It’s been a long while since we put a new house under contract, but with about 20 offers in over the past two weeks, it was inevitable that we’d get at least a couple…
This one is going to be called The Ticket House, given that I got a speeding ticket while entering the subdivision the first time I went to the house. As anyone who knows me will tell you, I’m pretty stubborn, and if I’m going to get a ticket, I’m at least going to buy the house and make enough to pay for the ticket!
This house is actually a little bit different for us. Not only is it about 30 minutes outside the area where we normally invest, it’s also a bit higher price point. We’re purchasing this one for $80,000, will likely put between $20-25K into renovations and will resell in the $130-150K range. It won’t be a difficult project, but given that we don’t know the area very well — and we don’t know the buyers agents who work in the area — it will present some new marketing/selling challenges.
But, we’re looking to branch out our investing area this year, so this will be a good start for us…
I’ll post our rehab budget and some pictures in upcoming posts; hopefully we’ll have this one purchased and ready to start renovations in the next week or two.
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