It’s been a long summer and I’ve been busy. I got a chance to connect with a couple other Real Estate Investors and we’ve partnered on closing two properties. They both closed last week and these are my first two deals, so I’m super excited. The goal moving forward is to close on five more properties in the next two months. After that we plan to keep expanding and doing more and more properties.
Mainly we are going to be doing rental units. Having cash flow is our primary goal right now.
If you’re interested in seeing the videos that I took of the properties before we acquired them, here they are:
5382 W Leon Terrace Inside and Outside
4555 W Fond Du Lac Ave Inside and Outside
Now that we’ve closed on these two properties our general contractor will begin working and we should have the houses ready for tenants in the next month. We have very stringent requirements for tenants so it will likely take us 3-4 weeks to find tenants.
I learned a lot about the closing process through these two properties. We paid cash for the houses and so we told the sellers we could close in two weeks, but then the sellers kept delaying the process for various reasons so it ended up taking 3 weeks for one of them and 5 weeks for the other. We were still able to work through everything with the help of our title company and get the deals done, even if it did take a bit longer than expected.
We’ve done two main types of marketing to find deals. Direct mail and bandit signs. Both of these deals came off of direct mail but I’m seeing a lot of leads coming in through people who see my bandit signs, so I’m expecting to close the next couple off of that. I’m putting out handwritten bandit signs that simply say “We buy houses, any condition, xxx-xxx-xxxx”. I hired a guy to put the signs out for me each week and he’s been doing a fantastic job as well.
That’s really all I’ve got to say right now. If you have any questions please feel free to comment or send me an email.