Quitting Your Job Using Rental Properties - Day 76

April 25, 2016 - Day 76

     Well, a lot has happened since my last post.  Both of the houses we looked at with Melinda were under contract by the time we decided to place an offer.  In the last 3 weeks we have probably looked at about 10 different places.  There was another one that we looked at here in Corpus that we were very interested in.  We told Melinda we wanted to place an offer on the house.  She wrote up the offer, but then she said that she couldn't get a hold of the realtor.  It just so happened that the seller's agent was a contact of mine of LinkedIn.com.  He told me that he had already talked to Melinda, and that it was under contract.  Melinda never told us this, I think she was embarrassed because there were a few others before that which were under contract when we wanted to bid on them. 
     I have started a LinkedIn campaign in order to build a Real Estate Team.  I am connecting with agents, bankers, lawyers, inspectors, pretty much anybody who I think may be able to help us out along the way.  I have only contacted a couple of people, but they are there if and when I need them.  This way, I don't have to stress about being able to find a handyman or accountant when I need one.
     On Wednesday of last week, (it's Monday morning at the time of writing this)  Melinda texted us with a property in Portland, Tx. that is an estate sale.  Portland is in an area near the Port of Corpus Christi LaQuinta Terminal that is expanding and growing tremendously.  It is a short drive across the Corpus Christi Bay to Corpus, and is becoming a very desirable place to live.  I met Melinda at the property after work on Wednesday, Angela was not feeling well.  When we got there, there was no key.  Melinda was embarrassed and called the agent.  The agent said she wouldn't have the key until Friday.  She said she would take the listing down, and not relist it until after we had a chance to look at it.  So Friday after work, Angela and I met Melinda at the house in Portland.  We walked through and liked what we saw.  There will be some remodeling costs and one major challenge.  The back porch was closed in.  The flooring of the enclosure is concrete that is cracked and uneven.  It will be a challenge trying to figure out what to do with it.  Anyways, we called Melinda later that night and told her we would like to place an offer on the house.  The asking price is $94,900 and we placed an offer the next day for $87,000.  We should hear something back later this afternoon. I'll keep y'all updated.
Although we have been a little frustrated, we are still feeling excited.


Please check out my website for my other side business/hobby. www.yrlenterprises.com and at facebook.com/yrlenterprises