Thursday, August 9, 2012

"For Rent" Sign is Now Up!

Posted a "For Rent" sign on Sunday, and since then, I have received about 20 phone calls! Each person that calls has such a different story of their current living situation, that I'm always interested to pick up the phone to see what story the person calling will share.

My contractor is going to give me both houses completed this month! I am excited to see how they are going to turn out. Contractor began work on Tuesday and is moving pretty quickly! He has a total of 7 people working on my property! Talk about getting things done!

It's a bit difficult putting a house for rent because you can't really tell who is serious and who isn't. I've had one person willing to give me a deposit to secure the property, but I wasn't sure if I should take it because this person is the previous homeowner! The bank foreclosed on her, house was put on sale, I purchased it, and now she wants to move back in as a tenant! She seems like a very nice person, but I am not sure if it's a good idea to rent the house to someone who owned it before.

I am going to give her an application and if she meets the requirements and shows financial stability, she will move forward in the rental application. I do not want to discriminate and want to do everything right. At the end of the day, all I care for is for rent to be paid and for my tenants to be happy.

I am going to begin to pass out applications this week and hopefully I will have a contract signed by next weekend!

Saturday, August 4, 2012

AFTER Escrow Closes

Escrow is officially closed when they receive confirmation from the title company of name change to new buyer and when funds have been released to seller.

Escrow closed July 31, 2012 and since then I have been working out the details with my contractor on how I want the property to be remodeled. Honestly, it's not too exciting once you cross the bridge from being in escrow to being a homeowner. Don't get me wrong, it's exciting, but I've been excited ever since my offer was accepted and throughout the process the "excitement" died out.

The feeling is more like "finally!" My loan process lasted 60 days and it's not over yet... I still have to wait another 60 days for my contractor to remodel the homes. Once he completes the work, I will then be extremely excited. As mentioned previously, this property was an REO and hasn't been cared for for almost a year now. Windows are broken, garage was being converted into living places, my kitchen has no sink, faucet, cabinets, and let's not talk about the 80's tub that still sits in my ugly bathroom. With a 203K loan, the process doesn't stop when escrow closes, it ends when the draw center has disbursed the last payment to the contractor after his work has been inspected by the bank and city ...I can't wait to see how my house is going to look when its "move in ready" .... now this part, is exciting!!

It's all process, but I'm glad to be in this process than no process at all! It's a big achievement and I'm extremely proud of myself and all the people who made this dream come true. I am looking forward to the day I can move in and enjoy my purchase! I'll be posting pictures of the home and show you before and after pictures. Soon you'll be able to see the beauty behind this diamond in the making... Go and find your treasure today!
I dare you