Wednesday, April 09, 2008

Adventures in Real Estate

I haven't posted much about my real estate adventures because Property One has not been the most profitable. I've made mistakes.
  • Buying in a so-so neighborhood. Although it's nearly the best house on the block, though on the small side.
  • Buying at the height of the market. Although I did end up negotiating, despite my agent, a 10% reduction from the list price.
  • Mistakenly paying for new A/C, when it was covered in the Home Warranty.
  • Setting rent a little two low.
  • The cash flow is more negative than I anticipated.
But hey, here I am about to close on Property Two -- a duplex, no less. And I've partnered up with Fox.

It's no where near Property One. This is in Los Angeles proper. It's a fixer upper that the rehabber got halfway through and ran out of money. The bank took it back and has had quite a time unloading it. Because it is uninhabitable, there is quite a lot of red tape involved.

More details to follow after we close.

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