Wednesday, January 13, 2010

I'm tearing it up

Wow, I've been busy since the Vegas trip. Had a blast with the Hubby, we got kicked out of Margaritaville! We didn't work as much as we thought we would but we lived large and vowed to do that again at least once a year.

On the way to the airport to catch the plane to Vegas right after Thanksgiving, we went to look at 5 houses in a lightning round of speed shopping. Two of the houses looked great , one might have been too pricey so I made an offer on one. On the ride back from Vegas, the bank asked for highest and best, I bumped it up just a tad, and BAM, fish on! Woo Hoo! I found out later, I was 1k less than the other cash offers????

I went to my bank to get a cashier's check for 2500. I ordered the appraisal and an inspection. $375 each, The inspection found some issues with the gas meter and the wiring and structure stuff. My numbers didn't make sense at this point but I didn't want to lose my $800.00 in inspection fees, so I asked for a 10k price reduction. The bank (US Bank) said ok, so we are a go.......supposed to close anytime from now 'till the end of the month. The bank is ready.....I am hoping it all jels together. It will be a true test of my patience. I'm trying to just let it all calmly happen. Meanwhile, the listing agent's hair is on fire, "close now, close now!" My agent is freakin', "we are out of contract, someone else is gonna get it!!" OHHHH NOOOO :o I so badly want to join in the panic. ....must remain calm. Meanwhile, I can't sleep, I'm feeling sick, It's all I think about, but I look and sound really calm. Someday this will be funny, maybe. Stress wise, it MUST get easier. If not, I don't think I could handle more than 3 of these a month. I could, but my family couldn't.

I'm just going to keep busy and stay in control of it without babysitting the deal, does that make sense? Anyway, I'm putting an offer in on a mold house and a short sale. I want 3 a month for now. Hopefully, that is in allignment with what my money partner wants....I'm about to find out :)

The particulars on the house are: 1940's house in another county 1 1/2 hours from my home. At one time this area was number one in the nation for foreclosures. It's a rehab. I will be camping out there regularly 'till it's done. I will be taking lots of pretty pictures too.

More later.....there just hasn't been time!



Steph said...

Hey Kelly,

Congrats on getting the deal under contract!!

What is your exit strategy on this? Are you wholesaling it?

Can you get them to sign an extension so you don't have to worry about them selling it to someone else?


Kelly said...

Hi Steph,

I will rehab it to the nines and go full retail.

It was originally supposed to close Monday the 11th, that's the day they returned the approved price reduction. Sooooo now we are out of contract holding our breath.

I thought the price reduction counter addendum that came back serves as a new contract which states closing within 30 days of this signed agreement. ??

To be safe, my agent sent an extension to the 26th. Till we have it back signed, she is trippin'.

happy thoughts, happy thoughts, happy thoughts :D


Kelly said...

Thank you for the congrats :) !

Scott Costello said...

Well done Kelly!! That is some good news and I bet you'll do a fantastic rehab.

Keep us updated, it'll help relax you knowing we have your back if you need help.

Shae said...

Go girl! I know a little about how to screw up a rehab so will be happy to provide some tips of what NOT to do. LOL! Have fun!

Kelly said...

Thank you Scott! Yep, very good news! Another interesting twist this is taking......I will blog when I have all of the fun details. It just keeps getting better!

Kelly said...

Shae! I will be asking you about all of that later :)

Thank you!

Eileen-WI said...

Congratulations girl! I'm just catching up on some blogs and it's been a few days... do you have any updates?

If I may ask (or if you have a link to it somewhere) how did you get your money partner? Is that through your K.I.S.S. Flipping group?


Kelly said...

Hi Eileen,

Thank you. no updates yet. I'm remaining positive even though things are a little more shakey and flaky than I would like them to be. I guess I won't know if it is going to go through 'till after it goes through. (I'll explain later)

Money partner was obtained though the teachings of Money Magnetism in KISS flipping :)

Thanks again you guys, I truly appreciate the support.