warmer down here..(you will be glad to know that Rina..hopefully it stays that way for you)..actually spent some time at the pool yesterday with my father who is staying down the road for 3 weeks this month. He has polio and our place has 15 steps up so hard for him to stay here. My sweet significant other installed a lift for him which he was able to use last year but our place has been under construction (he's doing it ALL himself) now for almost 7 months so he had to take the lift out. I am sooo looking forward to this place being done which will probably happen right as I am getting ready to go back to Ohio. Such as life..I'm not complaining. Atleast I had a bedroom with a comfortable bed (which is also my office and kitchen.)

I have been combing the ads and listing for an area near by me in Florida and sent out about 10 or so emails this morning. I had been avoiding this area as I had been hearing all kinds of bad things about it. However, upon further investigation (doing some showings for my Broker who gets a ton of REO listings over there)..I think I am going to start targeting this area. The homes are only 4 or 5 years old, are very nice and can be bought starting at 20K or so on up of course. It appears the rents go for between 700-1000. If I can find some that are turnkey and good deals, it seems like this should be a "no brainer"..my only concern is how fast they will rent since there are so many but my Broker said she just rented one she sold to an Investor in 3 days..we'll see. I will be figuring this all out soon so I can act. I have to believe, however, there is significant room for appreciation as these homes sold for 2,3, in come cases 4 times the amount and I recently read that this county is again on the upswing in population after declining for many years. I would so love having all newer homes in my portfolio, with good cash flow and lots of room for appreciation (and managed by someone else for a nominal fee to top it off). I'm not soo concerned about finding the rock bottom deals (unless of course, I decide to wholesale) as I am about ensuring I participate in this over correction and get as much on the books in the next couple years.

I have a couple people I have talked to about private money but have not confirmed any agreement yet. There is one person in particular I did business with when I was a stockbroker who is extremely wealthy who I want to ask but I am a little afraid..he lost a lot of money when I had it and I felt terrible but the market was horrible. I have one of my own homes for sale back home to raise some cash and am going to talk to two more of my tenants to see what is the possibility of them potentially purchasing the homes as they have both expressed interest. I suspect they are not ready to qualify for a loan. I need to also pursue a bank to work with. If anyone has any suggestions, I have an exceptional credit score, 0 debt besides my rental mortgages and a good track history.

I think it is time to head to the workout room!

Oh Rina..I'll PM you but we need to setup a day and time..

Long discussion with BF confused me on whether I really want to put money in the area I referred to above...He thinks what falls that hard takes that much longer to recover, probably true. My home farm market is probably my best bet for investing for me for now.

Received a few responses to the emails sent out yesterday..may work with one lady looking for lease/purchase.

Also exposed myself to a whole new (realtor) market down here yesterday when I went for a walk..ended up going thru a phenomenal house on canal 5 houses down from the river listed at 1.79 million..WOW! then exactly what my BF has told me to keep my eye for him..a fixer upper with direct gulf access for 269K..very very reasonable ...but we aren't even done with this and we don't have the cash but this one could be a good investment..UGH! Need that private money. Told him if he was REALLY serious, let's write a lease/purchase or option to buy! It's not a foreclosure or short sale which is rare dn here so you never know! Prices are rising here and this is a very good value for the area! Then more tours of homes well over a million in another neighborhood around near river I found..Unbelievable the amount of money down here! Just need to find a few buyers for stuff like this..one of the realtors told me those listings are starting to move again too.

Still waiting for bank addendums back from realtor on Fannie property that is supposed to close by 3/19. Buyer is getting a little upset (understandably) as they are going to come back dn to close and want to make plans but we haven't even got the paperwork back or ok to inspect. This group ONLY communicates by email and doesn't answer emails on weekend. I think that is a disservice to their clients and don't understand why banks work with Groups like that unless they list for next to nothing!

Good day! (Going to be 75..inching up!)

I'm jelous, 75 degree weather, that has to feel fantastic. It hit 50 degrees yesterday and i thought that was great. It seems like you have some great opportunities all around you. I don't think I would totally rule out that first market area you were talking about. I think that you can get more bang for your dollar, and depending on when you were planning on cashing out that might be your best bet. Remember Dean said yu don't make money when you sell a house yu make money when you buy it. If you buy the house right, you can sell it or rent it or lease it with option to buy. So many ways to make money with those houses. Good luck on what ever you decide I'm sure you will do good on which ever way you go. On private investors just show them the properties you are finding,let them make the decision whether they want to make a lot of money in real estate or leave it in the bamk and make a little money. Let the deals speak for themselves.
your friend Kolby

Having a lot of confusion and guilt.

Trying to decide when I should go back to Ohio..I think my work down here is almost done for the season and feel like I should go home in 2 weeks and attend to my new goals..but my sister is planning to come down for a few days in April....

I am looking forward to re-reading this journal and seeing where I became focused and sure of where I was heading as right now I am spread between 2 states and quite unsure of where to focus.

