Wednesday, September 2, 2009

Back in Hawaii

Sorry for falling behind it was a crazy last few days in Indiana.

So, Friday I previewed about a dozen properties for our upcoming tour later this month. They are all from one investor that is liquidating some of his inventory. I believe he said he owns over 60 properties and is selling about a dozen of them. They will all fit nicely into the tour and are anywhere from 60-75% or so of value.

Friday afternoon I was supposed to get hooked up with Steve but I ran about an hour late and he other appointments later in the day so we ended up missing each other. He did email me a bunch of stuff but I'm still going over it. I'm sure some of it will be on our tour.

The weekend I spent crunching numbers and working on some new things both HiREI and Realestate-Extreme will have coming up, which you guys will love. I also went out and did a short video for someone that has a property they just purchased or will be purchasing where they had some work done and wanted to see how it came out.

I don't recall how many offers I wrote while I was there but as it stands now...I have had one offer accepted and actually spent this morning signing documents and Laura was kind enough to run them over to FedEx to get them there by Friday. The property has a value of 90-95k and I think we'll make it available for around 60k after it's fixed, not sure on those numbers yet so don't hold me to them. I have one offer being held as a "back-up offer" as they have accepted another before receiving mine. I have two offers that I have not heard back on so at this point I'm not sure if that's good or bad. I had a few counter offers of "highest and best" and I basically have not responded to any of them and just withdrew my offer.

As it stand now, we have closed on one property and will begin rehab and have two properties in escrow with two offers still pending. I imagine on the two in escrow we will close on them before the tour.

Randy and I are heading back to Indy on the 16th to check on things and get set up for the tour. We'll be staying until the 1st of October which will have us there a good two weeks.

I'm now getting ready for the HiREI meeting tomorrow night.

2 comments:

hoosier said...

Hi Paul,
Reading your blogs about the Indy tours is like being right there with you.
You might be able to write and self-publish a book detailing your Real Estate experiences.
Question: When you made your offer in cash, did you still need a pre-approval and/or pre-qualify letter? And did you put 100% of your offer in escrow or did you put in a small percentage of your offer in escrow?
Thanks. Ed Ransom

Paul V. Xavier said...

When making cash offers you will usually be required to show "proof of funds" in which case we get a letter from our bank stating the amount of cash we have in our account. Actually, we have them give us a letter stating the amount we need we don't have them put much more than we need to do that deal. Some offers we make we state that our "earnest money" is our "purchase price" and we put the full amount in escrow as this makes our offer VERY FABORABLE and solid.