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I Always Feel Like Somebody's Watching Me...

This has been a very interesting week. I'm into the first 7 days of my 15 days of due diligence on the property I'm buying, when I get an email from my lender requesting more info from the underwriters. I realize it's customary even after a loan approval, for additional needed documentation; current pay stubs to verify income, different DTI requirements, but this final requirement shocked the you know what out of me: a LOE from me about my occupancy intentions for said property because the customer, meaning me, is a real estate investor and has opened a real estate company, Six33 Props, LLC and has stated in her blog that the said property is an investment, oh... and she has also purchased a property in NJ! They then went on to say that they would need the closing date on my NJ acquisition, all purchasers involved, where the monies came from etc. I guess I really shouldn't be surprised that they know about my LLC which isn't a problem to me. I mean you are allowed to have a company and still buy a place to live in the town that you work in, but I guess I don't understand why my potential NJ purchase matters. Now if I was trying to buy a home in Hawaii but worked and currently reside in Phoenix, that might be a red flag that I'm not buying a owner occupied home in Hawaii! They also noted that I referred to my impending purchase as an 'investment' which it absolutely is. If you buy a home to live in, but have 2 or 3 units that give you additional income so you could potentially live for free...what would you call it? Well, it certainly was an eye opener about what everyone should know about the internet and social media- if you don't want someone to know something don't put it in your blog! Luckily for me that's exactly what I want... to share my experiences with my readers so they can learn and benefit from them. I haven't heard back yet after responding to their LOE's (letters of explanation) so we'll see. Oh, I have contacted 2 architects for estimates on drawing up plans for contractor bids so I should have those numbers in the next blog. The first architect did give me some interesting advice though: if I plan on building other units down the road, the best and most economical way to go would be to do everything, build all 6 or 7 units at one time! One set of plans, one set of engineering and structural designs and one set of permits- which makes all the sense in the world. Question is... where would I find the needed 650,000 to do it??!! Hmmm....my pastor would say the word tells us to search the scriptures: James 4:2... you have not because you ask not... Matthew 7:7, Ask and it shall be given, seek and ye shall find....Jeremiah 32:27

Is there anything too hard for GOD? Yeah y'all, I'm going to my Father. Until next week...

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