Hi all,

I think it is going to be fun to read back on this all (later)..so writing whenever I can to document the journey.

VERY BAD NEWS.
The excitement I felt with filling my vacancy?? VERY short lived.. an hour. Section 8 came out.. inspected and said the they would not take the house into the program. This is after the house being in the program for the past 10+ years. Guy said the walls were bowing in on one side. The house in on a hill. I drove out the next day to look and they were. I was told there were water issues and some bowing on the purchase but was also told they were stabilized (cringing.. pls no 'I told you so' or negative comments). Anyway.. turns out they were not stabilized. I got some quotes.. talked to several people and in short it will cost $12,000 to rebuild half a wall and put inside walls for the other two walls, put new center piers and regrade the whole yard and regrade the house next door (which I own). The house next door will cost $5100 to put an inside wall in there. I iwll do that next year or so. All this will be guaranteed by a long time contractor so I feel good it will be fixed for good and not come up again.

So...(stressed look).. the works starts Thursday..should be done by Friday next week. Have a potential renter we are screening now (non section 8). If she works great. if not we will open it up to Section 8 and non Section 8 after the fix. I need it filled asap. Bad time of year to rent property.. Upsetting!

Expensive lesson. GET a GOOD INSPECTOR!!! and evaluate all potential water/foundational issues thoroughly!

That said, I am relieved this is just to the 'expense category' now. but a large one

I am also relieved I had my $8,000 large expense, 6 homes fund which I will fully use up with this and need to rebuild ASAP

So. I need to come up with $4,000 in the next week (after the $8k) and it will come out of savings

**I did check the rest of the homes and the 3 units and no looming foundational/water issues**

POTENTIAL GOOD NEWS

Bank accepted the offer for the 'short refinance'. I have to formally apply for the loan now (will happen today) but if my income is as I said it was on the phone and everything else is hte same (and it is) the loan should go through. But will be nervous until it is 'approved' (week or so?0

I need to come up with $11,000 'buyer contribution' in 30 days and the INTEREST RATE IS 6.75!! I can refinance (and will) but will have at least 1 month or two (maybe more) of large payments at that rate. I will look into refinances after I am approved (but before I close) so the new refinance to lower rate can go as quickly as possible.

However.. loan appears to be low enough that I will already have 20% in. This is a niche loan and only one company does them so they dictate rates, feees, how it works but again no prepay penalty so I can refinance and need too. Payment is HIGH>

So. all in all this year is one of 'closing doors' and 'reopening others' and getting my financial house stabilized and on the right track. I am also closing my not for profit in these next 60 days.

Those who have read some know that I have had a rough 4-5 years prior and am just coming out of that to rebuild. I have a 5 year plan that is more risky up front but less as it gets further along. I am 6 months into that and hitting a BIG hiccup right now.

My plan right now is to 'gather this $20+k' for the foundation and short refinance, establish a tighter plan for the rentals ( I meet with both managers this week, save and EARN as much as I can and rebuild that savings immediately. I can not go with out a fully funded emergency fund and large expense fund across the homes and 3 units. I want to STABILIZE right now and get things under control.. too many balls in the air.

More later.. just unloading and catching folks up.

Thanks for reading.