Again, I started to get the bug. I added to my iGoogle customized google homepage a widget from Redfin.com. This shows you the top 5 houses that result from any search you choose and you can link from your google home page directly to information about the house. Pretty neat. So when I got up each morning and checked my email and stock prices, I saw what the latest houses for sale were. On Friday, 8/8, at 7:41am , I found a 3 bed, 2 bath house in Greenwood for $293k. I emailed to David and we talked about going by there Sunday morning.
That night, Jen, Toby and I went over to Toby's friend Katherine's house. (her mom Chris is another middle manager/junior executive with me; her dad Mike is the best chef I know). Uncharacteristically, I left my blackberry in the car, making for an enjoyable but slightly nerve wracking evening. Mike made hummus, greek salad, chicken and lamb kabobs. And of course wine...lots of Syrah during the evening.
When we got home at 9 with a tired Toby, there was a message from David -- "we can go see that house that you wanted to see in the morning, but there's one that just came back on the market that we've gotta see too. They're looking at offers tomorrow afternoon at 4." So I called David back and told him we'd take a look at 10am the next morning. This house was 4 bed, 1 bath, for $380k.
Timeline for Sunday, 8/10:
10:30am (5 1/2 hours til deadline) -- take a look at the house with David. Looks promising, 7k sf lot, 4 bedrooms (although one is very, very small), and a huge semi-finished basement.
11:30am (4 1/2 hours til deadline) -- called Jen to see if she and Toby wanted to come see the house, as I wanted to make an offer. She says no. But she does want to see the numbers. :)
12pm (4 hours to deadline) -- Opened up Staroffice Calc (like Excel, but better) and run the numbers:
|
|
| Interest |
| Purchase Price | 381000 |
|
| Loaded Purchase Price | 392430 |
|
| Cash Down | 32000 | 0 |
| HELOC cash | 44200 | -202.58 |
| Mortgage | 304800 | -1493.52 |
| Taxes | 3178 | -264.83 |
| Insurance | 720 | -60 |
| Prop mgmt |
| -190 |
| Total Expenses |
| -2210.94 |
|
|
|
|
| Income |
| 1900 |
|
|
|
|
| Cash Flow |
| -310.94 |
12:20 -- Jen's not so happy about the -310 at the bottom but she acquiesces. Call David and tell him to start writing an offer.
12:21 -- Call my mortgage guy, Ed, and ask him for a pre-approval letter. He says he'll get on it (on Sunday afternoon) and send it in a few hours.
1:38 -- send a follow up to Ed:
"Hi ed, thanks for putting together the pre-approval letter. You can send it to me at this address and the other address on the to: line.
When do you expect to send it? We're gonna write the offer at 2pm.
Thanks!
Dave"
2:03 -- David gets here and we sign the offer for $381k (one grand over the asking price, even in this market). We stand around waiting for the pre-approval letter.
2:12 -- Ed sends pre-qualification letters (not too shabby service for sunday afternoon).
3:43 -- David drops the offer with the seller's realtor. He likes to deliver them personally. He tells them that we're a nice young couple looking for a nice house...doesn't mention that it's a rental property.
5:55 -- Update Facebook --
David is trying to buy another house...waiting to hear back from the sellers. 5:55pm
7:57 -- David calls and says we got it!
8:03 -- Update Facebook
David just bought a house in Greenwood. Not bad for a day's work. 8:03pm
8:37 -- Update Facebook
Source: www.redfin.com
The latest addition to the Glick Empire...my own personal game of Monopoly!
This was the easy part. Now the saga begins!
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