UPDATE: Some notes on real estate ambitions...

 

(Part 1 of my "Real Estate Ambitions" series)

The bank has moved in on the home I’ve been keeping my eye on. Today, the title company came back, got inside the house, replaced the lock, and installed a ring camera on the outside. I spoke with the gentlemen that were sent by the bank to lock down the house. I did not get an idea of how long it would take the bank to auction off the house. But my research told me that the process is fairly quick in Georgia. The house may be auctioned off in less than 90 days or even as fast as 30 days from now, which does not leave me much time to finish my research and get my paperwork in order.

Luckily, I have been very busy with clients these days, but too busy to do my due diligence for this home-buying project. After seeing clients during the day, the only thing I want to do is eat my favorite snack foods, turn off my brain, and watch my favorite television series. My meter has been running low for doing even basic administrative tasks for my own personal life. So, if I want to move forward with buying my neighbor's house, I will have to take time off from work to do the necessary research.

The title men left the front door open while they inspected the house. I stepped about a foot into the house while they were upstairs and there was the strong odor of mildew in the air.  Apparently, the soffits have been letting in too much moisture because they are damaged. One of the title men came out of the house and told me that the floor is caving in in some areas (they would not let me inside). One of them also told me that the floor had separated about 1 inch away from the wall upstairs. It sounds like the floor is dropping in some areas.

If I am lucky, I think I can get away with sinking $200,000 into this house for the cost of renovations and the actual cost of the house based on the condition I've seen so far. But I really don’t know how desperate banks are to get rid of homes in this condition and that is all provided that the bank would be willing to sell to me before putting the house up for auction. This is quite a daunting task. However, I tend to not back down from a challenge.

Regardless, I will see what I can do and in the meanwhile, I will be gentle with myself and not judge myself for not seeing the process through if it becomes to stressful. My previous work in leasing left me traumatized to the point where even thinking about working in real estate again triggers a negative response from my nervous system. So, you can imagine how stressful this all feels at this point. However, at the same time, I am excited about the possibility and don't want to miss out on a good investment.

I will update you all once I have taken the next step in this process. Wish me luck.