Wow! Has it been a month since I have posted anything to my blog? Unbelievable how time flies!

What have I been doing? What has kept me so busy? Well, I’ll tell you … I have been working very hard with a new contractor to finish up where the other guy left off - abruptly. In other words, I had to let one contractor go because he just would not perform. I got another gentleman that I know and trust to come in and “clean up” after the other guy. That is never any fun for anyone, but it had to be done and Alan Boike did an excellent job for me - thanks Alan!

Also, I have been advancing my education by pursuing my master’s in business administration (MBA) through Davenport University. I’m at the half way point and expect to finish in early Spring, 2010. So, I expect another very challenging year in 2009, but I am up for it!

I have successfully placed a tenant in my Rosedale Park property in Detroit. They are very excited to move in and start enjoying the beautiful, historic home. Before they do move in next week, I am working with the city of Detroit to get the water properly turned on - finally. The main shutoff valve at the street appears to be broken and we have extremely low water pressure in the house. So, I need to get that corrected this week - no excuses! - so that they can move in with no problems.

I am still searching for a tenant for my property in Mt. Clemens on 125 Grand Ave. Apparently people do not want to pay $875 for a 3-bdrm, ranch home with a HUGE country-style kitchen that has a cathedral ceiling and a huge, clean basement complete with a 2nd bathroom - not to mention all brand new appliances. Well, I will just have to keep marketing till I attract the right applicant.

What are my next steps? Well, I have to wait till I have at least six month’s “seasoning of title” before I can seek a cash-out refinance on both properties I am currently working on. In layman’s terms, I need to show that I have owned the properties for at least six months before most (or any) banks will consider extending a mortgage. So, once February 2009 rolls around (less than 90 days from now, can you believe it?!) I will be able to seek a 30-yr. fixed-rate loan on both properties (125 Grand Ave. in Mt. Clemens and 14866 Faust Ave. in Detroit) and cash out in order to pay off my business lines of credit that were used to acquire and renovate the properties as well as pay for all the holding costs. Once I do this cash-out refinance, I will be positioned to purchase again in early Spring 2009.

However -- this is where it gets truly exciting. I can only have a maximum of four mortgages and my primary residence counts as one. So, I can only carry three investment properties on a 30-yr. fixed rate mortgage. And, since my business lines of credit are limited, I will have to start looking to private sources for funding future investments.

So --- if you are reading this and are interested in investing in real estate for better returns than you’re getting now in the stock market, or if you know someone who would be interested, please let me know. I’m really excited about the opportunity to share with others what I am doing and together we can benefit from this real estate market while others are running for the boarder!