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Monday, February 23, 2009

Update

Time for another monthly report on the Houston apartment complex! In short, everything seems to be going according to plan. Income and expenses are pretty much on-budget, once the repair expenses from the hurricane are reimbursed from the renovation impound account. Also, the hurricane repairs are now complete, so there will not be any more of those expenses going forward. Management is working on upgrading the office entry and resurfacing the swimming pool deck to enhance the overall look of the property. Cash flow for January was just over $20,000. Occupancy dipped in January to 94%, which apparently is typical after the holidays. At the time the monthly report was written (last week), occupancy was back up to the phenomenal 97% again. In going over the financial reports, I see we made close to $400 in pay phone income. That surprises me. I can't believe pay phones get that much use anymore! To put that figure in perspective, the pay phone income was about $20 more than the income from the laundry machines last month and 50% than the income from the vending machines. I should find out if we are getting any sort of monthly payment from a phone company to have the telephone on the property.

As I wrote about last time, hard money loan #6 should be closing soon. I don't have a specific date for when the sale will close escrow, but I am guessing it will be the end of the month.

And finally, next month, my one remaining loan from prosper.com will be paid off. I'll be glad to be able to get rid of that thing. Three of my for loans defaulted and the final one was only bringing in about $3 a month. Hardly worth the time I had to spend keeping track of it.

On a personal note, last week, I achieved my Microsoft Certified Technology Specialist certification for SQL Server 2005. Whee.


4 comments:

Anonymous said...

Do you have an email address to contact you at?

Shaun said...

I purposely do not list an email address here in order to cut back on the amount of spam I receive. You can leave a comment here with your email address and I will email you privately. Comments are moderated so I will not publish your comment and no one will see your email address except me.

freemango said...

Hi Shaun,
My name is christy, an investor in CA just moved to AZ few months ago. I want to invest in REO. My friend told me REO Lenders in AZ don't let people assign the contract. I don't know it's true or not? If yes? What can I do the "pass" the lender rule?

As you said in your old post " you turn in your assignment to your escrow and get your finder's fee" what title and/or escrow company in AZ have do that service?

Please helps.


Thanks

Shaun said...

I'm not sure if it is true either. I'm sure each bank is different however, so if it is true, you may be able to find one that will allow it. That being said, you might want to try it without mentioning the assignment to the bank and let the title company handle it. Unless the bank asks for proof of funds from you, they shouldn't even know about the assignment. And if they do find out, it's easier to ask for forgiveness than permission :-)

You may also be able to find an investor you trust and you can bring the deal to him or her and they can deal with the bank through the whole process. Your assignment would just be an informal agreement between you and the investor then and the escrow company would never see it. That's why you would need to trust that the investor would pay you.

Any escrow company can handle an assignment of contract. If you are dealing with REOs, chances are, the bank has a title company they like to use, so you'll be using whatever one they pick.

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