Project BHAM Demo!

From: Corey Perlman, Co-Founder and CEO, InvestorTeams.com

We successfully demoed two bathrooms and other rooms in our birmingham flip. Just in time too, as we are closing on another house this Thursday! It's time to leave the rest of the Birmingham house to the professionals and get smashing on the new house. By the way, if you haven't demolished a room in a house before, I'd highly recommend it. I think i officially relaesed 10 years of stress in each bathroom. Theraputic!

What is a “Quagmire”?

Wikipedia says a “Quagmire” is a word referring to a swampy area or intractable situation. It’s also a word I’d use to describe what happens to companies every once in awhile. They get stuck in a quagmire…and sometimes they don’t even know it.

The fortunate thing for us is that we all, the executive team, acknowledge that we are in a technical quagmire of sorts. We have stuff that needs to get done but it can’t get done before we get some other stuff done…that currently, we have no idea how to get done (I sound like Donald Rumsfeld!).

Anyhow, starting a business is awesome, exciting and fruitful…but it ain’t all wine and roses (usually more wine than roses…c’mon, there are three guys running this thing).

Just wanted to let all you faithful blog readers know that we don’t always have our rose colored glasses on. If I can think of another metaphor having to do with roses I’ll let you all know.

More to come!

InvestorTeams.com first Rehab!

Fellow Investors,

Your friends at Investorteams.com are always looking for ways to build our credibility as real estate investors. Even though we've bought and sold properties before, we've never done an official rehab. So we thought, why not try it when the economy is bad and real estate is even worse. If we can do it here, we can do it anywhere! :) It's already been quite a ride as we got a pretty good deal in the beautiful city of Birmngham, Michigan. We know we got a good deal because after our offer was accepted, the buyer has been looking for ways to get out of the deal. We later found out that multiple offers had come in at full price and now the seller wants out.

This comes to our first lesson: If you plan to be on the mortgage, make sure you are on the purchase agreement. I wanted the mortgage in my name, but my partner was the one who put the original offer in. My banker needed my name on the contract to do the mortgage in my name. The seller said that if we added my name to the contract, that would be the change he needed to get out of the deal. BUT, we are flexible and the mortage will simply go in my partner's name. But lesson learned!

More to come as we start the bidding war to see who wants to work on our house!

To Greater Success!

InvestorTeams.com