Current Real Estate Holdings:
My real estate portfolio consisists of 6 single family homes. My venture into real estate started in 1994 with the purchase of my home. It was probably the best purchase I ever made. I say this not only because of the price fabulously low price I paid for the house, but because of the lessons I learned when making the deal to purchase that little house. What I learned from that purchase was to be firm with your offer and to not chase the deal. I have tried to keep the process away from the real estate agent and make it a one to one between the seller and myself. This has allowed me to make offers on properties that were fair and to get instant feedback as the deal progressed. With an agent, it is a very formal process and you never get feedback from the seller. The feedback is always from the agent. Also, the commission is not part of the deal, so the price can be lower right off the bat. There isn’t someone getting between me and the seller and money talks most of the time. I have used the old adage about a bird in the hand being worth 2 in the bush on numerous occassions with great results.
Almost all of my properties were estate sales. Seems like when multiple siblings were involved, they wanted to get the process over as quick as possible. Also, I have noticed that when the money is being split multiple ways, it is easier for some of the siblings to make the deal and encourage the others to go along.
The properties were never in pristine condition or even in a condition that a bank would consider granting a loan, but that was the point. I want to get very structurally sound buildings and refinish them. It is amazing what paint, flooring and fixtures will do. They needed way more than that but I hope you get the picture. A house that is in perfect condition commands a higher price and the seller tends to feel very emotionally attached to it, however, a house that is just part of an estate sale might have been left in disrepair and the costs to fix it would tie up the money that is to be divided and also possibly increase taxes and insurance for those involved.
- 32– single family home used as my residence. 2600 sq. ft.
- 24–single family rental property. 1350 sq. ft. Monthly rent- $1200.
- 13–single family rental property. 1850 sq. ft. Monthly rent $1250.
- 08–single family rental property. 1200 sq. ft. Monthly rent $1300.
- 16 –single family rental property. 2000 sq. ft. Monthly rent $1500.
- 83–single family rental property. 1980 sq. ft. Monthly rent when finished will be -$1600.The market is getting really tight around here and prices seem to be going way higher. Since I have the 83 property still in limbo, Any new real estate will have to be an easy turn around. I have one in mind and it is the neighbor on the opposite side of my house from 24. They are getting close to being ready to sell it. They called me to tell me I will have first grab at it and I might jump at it. It can be rented instantly, so it is just a matter of price. I really want it and have been willing to buy it since about 1999. I have used the same process to purchase each successive property, but who knows how that purchase will go.
Look what I found in the wall of the new house I purchased recently.
It is a beehive that was about 8 feet tall and about 4 feet wide and all entwined in the wall and ceiling area and soffit. I should have called a beekeeper because the hive weighed about 80 pounds, and it was pure honey.