Some Status

Bandit Signs
I mentioned recently that I put some bandit signs up last Sunday. I have yet to receive a single call from them, though. I'll probably go out tonight out tomorrow and put some more up. I only have about 10-12 left from my first batch so I'll need to order some more soon. The problem in Texas this summer has bee the lack of rain. We've had a some lately, but the ground is like a rock, so pounding wooden stakes in the ground can be a chore.

Loan Docs
I finally hand-delivered all the loan docs to my broker yesterday. Since I'm getting two loans, all the paperwork was doubled. I thought I was getting an 80/20 type of split loan, but while I was reading the docs the other day, I noticed it was broken down 70/30, which is new to me. It's beneficial in that the 70%LTV loan has a fixed rate of 7.5%, whcih I can live with. The bad thing is the 30%LTV carries a 17% fixed rate. It doesn't have a prepay penalty, so I'm thinking of either dismissing the loan and using my 401(k) proceeds for the remaining 30% (my 401(k) is charging 9% right now), or wait until after closing and pay off the 2nd with proceeds from my 401(k), or something else. It's these types of decisions that I need to sit down and think out, but I just don't seem to have any quiet, thinking time on my schedule these days.

I've bought several homes in my life, and never was I on the cuff to order a survey on my own. However, my broker said this is something I would need to do. Huh? Oh well. I just called the survey company who did House #1 and they said they can have someone out sometime next week to do it. They will charge me about the same as House #1, too (thank goodness).

House #2
I'm scheduled to have the house inspected next Tuesday, if everything goes as planned. It will also give me an opportunity to take picutres of the inside. From my own observation before, the only cosmetic problems I found were the master bedroom door has two holes and will need replaces, and just general cleaning. I'm hoping no more than 1-2 weeks of repair work.

Attorney
I sent an email to a local RE attorney who handles creative financing deals, asking for possible assistance. Since we are leaning towards selling it ourselves, I wanted to get it done right the first time. I got a referal from our local REI club for this guy. He also claims he can do Rent-to-Own, which I am curious as to seeing how. I know I'll be paying up the whazoo for his services, but I think it will be more than worth it in the long run. The problem is he said he will be on vacation starting 2 hrs after he got my email until Oct 1st. Just my luck!

Craigslist.com Ad
I've already designed a professional looking ad for House #1. I just want to verify with the attorney first on the options I have available before I post the ad. I'll post it on another private web site in the interim with a disclaimer that the terms are not yet binding, blah blah blah, for people who read my blog to critique.

Update: Here is the ad I'll eventually post on Craigslist.com (and mnsres.com).