Closing is set for Thursday. It would be nice to have a regular time for it, but as hectic (mismanaged?) as this process has been, I'll be happy just to have it done. The deal was a wholesale deal. At least the appraisal came back in at a reasonable number, about 4K above our purchase price including the assignment fee of 4K to the wholesaler. This one already has a tenant in it so it should be a nice straightforward holding for the portfolio. Not great cash flow, but reasonable considering the tenant hasn't paid her portion of the rent in 4 bloody years. (Its a Section 8 property.) Its definitely a winning deal in a market that hasn't offered many of those. Even without raising the rent, it will throw off some cash, and with a few minor repairs, we can probably get a little bit more out of a future tenant should this one not be cooperative with the rent payments.
Right about now, I'm inclined to just sit back and wait for the market to slow down more. Every investor and their grandmother was working this beat. I'd prefer to just sit back, stack some cash and wait for the real opportunities to start emerging. I am waiting for a call from another investor about unloading some of his properties in the DC area. It makes me salivate just thinking about it! I'll have to talk to some people about putting together funds to acquire those in various ways. I guess its also time to start my personal LLC, since I doubt I will put all of these in the partnership.
And dammit, more eyelashes are falling out of my left eyelid. Fugg me! Maybe I need more sleep. I can't wait until I get to St. Thomas! Some sun will do me good, I think. And more time to workout than I can gather here. This being "middle class" (if that's what I am) is for the birds. I need time for me, dammit!
3 years and 4 months left. Can't come soon enough.
Until next time...