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House #3: Rehab Costs

December 24, 2008

Now that The Second Chance House is ready to be put on the market, I decided to do my final accounting to determine how much Iâ€™ve spent rehabbing this property. I’ve been tracking my budget closely the entire project (of course), but until the past few days, it was unclear if I’d come in under […]

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House #5: Due Diligence

December 23, 2008

The good news is that I’m plowing forward on my due diligence tasks for The DIY House; the bad news is that I don’t officially even have this house under contract yet. The bank is dragging it’s feet getting the contract signed and getting me the addenda they require, and until everything is signed and […]

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House #3: Rehab Complete

December 22, 2008

Just a quick post this evening, as it’s been a LONG weekend trying to finish up The Second Chance House… After three 10-hour days, we completed our final punch list, got our staging furniture delivered and completing the staging. We have inspections scheduled for Monday morning to hopefully get our CO (Certificate of Occupancy), which […]

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Update for 12/19/2008

December 19, 2008

Struggling with the flu, so I’ll just summarize the week with a general update… House #1: The Corn House We’ve decided to wait until after the new year to start marketing this property a lot harder. Luckily (or unluckily), we’ve purchased and rehabbed this property with all our own cash, so our monthly holding costs […]

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House #5: Offer Accepted

December 18, 2008

I mentioned yesterday that we were expecting to hear back on our offer for House #5 (The DIY House), and we just heard that our offer was accepted… Now time to put that Acquisition Checklist to work, and start our due diligence process. We have seven days to complete our due diligence, and are heading […]

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House #5: The DIY House

December 17, 2008

It’s been a while since we’ve bought a house…but not for a lack of trying. Since my wife got her real estate license last month, we have put offers on 8 houses, but weren’t able to reach a compromise with any of the sellers. Last week, we put an offer on #9, and after some […]

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Tip: Document Checklist

December 16, 2008

In yesterday’s post, I discussed the process I go through every time I get a house under contract. Documenting and following a clear process allows me to get accustomed to a routine, and also allows me to delegate the routine to others who may not be as familiar with the business as I am. In […]

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Tip: Acquisition Checklist

December 15, 2008

As I’ve mentioned numerous times, one of the big goals of my business is to scale to the point where — despite only making $15-25K per house — we should be able to earn a significant annual income. To do this, I focus a lot of energy on creating systems and processes, and documenting those […]

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Update for 12/12/2008

December 12, 2008

A quick update before the weekend… House #1: The Corn House The Corn House is still on the market — 50 days and counting. While I’m not too terribly surprised (like I’ve mentioned before, it was my first purchase and I’ve learned a lot since then), it’s a little disappointing to have such a nice […]

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Portable Security System

December 11, 2008

We’ve had two minor issues at The Second Chance House that have indicated to us that we need to have some degree of security system installed before staging the house and leaving it vacant. First, the air conditioner was stolen from the back yard about a week before we closed on the purchase of the […]

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