Remember back to this post (neighbor wanted to the house) a few weeks ago? Turns out he could not come up with the money to purchase the house for his rehab ideas. The owner called my partner last week and said…
…Send over the contract, I will sign it…
I’m pretty stoked about this deal because we haven’t had one in quite a long time. So far the lawyer for the seller has reviewed the contract and only made some minor changes, nothing worth worrying about. Seems to be just firming up dates on some things like inspections. I will throw down the info about the house once we get it under contract.
Lost Job
About two weeks ago my wife lost her job, cutting our family income in half. We are in a good position to with stand this for a while, but it comes at the cost of me not being able to put any money towards real estate investing. She is also seriously considering going back to school to become a nurse (something she has wanted to do for the past 10 years), so we might be without a second income for a couple years.
Luckily my partner can take over the mailing costs for now, but the deals need to come more quickly then once a year. The only casualty is that my split of future deals will go down quite a bit because a big part of my contribution to our partnership was putting up the money.
I’m excited for my wife and her new opportunity, but also a bit nervous as to how everything will play out. Stay tuned…