Our New Investment

We will be having closing next week on our new place. It took the bank what seems like forever, because this was a short sale. What I have learned during this process is that a short sale is when the bank realizes the mortgage holder is not going to make good on their contract. The bank in this case can either sit on the property or they can sell it for much less than what is owed on it. Since financial institutions don't want to be property managers, they have a tendency to approve the sales eventually. The thing about a short sale is that you cannot get a loan for the property; it has to be paid for in cash. Before the institution will start the paperwork, you have to provide proof you have the money.

When I first Googled this particular property, I found the site that had the initial offerings when the complex was new. The units were advertised for $300-350,000. With the tanking Florida economy as well as country-wide, I can guarantee you they are no longer that price. Bargains are to be had and there are still plenty of people wanting rentals even if these properties are being sold by snowbirds.

It is a 3 bedroom - 2 bath unit with a garage and 2 assigned parking spaces. It is at 4035 W. McNab Road in Pompano Beach, Florida. Four of the seven property managers I contacted as possible hires, declare we can get between $1,100-1,300 a month for it. I am not giving the unit number, because I know how generous you all are and I just don't want you rushing over with housewarming presents, since we won't be home that day.

Photos of the place pre...
Pre - painting
Pre - getting the new refrigerator, microwave, stove, washing machine and dryer put in
Pre - replacing the kitchen tiles

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And Now the Fun Begins

Yesterday, we went down to the tile store and shock upon shock, the tiles were in on the day they were promised. Good timing. The cabinet man is coming today to take off all of the cabinets. Tomorrow, the tile man is coming to remove all of the wall and floor tiles. He was over a few nights ago to remove a part of one tile to check the floor underneath. He proclaimed it in great shape, so all systems go. There will be no sleeping in tomorrow morning after 8:00 am, but no worries, I am usually up by 7:00 anyway. Ron will have to make up an hour of his sleep somewhere along the way. We hoped against hope we were going to be able to circumvent this work with guests, but we had a booking I responded to while in Australia and had forgotten about. A young woman arrives on the 11th for five nights. We have a couple coming from Stockton, CA our old neighborhood on the 13th. Because I hate surprises, I sent both of them a warning letter and promised to make their stay as uneventful as possible. The noise should all be over by then, but the kitchen may still be in an uproar. In the meanwhile, I have found an excitingly effective resource for selling things. There is a web site here called Ex-pat Loop http://xpatloop.com/. For years, I have tried selling old furniture or other things we wanted to dispose of on various local English speaking websites, but without any success. Just by serendipity, I registered and put in an ad for the old sofa bed we replaced in the small bedroom. Within 24 hours, I had four people inquire and ask for pictures. I took pictures, posted them into the ad and last night, the sofa bed found a new home. On Monday, a gentleman is coming to pick up the HP Deskjet V40 I advertised. At this rate, we just may go through our storage unit in the basement and clean out. When we bought the apartment, we bought it furnished, but over the years have been replacing furniture with new items more attuned to our own taste and sensibilities. It is not that I am out to make a killing on these sales, but it does relieve space. The old sofa was clogging our bedroom for more months than I care to remember. Now let's see, what else is hanging around I can sell?

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