Well today is my 27th birthday, and I thought I might post a quick update. We closed last Friday on the Provo house that we are living in. On Monday we closed on a house purchase in north Orem. This will be our first time buying a house traditionally and probably selling it the same way. It is listed for sale on forsalebyowner.com for $228,900, and we have been getting hits on it since the first day. At this price I think the house will sell quickly. We have a three thousand dollar incentive to close by the 1st of November which would mean we don't have to make any payments on the new mortgage.
The Provo house closing went as smoothly as humanly possible. I can't say enough good things about the title company! Brad, the owner of GT Title, took it from beginning to end and did an amazing job!! I will have to call Mike and thank him for the information. Mike is the son of the lady who purchased the Orem house from us last fall. He referred us to GT Title, and we will use them again.
The Provo house closing went as smoothly as humanly possible. I can't say enough good things about the title company! Brad, the owner of GT Title, took it from beginning to end and did an amazing job!! I will have to call Mike and thank him for the information. Mike is the son of the lady who purchased the Orem house from us last fall. He referred us to GT Title, and we will use them again.One hiccup in our closing on the Provo house is that the previous owner, R. Kauo, owed about six thousand more than he thought (or admits to knowing about) and he owed eleven thousand more than than I owed him. He couldn't bring any money to closing so I also had to pay his part of the closing costs (which should have been half of the total costs). I had him write me a note for nine thousand and forgave the rest. I'm carrying the note interest free until he's late on a payment. After all its just money, and I wonder how much of the nine I will see anyway. Again, I'll keep you updated.
The Hobble Creek house is still tied up with the lease option but ends December 1st. I think more and more that we will get that house back soon and sell it and make four times what we would have. I talk to the tennants every month when they are late with their payment and remind them time is running out. I have heard many times that 70 percent of all lease options expire, but I can't believe anyone would be daft enough to let this house slip away. The people living in it now could have easily made eighty to a hundred thousand dollars with a little elbow grease and a for sale sign. But lucky for me they are lazy. I am working with a real estate lawyer now to make sure everything goes smoothly when it is time to end the option. I will probably offer the current tennants a couple thousand just to leave without a fuss and another fifteen hundred to leave the house in good shape when they do leave. I'll keep you updated :-)
Now go make some money in Real estate, and I'll see you in Italy!
The Hobble Creek house is still tied up with the lease option but ends December 1st. I think more and more that we will get that house back soon and sell it and make four times what we would have. I talk to the tennants every month when they are late with their payment and remind them time is running out. I have heard many times that 70 percent of all lease options expire, but I can't believe anyone would be daft enough to let this house slip away. The people living in it now could have easily made eighty to a hundred thousand dollars with a little elbow grease and a for sale sign. But lucky for me they are lazy. I am working with a real estate lawyer now to make sure everything goes smoothly when it is time to end the option. I will probably offer the current tennants a couple thousand just to leave without a fuss and another fifteen hundred to leave the house in good shape when they do leave. I'll keep you updated :-)
Now go make some money in Real estate, and I'll see you in Italy!
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