Automatic Income

I received my first payment from Hard Money Loan #4 last night. What is really nice is that the borrower has set me up as an automatic payment from his checking account. Each month, the bank will automatically send me a check. No need to worry about him forgetting to mail it or getting lost in the mail or any of the other excuses people make when payments are late.

Loose End That Just won't Get Tied

Three weeks ago, I requested the return of my deposit from the management company. On July 19, I was told they were waiting on final bills for utilities to arrive before they sent me a refund. Keep in mind, escrow closed on this property on July 14. We are now one month and a half months passed the sale date. All monthly utility bills should have come in long ago. After a couple of unanswered emails, I called the property managers today to see what the holdup was. I was told they received the final bill on Friday and would pay it and get my refund mailed out tomorrow. I also asked for a copy of all invoices. It will be interesting to compare the billing dates on the statements with the dates the property managers told me they received the bills.

Hard Money #5 Deal Is Dead

It seems I spoke too soon about my latest hard money deal. The deal never happened. Les, the guy putting it together, was only willing to lend up to 70% LTV and the borrower wanted 80%. The property would still cashflow at 80% and it was still a good deal, but Les wanted the extra 10% cushion as security for his investors. The borrower didn't want to do that, so the deal has been canceled. On to the next one!

Winning In Real Estate In 2008