Ok, last time we talked I was on my way to see an off market property. When I got there, there were 4 agents from the investment group I'm a member of, another guy who was there on behalf of an investor, then finally one more investor that showed up a few minutes after I arrived. The house was about 1800 sq ft and in need, in my estimation, of around 75,000 in rehab costs. There were 2 beautiful houses next to it that had been rehabbed as well, one sold for 542,000 in 2015 and another with an estimated value of 600,000. The property we were looking at was listed for 387,000. So when it came time to bid I was given a bidding sheet. My agent advised me that the man who arrived after me wasn't going to bid, so it came down to me and one other investor-making my chances of winning the bid 50/50. Unfortunately, I'm still looking for a lender that will do 90% financing of the purchase price and 100% of the rehab costs and that is proving to be a challenge. So I had to make a decision: if I won the bid, I would have had 1 hour to sign the purchase agreement and once that's done if I can't find a lender to give me the terms I needed to close in a few weeks, I would forfeit my 5,000 deposit. I opted not to submit a bid. Apparently, the other investor opted out as well so that property is still available as far as I know. I think this would still have been a good deal but having to come out of pocket upwards of 75,000 is not something I'm willing to do right now, especially with the project I still have to finish in NJ. There was a comp of a fully renovated home, around the corner from that house, that had 300 more sq footage that recently sold for 725,000. I'm going to keep my eye on this one and see what happens. On another note, Real Estate Design Developers, LLC has chosen its new logo as we ready ourselves for our very first acquisition! It's very exciting to be involved with several talented women, all bringing different skill sets and experiences to the team- all Christian women, standing on our faith and following the command He gives us in James 2:17 "Even so faith, if it hath not works, is DEAD..." And I just want to give a shout out to @thewatsonrealtygroup, a husband and wife team out of Atlanta that my daughter introduced me to on instagram who are following their dreams of building homes! You have to check out the beautiful project they're working on now! We are also looking to invest in that market so maybe REDD will get the opportunity to meet with them and collaborate on a future project since building beautiful communities for people to be able to live in that look like Oprah money but are actually affordable for everyday, hard working people is what endeavor to do as well. Blessed to be a blessing. I'm telling you people- you just can't lose with the stuff we use: faith and want to. "Give and it will be given to you, pressed down shaken together and running over." Glory to God! Until next time...
