Update on contract #1

Things are coming to a sort of stand still with this deal. As I mentioned earlier there was a little problem with the contract, and our attorney was trying to work it out with the seller. We had the inspection done, and there was a few things the needed to be fix, but nothing that I believe was to unexpected. A few cracked walls, some stains, some outlets that aren't working, etc. So I believe that it came out alright. We are trying to get the seller to credit us for the repairs and what not, but I do not believe he will take it. The deal that he thought he was going to get, is ending up being nothing like, or very little like what he originally planned. So we will see how this ends up.

But through doing this deal we have learned some valuable lessons.
#1 - double and triple check the contract before you hand it in.
#2 - Make sure your RE agent understands everything that you are doing, and plan on doing
#3 - We found out a great bank to use, where we can get 100% financing if we need.
#4 - We found a good inspection guy that can come in handy in the near future.
#5 - And we learned about the general process you goes through while purchasing a place, not to mention that we now know it can be done.

My Main Summer Goal

My main goal for this summer is to purchase at least three (3) houses. This can be either though lease/options or subject2 purchases. These will be short term purchases, and short term being within two (2) years max. Hopefully only a few months. The earnings from these purchases will go directly into our company, or into my partners stocks, or both. Which in turn will be used to acquire a long term hold.

Goals for 5/7/2006 - 5/17/2006

1. Make list of people to call for when I get home. (RE agents, Title companies, inspection agents, etc)

2. Come up with a flyer to be placed around town to attract possible deals.

3. Lay out my plan of attack for the summer.

4. Organize packets for lease/options, and subject2 purchases.

5. Come up with a phone screening sheet.

6. Start reading Start Small, Profit Big in Real Estate.

Goals for 4/30/2006 - 5/7/2006 Updated...

1)Stay involved in the purchase process.
- This is an on going process, but I am staying as involved as I can be.

2)Find out as much as I can about "Sandwich leases."
- I have been studying, reading, etc everything I can about "sandwich leases," and "subject2" purchases that I can.

3)Start to re-read Start Small, Profit Big in Real Estate
- Have not been able to do this, because of the previous goal. But I will put this on the next set of goals to accomplish.