Sunday, August 21, 2011

Blessings Come in Disguise

Yesterday, a friend invited me to her house.  I didn't know why and to be honest, I wasn't going to go because I was tired and needed some me time.  Of course, I went anyway!  The purpose of her inviting me is that her son and his family was in town and she didn't want to be there with people she wasn't that familiar with.  She invited me and another one of her friends.  I have seen her before, but never engaged in conversation.  Yesterday was different.  We talked and come to find out she has properties too.  She older then I and didn't get her first property until she was 40.  To be able to talk with someone that has the same interests and more knowledge is a blessing.  We talked for hours, and she gave me insight on things that I need to do to better my game.  She told me that at this point, I am just a landlord and now I need to move toward being a business woman.  I am so thankful for this advice!  That truly was a blessing that I didn't see coming.  I receive it and will make the changes she suggested. 

Suggestions
Find the best free checking account with the banks I am affilliated with
Get one checking account for real estate and see if I can get a credit card
Get an LLC
It may be cheaper to put all properties under one insurance company
Get title insurance for properties that are being owner financed

She gave me her number to call.  Not going to be overbearing, so excited about what I learned!

The other day when I posted, I was not in a good place.  I was uptight and nervous about my financial obligations and decisions.  In my mind, I have sorted out what are the best options for me at this time.  For instance, I have Ike coming to redo the entire house on Fisk.  There is a for rent sign up in the front.  I went over there yesterday and sprayed while Wilfred put the deadbolt on the door.  That is something I need to do daily, spray until the house is clean of roaches.  Overall, the house isn't messed up.  She smoked so it has to be painted, the tile in the bathroom needs cleaning or replaced, the is a running spot on the carpet, and just cleaned to make it liveable.  This should be done by the end of August.

My house on Colorado, I gave him an option of allowing me to pay him a monthly payment since he was losing money on the house and take it off of the asking price.  He said he would have to think about it and probably redo the contract.  In my mind, why redo the contract when we just change these things later.  Then I had time to think with a clear mind and decided that that wasn't a good choice.  The reason being is that there are many things that need to be repaired on the house on his end.  I am purchasing the home owner finance and he hasn't checked my credit score or anything and my monthly payments will only be $500 a month.  Plus, the property in the back rent will come to me.  Then the house under the hill once I get that up and running that money will come to me as well.  Back to what I was saying, I am not living in the home.  My stuff is there and I am moving things around, putting stuff up, finding out what works and doesn't.  The reason I changed my mind is that many things that he said worked doesn't.  I don't want to close on a house that isn't totally functioning the way is should.  Be it that he doesn't live in the city, he hasn't had time to fix the things he said he would fix.  With me plugging things up, I found out that the dryer electrical plug doesn't work.  I had the cable installed and where the line is coming in that electrical doesn't work.  The front door lock needs to be changed and overall all the outlets need to be working before we actually close.  I am aware of the things on my end that need to be repaired.  Another thing, the hot water heater doesn't work, it is missing a key component.  I scheduled an appointment for the gas to be turned on, but it couldn't because something is missing from the unit. 
Tomorrow, there are many things that I need to do to make things better.  Thanks to the advice that was given.  Really needed and appreciated!  Changes are coming and they are for the better.  I will take my time to get things done and not beat myself up for the mistakes I have made in the past.  It is gone now and I will do better with what I have. 

These are videos of the houses.  Like I stated, they need work and I will make it happen. 

As I stated, I was in a bad place the other day, but now things are better.  My mind is clearer and there is focus on doing bigger and better things.  I can and will be successful!
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