Bring me an offer, cash always OK

Actually, I currently have three houses for sale, but who's counting. No longer can a seller simply say "show me the money", today every sale seems related to another sale - euphemistically known as a "contingency". Currently I have my name on four houses, sharing a title on one, holding two in a trust, and having a spanking brand new mortgage on the fourth. Spanking is a good adjective, since failure to sell something quick will result in getting my butt not only spanked, but kicked by my family who dislikes the term "leveraged" almost as much as debt.

Leverage relies on having a fulcrum placed strategically in a place where one can support multiple times their own ability to manage weight, resistance, cash, you name it. In my case, the fulcrum could also be described as a barrel, as in "over a barrel", followed by "wearing a barrel" if time proves to be my ultimate enemy.

There is good news, however. For readers of this blog, you'll recall my entries regarding the Arizona property where I was sharing the title with my elderly mother.
We now have an offer on that condo, which hopefully will come to fruition at month end. Purchased ten years ago, and pretty much abandoned in terms of use five years ago, we'll lose money, but perhaps only 25% of what was paid for the unit originally.

Our Missouri property has now been on the market for approximately ten days, with one open house (nobody came, but it was 100 degrees outside that day and I certainly wouldn't be out looking at houses). The real estate ladies all trooped through, and much in the way of comments that were positive. That honor goes to my spouse who is a cleanliness and neatness freak bar none. Yesterday we had two showings, same realtor, same potential buyer, and second time through a third person was seen in the entourage. That would seem to indicate interest, unless the new person in the equation was a detractor rather than supporter. Hopefully today MY realtor will talk with THEIR realtor and see if anything might develop.

Our Florida property will go into a rental pool, where weekly rentals are listed at between $850 and $1000 a week - IF you get a renter, and of course subject to fees that ultimately will skim off 25% of any rentals for the agent, cleaning costs, etc.
Hopefully, that will cover at least the taxes and condo fees on that property until the market returns........anybody's guess, but I'm thinking after the 2012 election.

In the meantime, we keep the Missouri house looking neat and tidy, and keep asking ourselves "will I really use that parka or turtleneck sweater in Florida". The folks at Goodwill are getting to know us on a first name basis. The one fellow keeps asking "when will you donate the Corvette?". Fat chance, buddy - I may be leveraged, but I'll never be THAT leveraged.

Sell Some, Buy Some, Worry Some

Depicted here is the home in Sun City, AZ, now listed for sale and hopefully a quick one at that. The 1990 Chevrolet station wagon in the driveway is also on the way back to Indianapolis, by car carrier. I asked my brother to snap the shot of the signing of the listing, with myself, my mother, and her Realtor shown.

The Arizona Realtor sold my mother this home back in 2000, and ten years later will have the opportunity to sell it FOR my mother and myself. For some reason, mother put my name on the deed, based on the fact I loaned her some funds toward the purchase of the property. So, now I hope to recover those dollars, as I currently have 3.5 homes and one mortgage. The year 2010 will be the year of home sales - hopefully.

Yesterday, I began the process of signing a listing with a Missouri Realtor, to offer our current condo in West St. Louis County for sale. I expect to lose perhaps 20% of what I paid for this unit, but hopefully what I've recently purchased elsewhere will offset that loss due to the great opportunity to take advantage of depressed values on my latest acquisition. We still have to deal with the third property, in Florida - that one should sell for 20% more than I paid for it in 2003.

I have already arranged to work with a Florida Realtor, with the added benefit that my Cedars Tennis Resort condo can be placed in the rental pool until it sells. If the oil spill doesn't scare away too many tennis playing tourists, the Florida condo should cover the mortgage costs on the latest acquisition. After having three story condo homes in Missouri and Florida, we're redoing a 1988 single level garden villa on our island, taking away the popcorn ceiling and shiny white tile and replacing it with wood floors, new granite counter tops,new cabinets, paint, and new glass doors. It's going to be wonderful.

My tax preparer, however will probably not be feeling wonderful. I suspect he is going to hate me, but with the ebb and flow of deals, there's no way Turbo Tax will suffice for 2010.

Oh, yes - the 1990 Chevrolet station wagon is being sold back to the dealer who sold it to mother. With only 35,000 miles on it, the son of the dealer will rehabilitate it for his own collection. My mother is very loyal - same Realtor, same car salesperson, same son. Wouldn't have it any other way.