Getting back into rehab which i said i would not do. After so many of them, i am tired ot it. But one of my students bugged me so i got dragged in. Am going to do a ongoing story about the progress (or lack of it) from beginning to end
. First step was my student sending me the prospect sheet and comps. The numbers sounded right so i said to go for it. Next step was to go out to see it. That’s where the fun begins. When doing the comps, i did not know that the property sat on a very busy corner. That changed the comps. It was worth at least 30k less than i thought. It also had an illegal addition. So we had to revise the arv and the price we were willing to pay for it. We gave th e seller the bad news but he was ok. Next step was to get my guys out there to give me WRITTEN estimates. You have to know wverything going in before you close- o surprises, Because i was not the one doing it, it took a lot longer. I am good at cutting to the chase,
Next situation was to get the money. I have decided to go with someone new since the outfit i used for years is withoutmy favorite person. I am paper training them about how i do things. It takes time. Luckily my escrow is the one i have used for years so she is cool with my methods. Next issue: new bank.
I am paper training chase about how trusts work. Need to have dual trustees so both of us can write checks. This is proving to be major pain but i threatened that i would pull all of my money out if they do not cooperate. will see tomorrow, We had a major garage sale this weekend because the seller is selling his dad’s place and he is out of state, Lots of goodies- a big screen TV and a fully stocked house. It was 108 degrees. Hope to get all fixed and close on tuesday
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