***this is the picture of the actual park, not the house that I’m buying**
Good ‘Ol Friday, everyone!
I must apologize for not making any more update on my blog for awhile. Behind the scene there as been a lot of stuff going on.
Plumbing issue emergency:
My main water drain has decided to clog on me. After two bottles of vinegar and Drano later, it still didn’t work. I had to call my handyman, and went to Home Depot to rent a Cobra Plumbing Snake to open up the line.
It didn’t stop there when I found out my dishwasher that I haven’t used since I moved in to wash anything started to give up. Since the whole thing was so stinky, I went ahead an upgrade it to a new dishwasher.
Cost of Rental: $65
Cost of Labor: $160
Cost of Dishwasher: $265
Volunteer to Coach U12 Soccer: (One of my goal this year was to volunteer 200 hours)
Well the spring season has come once again, that means, it’s soccer time! To prep for soccer, I’ve been jogging, walking 2-3 miles, 2-3 times a week. The season hasn’t really started, but I asked the parents to bring the kids out early so they get used to the low dose of pollen before the full blooming season. It would make my whole team sick.
Rental Property Opportunity:
I don’t trust auction.com due to all the negative reviews. However, my brother has been having so many success purchases with them. So, I’m taking a big step bidding and winning a rosey discriptions: park front, water front, and facing South property for $55,001 (closing cost estimate $60,000). The house is a couple blocks from the River, where there is another park is connect to it. It’s a couple miles from all of my family members.
Now the real truth:
- It’s a fixer upper.
- It’s vacant. (Fenghui wise, we don’t want a vacant or foreclosure house, because something must be bad with it for the ex-owner to leave the house.
- Foreclosure property from auction.com with negative reviews
- It’s out of state, it’s back in the Midwest where my family is
- It’s 1595 sq ft with 1000 sq ft of basement. That means, I have to put more money to fix the place up.
- I haven’t even look inside (just like the location)
Now the hard truth:
I don’t have $60K in cash, so I’ll have to liquidate my portfolio to make this investment. Auction.com requires Cash. I’ll have to see if this deal is going to go through.
Come Monday, I’ll have to make the hard decision of selling some of my positions to raise the cash.
I am excited about this opportunity. But at the same time it’s scary. Have you bought a property from auction.com before? Have you bought an out-of-State property before? What are the closing steps? Please let me know if you have any comments or suggestions.
Update: Auction.com has just called me. The following are the step to close the property:
- I need to send the earnest money by Monday along with 40 pages of paperwork to the closing company and send the receipt to auction.com.
- The process will take 40 days.
- title cost is about $1520