Another Exciting Day of Real Estate

I'm still looking for another property to buy. I have looked at several properties; attended two auctions; and been actively hunting a property to buy. I looked at another house today. It is a 4 bedroom, 2 bath house with a 1 car detached garage. The house is in very good condition and only needs cosmetic work. It is a REO and is being offered at $37,500. It is a fair deal at that price, but would be a great deal at about $30,000.

There is currently a big demand for 3-4 bedroom rental houses in our area. I will probably make an offer on this property tomorrow. Normally, I would have made an immediate offer on this property. However, the housing market is very fragile and I am expecting (and starting to see) an avalanche of foreclosed properties hit the market. I believe that it is critical that each property is bought at a Huge discount. This particular property has a retail value of about $80,000 and will only require about $5,000 in rehab to be in retail condition. This property will rent for $700 per month.

I also found a 2 bedroom, 1 bath house that is being offered for $24,900. This is also a REO and I will look at it tomorrow. It would be a GREAT deal at something less than $20,000.

Tomorrow, we are finalizing the deal on the 4 apartment buildings that we are taking over at the end of the month. The owner is coming over and we will finalize the details. This deal will add another 10 units to my portfolio.

Today, I worked for about 3 hours on one of our rentals. I did some general painting and am hoping to finish with this unit tomorrow.

Summer (or at least spring) is scheduled to return to Ohio this week. We are planning a 3-4 day camping trip later this week. With temperatures returning to the 60's and 70's, I'm looking forward to getting out of town. I've got a lot of work to do this week to prepare for our trip. I need to de-winterize the motorhome; get the motorhome restocked with food; check the oil/water/and fluids in the motorhome; change oil in my motorcycle; and much more. It is going to be a busy week. The sun is scheduled to start shining tomorrow!