Buying an Investment Property

   Well, I decided to take my own advice and buy an investment property.  My husband waved his hand and said “good luck”.  Not the heartfelt endorsement I was hoping for, but not an “Are you CRAZY?” either.  So, I got together with my two girlfriends,  two of my children,  three of her kids and we are forming a LLC (Limited Liability Corporation) and are putting an offer in on a single family home in Cape May that we hope to fix up and rent by this summer.

   The house needs a lot of work, which is why the price is so appealing.  This is not just a paint job, but will be requiring some professional help.

   The first thing that happened was a call came in from the other realtor saying the Seller had accepted our price.  I called my other 7 partners and my stock broker to get the ball rolling.  The Seller wants to settle by the end of the month.  Then I got a call from the other realtor saying the Seller misunderstood the price, and could we raise our offer $10,000.00?

   A sign of things to come?  I’ll let you know.

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