This is my first full week since starting this blog. I did not accomplish as much as I had planned. Here is what I accomplished:

  • Got a new phone number to use exclusively for this effort.
  • Deployed the web site used to get leads.
  • Made several blog entries.
  • Submitted an article to be published at BiggerPockets.com.

Next week I plan to do this:

  • Order Bandit Signs
  • Continue to look for financing
  • Make a couple of offers on some listed leads an agent sent me

 

This week I had planned to look into different financing options. I did speak with a couple of national hard-money lenders but they want 5 points and 16% interest so I am not interested. I will continue to look into financing options next week.

I prefer to borrow the funds but I am prepared for at least one deal. I have about $50,000 in cash and a $29,000 home equity line to use if I find a house. In addition, I have verbal approval from a local bank. I also have one deal in work (the Eon House) with financing lined up at a credit union.

 

If you like this post, please subscribe using the ‘Subscribe’ button on the right. You will then receive an email every time I make an update.

 

  2 Responses to “Week 1 Accomplishments”

  1. Seems like a pretty productive week to me.

  2. Wow..yeah, look for local hard money lenders. 5 points is crazy high. 16% in this economy is high. Even back before the housing bubble burst, my partner only charged 14% interest on HMLs.. Don’t know about how many points he charged, but I don’t think it was that much, if any at all.

 Leave a Reply

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

(required)

(required)

   
Powered by Rebus Technologies © 2011 Real Estate Adventurer Suffusion theme by Sayontan Sinha