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House #5: Rehab Costs

March 17, 2009

Now that The DIY House is on the market, I thought I would share the (almost) final rehab costs needed to get this property renovated… As I mentioned at the beginning of the project, my original budget projection was looking like $40-43K, but I really wanted to get that down to $35K. While I almost […]

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House #5: Rehab Complete

March 15, 2009

It’s been a couple days since I last posted; with lots of visitors in town since the baby news, lots of work going on, and lots of college basketball to watch, it’s been difficult to find time to write… Anyway, we completed rehab on The DIY House on Friday, and it’s now officially on the […]

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House #7: First Offer

March 12, 2009

We received our first offer on The Roach Duplex today…and rejected it… We listed the property on the MLS last week, and in that time have gotten quite a few calls. Many — I believe — are from potential owner-occupants who are scared off when they see the condition of the property (it needs about […]

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Tip: Contractor Parties

March 11, 2009

Here’s a quick tip that I just started implementing, and I have a feeling it’s going to work out well… I spend way too much time meeting contractors at my houses to get bids. For the most part, I use the same contractors over and over, and with an average of 10 or so contractors […]

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Not So Fast!

March 10, 2009

I came to an important realization today…sometimes trying to finish a flip quickly causes more stress and frustration than taking your time… First, there’s the issue of the FHA 90 Day Rule, which states that when you purchase a property (like I do), you have to wait at least 90 days to resell that property […]

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Looking for Wholesalers

March 9, 2009

I’ve had a few people who read my blog and live in Atlanta, who have approached me about wholesaling deals to me. First, let me say that I’m always interested in purchasing good deals — as far as I’m concerned, if both sides can make a nice profit, it’s win/win all around. For the sake […]

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Update for 3/6/2009

March 6, 2009

It’s been a busy week, both work-wise and personally…I have a good friend in town, a couple doctor appointments for the baby, and lots going on with all the houses, so I haven’t been able to blog as much as I would have liked… That said, here’s a quick update on all the properties: House […]

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House #8: The 16-Bid House

March 4, 2009

We got our eighth house under contract (actually, the contract was just verbally accepted) today! The house was listed very low in relation to it’s value, and according to the listing agent, the bank received 16 offers between the original listing and their accepting our offer; this was actually the first time we’ve ever offered […]

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House #1: Contract Signed

March 3, 2009

As I mentioned late last week, we received a Lease Purchase offer on The Corn House. After much consideration, and a lot of great advice, we’ve decided to accept the offer and move forward… In addition to having good contracts terms (full price sale, decent down-payment, high monthly rent, etc), we also did the following […]

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House #1: Second Offer

February 27, 2009

We received an offer on The Corn House yesterday. Not a conventional offer, but an offer for a Lease Purchase agreement. Basically, the way a “lease purchase” works is that the buyer makes an offer on the property, with the stipulation that he will close on the property at some point in the future (generally […]

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