JESSIE'S BLOG
Frequently Updated Thoughts From the Mind of Jessie Conners

6/10/2008

7:10am eastern time

I'm in Pittsburgh. I arrived yesterday around 4pm after a taxi problem. I was dropped off at the wrong hotel even though I gave the driver the address. I miss London cabs!

This past week was crazy. After Amsterdam we left for Prague. Wonderful me booked the tickets for the WRONG day so at the airport I had to re-book tickets and the hotel reservation! It was frustrating but when we finally arrived in Prague all the tension melted away. It is such a gorgeous city; completely jaw dropping. I was standing on Charles bridge and it hit me that I never thought I'd be able to do something like this, something that I only thought I would see in pictures or read about in travel magazines.

The next day we woke up and went on a tour to Terezin. It was one of the gestapos first prisons and Jewish ghettos. It is in the Czech Republic, 45 minutes outside of Prague very close to the German border. I just wanted to break down and cry. It is so hard to believe that this happened not too long ago. It is so sad and so sobering when you are really there seeing it vs. reading it in some book. I can't put it into words.

I also went to Anne Frank's house in Amsterdam this week. Her diary was the first book I read when I was a kid that really touched me and made me realize when I was a little girl, who in the past only read fairy tales, that the world is not just about me.

Speaking of books, yesterday on the plane I read "Prisoner of Tehran"- one woman's story of survival inside a torture jail, by Marina Nemat. Wow, everyone should read this book. I think I set a new record for myself.... One book in a day!

Anyway, we just rented both units on one of the rehab duplexes we just finished. We had 12 calls on one unit in a day!! That should prove the rental market is going up! We still have two offers on the table that we are waiting for answers on. I want to go go go but even though there are a ton of listings on the market we are still very cautious to choose the right ones.
So, its a waiting game right now on those offers.

Well, I better go workout!

:) jessie

6/4/2008

7:30pm London

I'm in the Gatwick Express. I just got in from Amsterdam. It was a very spontaneous trip. I actually had a ticket to Paris today but on Tuesday eve I booked the ticket to Amsterdam. We had a great time.... Lots of fun and a beautiful city! :)

Anyway, I have to get home and re pack because tomorrow I'm going to Prague!

I have nothing to report on our offers. Usually the banks take a few days to get back to us.

:) jessie

6/2/2008

4am- London

Hi all! Guess what.... Can't sleep again! Oh well :)

Yesterday we went to Camden Market and pub hopping. It was a pretty chill day because we were at Ministry of Sound till 5:30am! One of the best things about that club is that there's a food truck outside the club that serves hamburgers, hot dogs and chips to the crowd from 10pm-7am (when the club closes). Their veggie burger is probably the best I've ever had. I had two!! Yum!

So, we have a full house this week. During the course of the week we'll have five house guests! I love company. Its so fun playing London tour guide :)

Friday we put offers out on three more duplexes. Two of them need extensive work so we put pretty low offers out, but they've been sitting on the market for awhile so hopefully we will get counters. We are doing rehab loans on these. A rehab loan is a loan where you wrap all the repairs into the loan. So, say we buy it for 50k and it needs 30k in work, we will get a loan for 90k. We have to put 20% down so 18k actually goes into a CD at the bank (I think we are getting 4.15% on our CDs right now). The 18k sits in the CD collecting interest and the bank holds a lien on the CD until the rehab is complete THEN the bank "sells" the loan on the secondary market and the lien on the CD is released and we are able to re-use the 18k + interest. Pretty great huh?

Ok, now I got to try to go back to sleep. We have another full day planned. I think we're all going to go to "Wicked". It'll be my third time seeing that show, but I LOVE it!!

:) jessie

5/26/2008

Early in the morning or late at night- eastern time

So, I'm in Hartford and I can't sleep. I think my body has decided that it is going on strike against time zones.
Fear not, I am managing quite well armed with coffee and concealer for the dark craveses under my eyes.

Anyway... I finished the book I started last monday "Twice a Stranger". Its about the population exchange between Greece and Turkey in 1923. I am still struggling through "The Russian Revolution" with 20 pages left. I'm hoping to finish it tomorrow morning when I workout.

My realtor went out to scope out property for me today. There is plenty on the market (as you all know I'm sure) but my issue now is which is the best out of the bunch?
My rehab crew can comfortably handle two at a time so we are weighing the good deals against the great deals and hopefully we will have our next two projects soon!
I love this part. I should actually love the part when we get tenants in and collect the money (which I do too!)but I don't know what it is with me and writing up offers! Such a thrill :)

One of the duplexes we have our eye on we unfortunately can't get into and see till friday so there will be no offers this week until then :( but I will keep you posted.

Well... I guess I should count sheep or something...

