Well, we managed to get up about 8:30am on Friday and got some breakfast and headed off to our bank. We met briefly with the Branch Manager Marilou. Marilou and one of the loan officers from Regions Bank are part of our power team here and will be joining us on our tour next week.
After that we headed off to our closing on one of the properties I contracted last trip here. There was one small issue with the closing, but it was no real concern of ours. It was just the agents were going to get their commission checks, but again no cocern of ours we took our documents and hit the road leaving the agents to figure out why/how they are getting paid.
After leaving the closing we headed off to meet a contractor, Don, to walk through a couple of our properties to get a better handle of what needed to be done. The issue was we had a couple of bids sent to us but they were so far apart, NOT in price, but in what needed to be done we had to walk through the property to figure it out. One contractor said we should replace seven interior doors ($1,250) the other contractor had no mentione of doors. One said clean the carpet, one said replace the carpet, well which is it? Once walking through the property we and the contractor had a better understanding of what we wanted done. Agreeing to the work and the price they were going to start work first thing Saturday.
After that we headed off to Dayton to view that commercial property. We met our agent at the property and spent about an hour looking at the property. It's a 12,900 sq ft that is currenlty owned and used by the Boy Scouts who are looking to sell it and move into a new building. There are a lot of issues with the property and we estimated a good 75-100k in rehab, which when doing that kind of work could easily go higher. Though the property is being offered at a fair price we think that due to the work, the area and the fact that when the Boy Scouts leave it's vacant we decided it's probable not the best place for our money at this time. It has been listed for a very long time and we have some people doing some research for us to see if we might make a low offer just to see. We had a couple of more meetings at our office and at a couple of local food places with our insurance guy, HVAC (Heating Ventilation & Air Conditioning) guy and with the President of the Greater Dayton Real Estate Investors Associatoin. We got back to the hotel about 10:30p. Oh, on the way back to Indy we stopped at a Mobile Home Park that we are interested in. We are waiting for more information on that.
Today, Saturday we headed to our proeprty about 10am to drop of a couple of checks to our contractor and they were already hard at work on one of our properties. Those coming on the tour will be able to see this property and the quality of work the contractor does. Once we finished up there we stopped for lunch and then headed to another property we have in escrow. I'm not sure when we'll close on that one because the seller has some title issues they have to get taken care of before we can close on it. We left there and met with a couple of local investors, both of which are newer investors and basically wholesalers. They gave us a couple of properties to check out so we did some driving around to look at a few. While viewing their properties we got a call from another investor and met with him too.
We spent a few hours with each of the investors and actually looked at a couple of properties into the night of darkness with one of them. We've made an appointment with him to go out tomorrow and view more properties. I think we are meeting at noon.
Well that brings you up to date...I'll keep you posted!
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