SFH #3 - closing tomorrow

I'll close tomorrow on my 3rd rental property. This in the one I mentioned in the last post. I've changed my thinking a little on this one due to a time constraint. I am not going to attempt the rehab of the basement myself, but rather, I am going to hire a contractor to do it for me. I am waiting for the bids to come in for the basement bathroom and 2 bedrooms, but my guess is that it will cost me about $4,000. There just is no way that I can do this on weekends and evenings for 2 weeks and have a renter move in on March 1. Either way, it's a kick ass deal on a bank owned property and I will cash flow on a terrible 100% loan which will be refinance in 3-4 months - then I will cash flow even more!

I'm still working on my goals for 2007. I really need to set those in concrete so that I can divide and conquer them. I have a lot of them in my head but they totally need to be written down so that they will be a slam dunk.

I have 2 people that I know who are looking for properties in the same area as I am. I am looking at 10-20 properties per week, so I am actually birddogging for these 2 people. They use the same realtor as me so we've worked out a deal that any property that I send them to and they buy, I will get a finder's fee of about .75% of the purchase price. That seems pretty decent considering I am looking at the properties anyway.

I really need to switch gears and move my strategy into the realm of 'creative real estate investing'. I am loving the fire sale that we are having here in the Denver metro area with foreclosures but the turn around time for me to get these properties is driving me nuts. It takes about 4 months for me to find, offer, close a deal. That is only 3 houses per year... not quick enough for me. I bought 100 bandit signs in October '06 at the CAREI convention - they've been sitting around my house for too long. As soon as I get a voicemail/fax system set up on my Mac and the stakes to plant these signs I am going out of my comfort zone to get people to call me. I should be able to get all of this rolling within the next 2 weeks. Also, I'm in the middle of coming up to speed with Quickbooks Pro and general accounting principles... zoinks! I'll have my business all set up in Quickbooks shortly and I can get my accountant all of the reports/details that he wants.

Sorry for the disjointed garble tonight. I'm on the verge of really seeing growth this year and it's hard to get my thoughts together. Cheers.