Night, night :)

Jessie

5/25/2008

12:17pm Central Time

The day before Memorial Day.... It is very quiet outside. I'm sitting in my condo downtown Minneapolis drinking my 4th cup of coffee this morning and reading "The Russian Revolution" by S.A. Smith. I love history and with my Moscow trip fast approaching I thought I better brush up. If you are ever in a hurry never, never ask me about books (especially anything on world history), fashion, or real estate. For these 3 topics are probably my biggest passions and you will most likely be extremely bored with my ramblings. Ha ha :)

All is great on the real estate front. This week we will be making another offer on a duplex in St. Paul. We have been noticing that REO multifamily has been sitting on the market longer, the banks are slashing prices faster AND there are less interested buyers (dabblers). In the last 3 months banks have been getting more desperate so when you find a property that works my advice is let it sit for an extra 3+ wks and the bank will slash the price. I will keep you posted on the offer.

I am going to Paris and Prague next week! Its not on my schedule.... Just a last minute addition :)

Have a wonderful holiday!

Jessie

4/29/2008

I am exhausted. I'm in DC and have been traveling non stop for the last month.

Its been a blast though. Xander and I spent our birthday's in Venice on the 6th. It was amazing and relaxing.

All the rehabbing on the properties have been going good but we are a couple weeks behind schedule. There are 2 more duplexes we'll be writing offers on this week.
So, by the time the rehabs are finished the team will have 2 more to work on!

I'm in DC till thursday then I fly to Vegas, then LA, THEN finally I go home to London!!! I can't wait to get back. I think my puppy misses me too :)

Jessie

4/2/2008

4:56pm London time
Hello All!

I am in London! It’s finally warming up out here; thank goodness :)

Today I met a friend at Baker Street Station, only a couple blocks from my flat, and we walked down Marylebone High Street for lunch. I love our area. There are a ton of restaurants, boutiques, and cute little book stores.

We ate at La Vina. I actually took a group of friends there from the states on New Year’s Eve as well. It has the best paella. Yum! When Xander and I were in Barcelona in January we had some amazing lobster paella on the beach, but for London, this restaurant is very good. It has a wonderful wine selection too.

I got a call during lunch on the electric for one of the properties. We are putting in an additional meter in the building so the tenants will have to pay the heat in the winter. It’s a good call because heat can eat up your cash flow. Especially if they are keeping the unit at 90 degrees (which is ridiculous but surprising so many people do!).

I am going to read the rest of the evening :)

Talk to you soon!

Jessie

3/25/2008

6:03pm

Hello all,

I'm in DC this week. I'm just getting ready to give a presentation but I thought I could spend a few minutes and tell you about my day...

We closed on that duplex we got for 59k today. Guess what the appraisal came in at?? $158,000! Nice.

My realtor called me about some more REO (bank owned property) leads. They are all duplexes. Nice!

I'll keep you posted on those.

Well, I got to go tell more people about real estate!!!

Jessie

3/22/2008

Easter Sunday
8:51am

I am in Minneapolis today headed to my parents later for Easter dinner.

Yesterday I went to look at more property with my realtor. Nothing jumped out at me but I did get to see a duplex that I am buying next week. The numbers all worked on it so after my realtor saw it we submitted an offer when I was in London.
This is the one we were in a bidding war over. It was listed at 48k but got it for 59k.
Its a great little property. It needs some work but it will be a great little money maker.

Well, have a great day! Go eat some ham, turkey or whatever your family has cookin'.... My family is having lasagna :)

Jessie

3/21/2008

Its 7:11am and I am in Baltimore headed to the airport.
I spent the last few days here this week teaching. It was a great week.

I closed on a duplex Tuesday. We got this one for 105k, it was bank owned. It needs a bit of work but we wrapped all the rehab costs into the loan. When I got the appraisal back on it I had a cow! I knew it was a great buy but it came in at $225,000! We'll be able to easily rent it for $800 each unit ($1600 for the building). I love this stuff :)

I got the other duplex I mentioned in my last blog too. We love duplexes. We actually were in a bit of a bidding war with that one but thank goodness I have an amazing realtor. We got it for $59k. I'll keep you posted on that one. We are closing next week.

I got to run to my flight! Talk to you next time :)

Jessie

3/14/2008

Hello All,

I am in London today. I took Ziggy for a walk, went to the gym and my Realtor called me on another bank owned duplex that I am having him submit an offer on today.

It’s listed below 50k (I’ll tell you the exact price once I get an accepted PA) but it needs 30k in work … But all in all we’ll be able to rent it at around $1600/month. Not too shabby.

Did anyone read the article in the Wall Street Journal today?

"Bear Stearns to Get Backing From J.P. Morgan, N.Y. Fed NEW YORK -- In a dramatic move Friday, J.P. Morgan Chase Co. and the Federal Reserve Bank of New York stepped in with emergency funds to keep beleaguered investment bank Bear Stearns … The intervention by J.P. Morgan and the New York Fed shows Bear "didn't have enough money to turn the lights on this morning," said Carl Lantz, strategist at Credit Suisse. "And in a big picture sense, this isn't that comforting."

It’s getting crazy out there! But if you are one of the smart ones, you’ll make a ton of money.


jessie