I saw this posting today and it cracked me up. It’s the funniest take on the lending mess we’re starting to see. Check it out.
Repair, Rehab and Remodeling Wednesday, Feb 28 2007
Louisville Investment Properties 7:27 pm
I recently decided to sell two of my rental homes. Well I won’t really be selling them, I’ll be exchanging them (via a 1031 tax exchange) for a larger single property. My reason is pure and simple: it’s time. First time homebuyer properties in really good condition are selling well so I should be able to get a good price. Conversely, there are a lot of bank owned and pre-foreclosure properties in the mid price range so I should be able to buy something that is somewhat underpriced. In order to this I’ve had to update my little rental houses. So far I have totally updated the baths with new vanities, flooring, paint, wallpaper or a thorough scrubbing of tile walls. The bathtubs were an issue, though. Old, nasty, rust stains and worn spots inside, I wouldn’t want to soak in one. Thankfully I found the magic cure. Bruce at American Refinishing (502-426-3810) is a veritable miracle worker. So far he has redone 3 bathtubs for me and each one is amazing. They are now pure, pristine white, and have a guarantee! Way, way less expensive than tearing out the old tub and replacing walls and plumbing. Redoing the bath is the 2nd most important item in a rehab. The most important thing is the kitchen, and both of these houses had really old cheap metal cabinets. One tenant had actually put forest green contact paper on all the exterior doors of the cabinets, and it wasn’t coming off. The new cabinets are good good quality wood and look great. Be sure to pick a neutral/ natural type color. Frost cabinets cam and went quickly, but natural maple and light oak seem to be here to stay. If you need a little color to make the kitchen pop- go with a cinnamon or light cherry stain. Dark cherry only works well in a large open kitchen. What a difference a new kitchen and bath make for selling the home. Another time we’ll talk carpet and paint. Have a great day, the sun is shining!
Local foreclosures Tuesday, Feb 27 2007
Louisville Investment Properties and Louisville real estate market 5:01 pm
See attached link to the CJ, I’ll follow up with how investors can take advantage of this situation soon.
http://www.courier-journal.com/apps/pbcs.dll/article?AID=2007702260420
Investment News Tuesday, Feb 27 2007
Louisville Investment Properties 2:24 pm
Found an article of interest, fortunately it’s not too long. My comments to follow. Have a great day- the sun is finally shining!
Finding foreclosures Thursday, Feb 15 2007
Louisville Investment Properties 1:17 am
For the past month, we REALTORS who work with investors have been at odds with the Multiple List System. Last month, with no notice, or any anticipation of how it would affect working REALTORS, our MSI board deleted the name category. Unfortunately this category is how we located bank owned foreclosure properties. Well, yahoo!, we got word today that this glitch is being fixed and finding good potential investment properties will again be relatively easy. This is great news because today I also learned that a property I have been bidding on for 2 months was sold to someone willing to pay more than I am. Now I’ll have to start looking for another spring rehab project. I’ve got cabin fever from all this cold, so I’m feeling the urge to knock out some cabinets or something. Stay tuned!
Are you ready? Tuesday, Feb 13 2007
Louisville Investment Properties 5:35 pm
I found a great article on a blog the other day and wanted to pass it on. It is crucial that you are ready to invest before you start spending money and making commitments.
