Automatic Income

I received my first payment from Hard Money Loan #4 last night. What is really nice is that the borrower has set me up as an automatic payment from his checking account. Each month, the bank will automatically send me a check. No need to worry about him forgetting to mail it or getting lost in the mail or any of the other excuses people make when payments are la...

Loose End That Just won't Get Tied

Three weeks ago, I requested the return of my deposit from the management company. On July 19, I was told they were waiting on final bills for utilities to arrive before they sent me a refund. Keep in mind, escrow closed on this property on July 14. We are now one month and a half months passed the sale date. All monthly utility bills should have come in long ago. After a couple of unanswered emails, I called the property managers today to see what...

Hard Money #5 Deal Is Dead

It seems I spoke too soon about my latest hard money deal. The deal never happened. Les, the guy putting it together, was only willing to lend up to 70% LTV and the borrower wanted 80%. The property would still cashflow at 80% and it was still a good deal, but Les wanted the extra 10% cushion as security for his investors. The borrower didn't want to do that, so the deal has been canceled. On to the next o...

Winning In Real Estate In 2008

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Multi #1 Monthly Update

The second monthly update for the Houston apartment complex has arrived and I'm pleased with the way things are going. As they thought last month, they were able to get the occupancy up another percentage point to 94%. And this is even with the rent increases they have implemented, which they say are being received favorably by renters. They still believe they can get it up to 95% or 96% over the coming months. I guess the improvements that are being...

Another Hard Money Investment Made

This weekend, I got another opportunity for a hard money lending opportunity from my partner in some other deals, Les. A contractor has purchased a duplex all cash for $355,000 in Livermore, California, which is a bit south of the San Fransisco Bay area. He's coming to us for a first mortgage of $285,000, giving an 80% loan to value ratio. The property was a bank REO, but it is in fairly good shape. ROI is 10% net to me. Interest only payments and...

Saturday Was Cashflow Day

I received my first payment from Hard Money Loan #3 on Saturday - a nice check for a little over $400. It's nice to be receiving passive income checks aga...

Multi #1 Producing Income

Yesterday, I got my first check from my apartment complex investment. It's actually not from the operations of the complex, so it's not very big and it is no reflection on the investment itself. If you recall, I invested in the property, but then the principles of the project were having difficulty raising all the funds needed for purchase. It took them 2 months, but they finally did it. Well, that two months they had my money and the money of other...

Loose Ends (Updated)

Just trying to wrap up the loose ends on the sale of Rental #1. I canceled the home insurance last week and the refund check for the unused portion of the policy arrived today. The only thing left is the return of my funds from the last property managers. On July 19, they said they were waiting to make sure all the final bills have been paid. I'll give them another week and if I don't get anything from them by then, I'll give them a call.Update:...