I know it’s been a few weeks but with Mother’s Day, family coming in from overseas, and a vacation it has been difficult to find an hour to sit down and write one of these. But, I’m up early this morning getting things ready for my son’s 2nd birthday party and found some time. I included a photo of him on todays post, he is the reason I do all of this! I can’t wait to spend more time with him as he is growing up. And now with another baby on the way, I really need to make sure I can find more time to spend with my family.
So, last time I wrote an update I was down in Key West on a mini vacation with the Navy for work. We had a lot of projects going on and for some it seemed like there was no end in sight. Now, we have a few on the market and an end date in the next month for the rest of them. This is going to be a busy month or so of reviewing and accepting offers, inspections, keeping our fingers crossed that buyers financing comes through, etc… All of the joys that come with selling houses! I expect to have all of our houses on the Market by June sometime.
The house in Navarre is complete and went on the market Friday with an offer coming in yesterday already. Here are some photos of the finished house.
The house in Gulf Breeze has a few weeks to go, the flooring is in, master bathroom is rebuilt and almost done being tiled, the spare bathroom is tiled, and the kitchen cabinets are refinished. The exterior still looks like a disaster but that will be the last thing to clean up. I am looking forward to seeing what this house looks like when we are finished.
Not much to update on the house in Mobile, the exterior siding is almost finished and the kitchen cabinets went in. Here are some updated photos of that one.
We have two projects going on in Milton, one that is almost finished and another that is just getting started but is a light paint and flooring type flip that should only take about 3 weeks to finish up.
Two weeks ago I had 3 closings (purchases) scheduled on one day. Of those, 2 actually closed and the other had some issues that popped up on the 11th hour so it didn’t end up closing. It was a subject to deal that I had put together in which we were going to do the rehab while the owner held the mortgage. The payoff became larger than we agreed upon due to an unforeseen lien so I decided not to move forward with it, the profit margin just got too tight for me. However, I hope to help the seller get this house sold in the next week or so after negotiating the lien down and bringing another buyer to the table for him. We won’t make any money on this deal but I have been working with the seller for about 3 months now and I really want to help him get his house sold. It is a huge burden on that family and it would be nice to help them out. In life and in business, there are plenty of times when it isn’t all about the money. Sometimes, the deals that you do out of pure kindness pay off more in the long run. Let’s see if that’s the case here. The other two houses were renovation projects that we will be taking on soon. One of them is a house in North Pensacola on one acre and the other is a house in East Hill that will be a joint venture with some other flippers I know. I’m excited about both. Here is a link to a walkthrough on the One Acre house if you’re interested in seeing the before images.
Probably the biggest news of this post is that I hired another person for the business. I have been advertising for some time looking for an acquisitions manager for us, someone who will go out on the appointments, view the properties, and put the houses under contract. Well, I am happy to say that I found that person and she is up and running now. In fact, she put 4 houses under contract in the last week for us! Some of you may not believe this, but before I hired her she knew nothing about houses and real estate other than the houses she has rented in the past. However, she knows a lot about sales and getting a deal done! I knew she was going to be a good fit when she negotiated me up in pay during our initial meeting. I am really looking forward to seeing her grow in this position and absolutely kill it. I plan to have her write a post one of these weeks about the process and what she expected when coming on board. I’ll let her get 20-30 houses under contract before that so she is a pro by then. At this rate, that will probably be early next month.
With all the houses we have in renovation or on the market right now, we are low on funding as you may expect. I have written some posts about “finding the money” and lots of creative ways to fund your projects. And like I said in those posts, if you have the deal you can find the money, and a lot of times the money finds you. So if you are reading this and you want to see what real estate investing is all about or you have been thinking of getting involved, WE HAVE THE DEALS! So, get in touch with me and let’s partner up to make some money on them.
Obviously, we will be finishing up all of the projects and putting them on the market. We also have quite a few houses under contract that we are figuring out what to do with. So, if you are looking for deals in the Pensacola area make sure to contact me about what we have in our inventory. And if you haven’t signed up here on the website to be alerted of when we do have some opportunities, make sure that you do.
If you haven’t read my post about the mastermind group I am a part of check it out HERE. We have our second meeting coming up in Utah next month and I am really looking forward to seeing how everyone is doing and updating them on my progress. The best part of the meeting will be digging deeper into some of their businesses and seeing what I can steal to increase the efficiency and profitability of mine! I was also interviewed on another podcast recently, you can check that one out HERE if you like. We talk a lot about the mastermind group and what it has done for me. If you ever have a chance to work with other investors, or anyone in your field for that matter, who are doing more than you I highly suggest you do it. They will lift you up and make you level up to them, which can be highly beneficial.
See you next week and if you like this post or think someone you know will like it, please share it on FB or other social networks. All you need to do is click the image on the top left of the screen and it will share this post. Thanks!