Monday, September 8, 2008

Many Updates

The big news in the real estate market this weekend, of course, is the government takeover of Fannie Mae and Freddie Mac. I'm not sure what to make of this, other than the fact that I think they waited too long. If they were going to do something, I think it should have been done long ago and maybe some of the damage to the housing market could have been avoided. I think we'll have to wait to see how things play out before we know if this is a good move or bad move or even if it was a good move made too late. The stock market loves the news, but that doesn't really mean anything as the market tends to focus on the short term view.

I received my second payment from Hard Money loan #3. Glad to see that the borrower is paying on time, although only two payments do not constitute a trend. But it's only a one year loan, so it's already 1/6 over.

I am expecting a monthly statement from the operations at Multi #1 any day now. This month should also include the first profit distribution.

And finally, Rental #1, the property in Tulsa that I sold for a loss recently, is still not quite wrapped up. I spoke with the property manager on the phone early last week and was told everything was paid and the remainder of my deposit was being sent to me. Last Thursday, I received an email from the PMs that included scans of all the receipts for repairs and a scan of the refund check. None of it has actually shown up in the mail yet though, so I'll wait to write about that until I actually get it. Back in May, I sent them a $3,000 deposit. Their estimate of the repair work was $1,500. Figuring that plus the $100 a month management fee they charged (although they only had it for 1 or 2 months before it was sold), I was expecting a refund of somewhere close to $1,500. The email showed the check to be just over $500, so obviously there were more expenses or they did not estimate the needed repairs very well. I'll go over it it more detail when the hard copies arrive in the mail.

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