Busy Weekend

Prospects
I've been trading emails with the RE agent I met a couple of weeks ago about some prospects. One in particular has really whet my appetite. Unfortunately, through my procrastination, I have not followed up on any of my lender leads to get a pre-approval letter, which my agent says I'll need in order to submit my offer. So today, I need to call back one or two of the lender leads and get the ball rolling on trying to get financed. I have a bad feeling my current debt load may become an issue, though, but we'll see. I'm looking to get the property at about 71% FMV, or less.

I also took time over the weekend to go to another nearby town and look at some properties. (Martin, if you're reading, you'll probably know what I'm talking about.) There are about 5-6 vacant duplexes in a rough part of the town. I went by there Saturday to look at them, because they are going pretty cheap ($45k-$60k/each duplex). When I got there, I see why they are moving very much. The street they are on is probably a "2" in Steve Cook's rating system ("1" is complete war zone, and "10" is millionaire-like). There are a couple of duplexes aside from the ones I went to see that are totally trashed. I recall reading from Bronchick's Flipping Properties that a good guage to use when looking at prospects is to ask yourself whether you would feel comfortable in the neighborhood at night. Simply put, I wouldn't with these. I did take some pictures, but I doubt I'll even submit any offers let alone try to buy them. Just not my criteria.

I also found a HUD f/c that in the same city that is in the OOO period. It was for $45k, so I thought I'd check it out. It's kind of in a rural location, and the area seems a little run down. The property itself is in serious need of repair. I figure $20k to bring it to livable standards, and probably more. I'll have to pass on it as well.

Anyone seen my CPA?
When my wife and I met with the CPA last month, she told us it wouldn't take her long to get the stuff entered, and she'd get back to us. Well, it's been over a month now, and we haven't heard a peep from her. In the meantime, we were to gather a few more things for the CPA, which we put off until this weekend. I dug up some more receipts from materials I used to fix House #1. We also started brainstorming on stuff that neither of us had thought about deducting before. For instance, I use my personal laptop to do a lot of searches and what-not, so we dug up that receipt. We also use my wife's computer and printer for the business - got that receipt. We also bought a Canon SLR Digital Rebel last year that I use to take pictures - another receipt. I've purchased several books, the Cashflow 101 game, two REI courses, business cards, and on and on. More receipts. It became like a game - who can think up the next deductible business item. Now we have even more for the CPA - whenever she decides to get back with us.