Naked Lady Real Estate, The Bare Truth About Real Estate Investing

PACrats Holiday Bowling Party! Wahooo!

We had a great Pacrats Holiday Party last night!  We decided that we all work so much that we wanted to do something that was fun that would not allow us to talk "too much" real estate!   So Bowling it was!

We did talk a little real estate - after all we are all crazed real estate investors who can't ever stop talking about our current deals.  A deal that Bob Ziemensky has asked me to ground partner with him got signed last night and Dean Sumner closed a deal last night - he actually had his escrow person meet him at the bowling alley so that he could sign his closing paperwork!

We had so much fun that we have decided to do have this get together once a quarter!  Whahoo!

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Rosie the Radio Show Host?

Well - stranger things have happened!  I have been kicking around the idea of being a guest host on a radio show with these guys called the Home Owners Round Table. They are on 97.1 FM on Saturdays.  I met them at a networking event and once we started chatting they thought I was highly opinionated and kind of obnoxious... so they invited me to be on their show with them!  LOL.  Seriously. 

I have some ideas about a Radio Show that I have been contemplating with another highly opinionated - yet very smart real estate investor.  More on that later.  So when these fellas took a liking to me, I thought - what the hey?  I recently visited them at the station during one of their shows to check it out.  There might be something here.  I would like to be able to talk to people about the real estate investor "club" world and kind of do what I do here on my blog.  Actually the truth is that I have not been posting too many reviews and opinions about various products and speakers like I really want to.  I have been hedging I know.  But I think I will take the same approach that TECHCRUNCH or even CRACKBERRY take.  They give their reviews on the happenings of their world and allow others to post their opinions. They might upset a few people, but their insights are there for the customer.  They are your "trusted source" and that has been the intention of this blog.  And now... perhaps a radio show too...!

 

A Day without Real Estate..... ahhhhh

This post has nothing to do with real estate what-so-ever.  It has to do with what is important to do every now and then between all the real estate and hard work...   

I was able to talk Sandy (my ex, whom I still live with and now get along with better than when we were a couple - go figure) into leaving the house on a Sunday - GASP!  It seems that Sandy no longer has a problem going out on Football Sunday because he has his IPhone and now can watch his fantasy football scores no matter where we are. 

But don't feel too sorry for me....  I had a great day of relaxing yesterday.  And how better to relax on a Sunday then with a gorgeous ice cold glass of beer.... oh my gosh this was the best 2-3 glasses of beer I had in a long time.  Look at this beautiful drink...  the bartender Jimie poured it over ice and put salt on the rim... it's called a Michilada. .. 

I will be going back to Marmelades  (the one at the grove) for many Sundays to come......

Hhhmmmm good times.

5 day auction no bueno

We didn’t get any calls at all.  Do you think it is because it’s Taft?  Or is it just the Market?  Or is the Holidays?  Combo of all three?

I don’t know what it is, but I’m done trying to sell this little cute house right now.  We have decided to refinance it and stick some folks in there using a Land Trust and offer “No Bank Qualifying.” Perhaps when we our resident beneficiary finally cash us out the house will have gone up in value and we make way more later than we would have today!  From my lips to Gods ears!  I’m not too worried about it.  That’s the beauty with buying a home for 100K and not 600K… it’s not a huge burden if I have to end up sticking someone in it until the market gets better.

I have a friend (who is also my hard money lender) that has 3-4 homes in

Phoenix

that she has been trying to sell for months and months with no bites.  She informed me this week that she is sticking tenants in them and not going to stress about selling them for now.  She can’t bare the anxiety anymore – nor can I…  I am not going to buying any flippers right now that I would have to get a hard money loan on. That’s sounds paranoid, but I would rather be way conservative than worried about how fast I can sell the mofo. For me, buying Subject To is the way to go for now…  this of course applies to L.A. Out of state is a different story… I just talked to an investor who bought a house for 11K that has an ARV of 55K with just a few thousand in repairs.  She bought it on her credit card!  That whole deal costs less than a car!

5 day auction this weekend!

Well let's see.  It's Friday and no one has even called regarding the house yet.  By Friday we should have received at least 8-10 calls.   But sigh...  no calls yet.  But I remain positive that we will receive numerous calls tomorrow!

I'm coming up with my plan B incase the house does not sell this weekend.  I spoke to some folks last night that know some people who will buy the note for 20% below the ARV, which right now is somewhere between 143-150.  But as I always say - the ARV is whatever the house sells at! 

Plan C is to refinance the mofo and keep it for a year or two and stick someone in and sell it to them under the Land Trust.

I've always sold my homes fast and boy - this is a tough one.  This damn market.  I will not be buying anymore homes with hard money for a while that's for sure...

5 day Auction? From my lips to Gods ears...

I am going to do a 5 day Auction on the house in Taft this weekend.  I have a gal named Rikki Valle putting it together for since she has already done one before.  It's a very interesting process.  In a nutshell:

1. The week prior, Advertise your home in as many newspapers as possible.  Send out flyers to agents, drop flyers to all your neighbors.   I will go to Taft tomorrow on Wednesday and do the flyer thing.  I also created a webpage for it so that people can get a little more information.  www.tafthomeauction.com

2.  HOld open house on Saturday and Sunday - take bids.

3.  Sunday night have round robin with bidders over the phone. 

4.  Sell house to highest bidder!

5.  Sold!

They say you should start the bidding at 50% less than the house is worth and in theory you will have people outbid each other to at least 20% below market - if you're lucky.  Of course this works only if you are willing to sell below market- which anybody in their right mind, if they want their house to sell - better be willing to do!

I am ready willing and able to sell that puppy below market.  It's been a lovely journey but I'm ready to get off this boat!  Sell, mofo, sell!

I will let you know how it goes.  God speed little house!