I
* am looking forward to meeting Rina, Lea and Denny next week
* scheduled a flight home for the 27th
* am about ready to kill (ok that is extreme), the listing agent on the other side of of this Fannie Mae deal that is supposed to close by tomorrow. She and a couple others have totally dropped the ball on this and I am irate, my buyer has a truck of stuff arriving Saturday and very likely not a house she can take it to. I ran around and made a zillion calls trying to get everyone to do their job yesterday and am praying for a closing tomorrow for the sake of my buyer
* threw an ad up to sell ANY of my homes for a "fair" price..why not? My homes are in a very desirable area back home and if I can re-buy lower, what the heck..and I do sense some urgency from buyers right now with the deadline approaching so perhaps I raise some cash sooner rather than later..like that.
* am very, very sad that my significant other had to cancel his trip here tomorrow as his 87 yr old mother fell out of her wheelchair at the nursing home and broke her hip. Sad for her too of course. He REALLY needed this trip though as he has had a very challenging time lately -- God bless him!
* have about had it with one of my tenants..actually I HAVE had it and am looking forward to ending the relationship with them soon regardless if this property sells. There are few things that bother me more than lies and arrogance.

was very nice today..It very interesting to actually meet people you have communicated with online. (and Rina is soo tall!)..I look forward to keeping up the communication..

The closing DID NOT happen with my buyer and truth be told, I have let it affect me way too much. It has sucked the life out of me for many days being kept in the dark--with nothing really concrete to tell my buyer who is a friend. Thank goodness they are pretty understanding despite the fact they are incurring daily expenses. Most people do not deal with estoppels (as it typically is difficult to realize a good enough return when you have HOA fees to pay to "invest" in properties that have associations) but they are delaying deals big time right now!! Banks only have to pay I believe it is 6 months or 1% of loan amount in HOA/Condo fees by laws and associations of course, try to get them to pay more. The others in the association ultimately take the hit in you guessed it..raised fees to cover the losers who don't pay!! Anywho..it is delaying this..not to mention that I have to ask the title company to continue with each and every step in the process...and my listing agent on the other side..(SUCKS)! I will be writing letters about my experience on this to Fannie Mae when it is all said and done b/c one person should be recognized for her work ethic and willingness to work and help and the other should be recognized for the complete opposite.

On a good note, a deal I referred to another agent closed today so I should be getting a small referral fee check and an investor friend of mine who I sold a property to and re-listed it finally got an offer that we worked out a deal on. I wish he (and I) both would have made more but it is what it is and we are both ready to move it on. I'll be looking for something for him when I return home and maybe I'll even try wholesaling it rather than simply selling it..Encourage me b/c I know I will feel guilty collecting more than a "commission"!

Both my parents are having surgeries this week..nothing too major but still it is weird to realize your parents are "elderly" . I also had an uncle pass away this week. Sad--reminded to you have to live!!

Goodnight!

Denny & I enjoyed meeting you & Rina yesterday.

Wish things were running smoother on the property you are working on for your friends. Thanks for the explanation about how the HOA fees work. Our friends who we are dong a SS for had to pay the additional HOA fees along with the other people who live in their community to cover all of the foreclosed properties that aren't paying any HOA fees. A few months back everyone in the community had to come up with $1200 to cover the foreclosed properties in the community and their fees of course were increased. I thought the banks were responsible for these fees. The catch 22 to this is that the families left paying the additional HOA fees are already struggling to pay their bills.

When you have a moment please pm me the info on the property we talked about yesterday.

Please accept my condolences on the loss of your uncle.

I wish your parents a speedy recovery from their surgeries. I understand what you mean about seeing your folks getting older. I remember the 1st time I looked at my Dad and realized how fragile he had become. It was strange feeling.

Lea
SPR Property Solutions, LLC

Can't sleep, will be going back to Ohio later this morning.

The Fannie Mae deal STILL did not close. Thank Goodness for my patient buyers. When it came time to close, title company could not (would not) credit my Buyer for the full 3.5% credit for appliances and closing costs that was part of the deal..unbelievable. Why would I not expect that there would continue to be hurdles? Listing agent DID finally actually CALL me and we ended up doing a price amendment so in the end my buyer is actually going to be a little better off as they adjusted an additional $600 but going to be a couple more days....

Looking forward to seeing my family and selling one of my own homes on Saturday (positive thinking here!)

I sent you a PM Lea. I set you up an account for browsing all the listings in my Board but I need your actual email address. Did you mention Cape Coral to him at all? Not as close to the beaches but you can put a boat in your backyard, get a pretty darn nice house with Gulf Access for under 200K there. But I still much prefer the location on the one we discussed. Location, location, location. The three rules in real estate.

Kate

Hang in there and be persistent and you will prosper.

Thank you. I just sent you another pm. Any SFH or duplex near the ocean (w/in 15 mins.)or on a canal that would accomodate 36 ft. boat or something near an airport where he can land his plane would work for him depending if its a great deal.

Wish you the best back in Ohio and know you will enjoy seeing your family and selling one of your homes

Lea
SPR Property Solutions, LLC

Fannie Mae deal finally closed..told my buyer I am going to forward her my book (100 or so emails) so she can see what the heck was going on behind the scenes and that I was fighting for her. My other Florida deal in the works is closing Monday..YEAH!

Buyer backing out on one of my investors properties..we aren't going to release earnest money yet though. Make her sweat some...it was a contract!

Funeral was yesterday and my cousin gave a really funny, sad and interesting talk about his father. It was a very "real" service..laughs and tears, vodka and olives.

Parents are recovering from surgeries..didn't realize my father's was quite a bit more serious than anyone told me..he had started to bleed and it could have been fatal. They basically did the surgery twice. Yikes, but he is a fighter.

Showed my own home 3 times yesterday to different parties with different interests..we'll see.

Beautiful day here!! and got a last minute ticket to see Wicked today with sister, mom and step mom so need to be productive before that.