Tuesday, March 27, 2007

House #4 Closed

Finally! What a cluster fuck that turned out to be. Maybe it was because the wholesaler we were dealing with was new, or shady, or whatever his problem was, but that closing was more complex than it had any right to be. At last it is done, and we can start integrating it into our portfolio. And I sure hope this means the last of financing properties in someone's personal name. The LLC should be able to finance something, a bloody pack of chewing gum - SOMETHING - now.

Note to the wholesalers in the state of Maryland who happen to be reading this - make sure your seller knows the full story in advance. Let him know that you are assigning the deal. The guy we dealt with decided to keep this little nugget of truth a secret until we hit the title company's office. So we're in the office trying to find out the best way to break the news to the seller about what size check he needed to write to the wholesaler without scuttling the deal. Fugg me! Considering that I'm still dealing with the nuclear fallout of lies in my personal life, this one didn't sit right with me at all. Thankfully my partners and I were able to connect with the seller on a few different levels and get him to be comfortable with us. (The guy attends the same church as one of my partners. Additionally, he and I share the same birthday, 20 years apart.) Somehow the wholesaler figured out some good words to seal the deal, and all was well.

Now we have another rental in beautiful Baltimore. Slowly the portfolio is coming together. Now its just a matter of building back my credit score, because all the daggone inquiries are eating me alive. I'm glad I sat in on this tele-class about credit repair that was held by my RE investment club. Some really useful information came out of that about the credit industry in the US, so I plan to put that to use ASAP!

Alright, until next time, by which time I hope to be caught up on the goings on in the business world. Maybe I'll also have run into a hedge fund manager or 2 by then.


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