Feeling Frustrated.
Hi all.
I just needed to vent for a minute this snowy Friday Eve.
I am in the midst of my first Hud repo/rehab project and it seems like a never ending battle. Let me elaborate: I bought this HUD repo in a nice neighborhood. Paid 40k thought HUD would pay up to 5% of closing, but my agent forgot to put it on line 5 of the bid. Now I'm already upset. He told me if I didn't like it walk away. Now I know that after my budget of between 5-10k I can sell this on a 2 yr L/O for about 79-83k. I ended up paying 40 no seller help, loan fell through(GEESE I HAVE A 750 FICO, but waypoint does not allow helocs for purchase as of this month) -so I borrowed hard money for 5 points and 15% till I rehab. Then my mortgage broker said I could do a 90% heloc for about $150 closing cost to recoup my expenses. $440000 loan, $550 a month intrest only for 6 months and every time I fix somthing- somthing else breaks! I spent $2000 of my budget on my kitchen for a new set of cabinets and apps. 200 to get the heat going after many futile attemps by me(though the boiler will only hold water for like 12 hours then needs refilled) estimate for new boiler 3300 squegals. tommorow I'm putting in the replacement windows that were missing(300 for 3) in the master bed and starting the upstairs paint. Oh I forgot to mention when the heat was fixed by the contractor my boiler would only stay lit for about 4 hours losing water somewhere. well last night I found where to. I came in to house from **Please See My Profile** to find the living room ceiling sagging. the upstairs middle room(where there is no light yet) radiator was leaking. It filled the floor/ceiling with about 100 gallons of water I had been refilling the boiler with. So now I need a new living room ceiling too. AYYYY if it's not one thing it's another. Sorry all I just wanted to vent before I walked back over to the property on this snowy night to start removing some wallpaper.
I must say to all of you who are seasoned and let GC's fix or buy NICE houses I will be there someday, I envy you. My first "I BUY HOUSES" ads come out next week I am praying for somthing a little more hands off ....
Thanks for letting me vent
Bri
Sorry for the rant tonight all, but I am feeling that REI despair for the first time. I have still a few(about 3-4) more months resources but I wanted a big win for my first deal..
Bri
P.S. In frustration I just read Johns Sub to manual again and am feeling somewhat
Bri
Brill,
If you check out the Sub To site you will see deals being done all the time.
I won't metion the young ladies name, but she emailed me tonight saying she was setting there as she put it "staring in wonder at the keys" from her first Sub To deal.
The point is she may have every course every written, but this was her first deal the Subject To way, once we got her over the "information overload" thing, then it was 'Katie bar the door or I should say she has the keys to the door.
You are next just step up to the plate.
John $Cash$ Locke