Tuesday, October 27, 2009

California pool deal unraveled

Well the California deal unraveled. My backend number was a solid $150k in a great neighborhood a small 3/1 with garage conversion, pool and spa. Stucco exterior with brick half way up (I don't know what that's called) The house was built in the early 60's. Hardwood floors, but funky carpet in the bathroom and kitchen. New roof. Under contract for 90K. about 9 to 11k repairs. (because of the pool). It wouldn't wholetail because after replacing the windows and patching the stucco and painting just the front of the house, it would be retail. Retail is selling for 160K+ so I figured a quick sale I would go 150K.

The homeowner had started replacing windows and left about 4 inches of bare exterior all the way around and then they placed goo on the exposed edges of the stucco to waterproof it (Didn't work) They used the same goo on a vertical seam on the roof (should have been flashing).

My original walk thru with my Contractor Brother in Law noted this stuff and we had conservative numbers. Except for the pool... It had like a tilt up framed wall laying over the pool , 2x6 frame with black plastic and 3 inch square welded livestock wire panels over it. And, they made it right, I was impressed. We couldn't lift it, it would have to be cut apart, with wire and staples falling in the pool, yay. So we estimated 5k for the pool.

On my way home from the airport (from Vegas) Tim and I stopped by the house to give him a look at the pool which was bugging me. We walked in the house and all we smelled was mold. It had rained a couple days before. So, the roof goo and the wall goo wasn't working to keep the water out. I called the agent to kill the deal. She suggested a price reduction so we did that.....it didn't fly and the deal is no longer. I still plan on following it to see what they do with the pool.

I have Videos of all of this but no stills. My next one, I will take some stills.

I'm looking at a new target area, not much inventory. Been busy with those KEYS :)

Vegas is gettin' weird....my agent turned into an investor......I submitted several offers, I thought she submitted them, two days later she said we would discuss them and figure out how I came up with my numbers. WHAT??!! No, no, no, no. sigh. ...so now I have a new agent.

I'm trying to close one and sell it by the end of the year. 5 would be good, but I'm focusing on just one right now. :)

Keep listening to T.Harv Eker!


Scott Costello said...

One of my rules is not to commingle business with family or friends. Tough to avoid that from time to time because it's tempting when it's easy, know what I mean?

Your first deal is right around the corner kelly, I can feel it.

And thanks for reminding me to listen to T Harv again.

Kelly said...

Thanks Scott! Yeah, I didn't think the Brother in Law thing through. I still have to sit next to him at family dinners :) I like him WAY better when he's not my contractor!

Steph said...

Hey Kelly,

I agree with Scott- your first deal is right around the corner..

Keep pushing forward, girl.

I need to listen to some T Harv too, now that you mention it. :)

Keep up the good work.

Kelly said...

Thanks Steph!

jp moses said...

Hey, I hope your bro in law doesn't read your blog! :-)

Sorry to hear the deal fell apart. And my jaw dropped at your agent who sat on your offers...what the crap was she thinking??? Geez!

Keep at it, girl!


Kelly said...

Broham can't read.... j/k! We are cool. He builds mansions, doesn't "get" Kiss flipping and knows more than me :)
Thanks JP!!

Eileen-WI said...

Kelly, CRAP! Sorry it didn't work out but a good deal is definately around the corner for you!

So are you submitting offers in both California and Vegas? Just curious.

Kelly said...

Thank you Eileen! I am in both CA and NV. I've tried to go to Vegas once a month. Vegas is a very strange market, it's a frenzy of out of area cash buyers. It is rare for properties to sell at list. Inventory is way down though.

Carey_PA said...

Hi Kelly,

And everyone else that I know...just wanted to comment on the "listen to T. Harv Eker" comment you made.

I gotta tell you that I've been listening to his book probably once a month or at least once every other month! Love it!!!

If any of you have the chance to go to the Millionaire Mind Intensive....do it. It's free and it's jammed packed alllll weekend. You will be glad you did.

Kathy and I are going to a Passive Income 4 day course they are putting on in December and I'm excited about it!

Steph...definitely listen to T. Harv.

Kelly said...

Hi Carey!
Thank you for stopping by!!! I just bought a 16 cd audio of the weekend event that I plan on sharing with all of my frayinds :)

I wanted to go to the intensive when it was in San Francisco but it was the same weekend as Bob Norton's Vegas gig so..... I would love to go to one!! Thank you for the info, now I Really want to go!