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Taking the Night Off

November 5, 2008

Instead of blogging this evening, I will be spending the night with my wife, enjoying the election coverage (well, maybe enjoying…we’ll see who’s winning), drinking wine, and planning our overdue honeymoon…

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House #4: Finally Mine

November 4, 2008

Good News: I finally closed on The Yellow Stain House today! While closing on this house is a good thing, it’s a reminder that things don’t always work out the way you plan, especially in this business. I’ve been learning that lesson repeatedly over the past couple weeks. Here are some of the roadblocks and […]

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House #4: Final Plan

November 3, 2008

I mentioned recently that The Yellow Stain House is quickly becoming the bane of my existence…and in just the past few days, things have only gotten more annoying… I most recenly had decided to go the tradtional loan route, with the expectation that I’d likely rent this property for a year or two while working […]

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House #4: Rental Analysis

October 31, 2008

Because we’re seriously considering holding The Yellow Stain House as a long-term rental, I put together a full financial analysis for renting this property to give us an idea of how lucrative this approach would be. Of course, I did a preliminary analysis a long time ago indicating that the property would work as a […]

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House #4: Loans & Partners

October 30, 2008

Because I decided to change my exit strategy on The Yellow Stain House, I realized that the typical loan program that I generally use won’t suffice for this project. The rehab loans that I typically get are 12-month loans that — while sufficient for a rehab and resale of a property — are insufficient if […]

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House #4: New Plan

October 29, 2008

As I mentioned yesterday, The Yellow Stain House is currently in a flood plain, and I have no idea how that will affect resale value and future insurance premiums. I do have enough information to know that the problem is probably not too bad, but it will likely take several weeks to get a land […]

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House #4: Flood Plain!?

October 28, 2008

The Yellow Stain House is quickly becoming the bane of my existence… Okay, it’s not THAT bad, but it’s causing more frustration than I care to have in a house that I don’t yet own. First, there was the foundation issue. Then, there was the major plumbing issues. Now, just 24 hours before I’m supposed […]

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House #1: Open House

October 27, 2008

The Corn House went on the market last week, and I’m very annoyed that in the first 7 days, my agent brought exactly 0 people through the house. It’s a fantastic house for a fantastic price, and I’m convinced that if we can get just a few buyers through, we’ll get an offer. In fact, […]

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The Crack House

October 25, 2008

I mentioned in a previous post about an offer I made on a house with a major foundation issue that may even need to be knocked down. The offer I put on this property was extremely low, but considering the seller (a bank) has had two previous buyers back out when they evaluated the problem, […]

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Accounting & Record Keeping

October 24, 2008

A couple people who also flip houses have asked me about my method of accounting and recording keeping for the work that I’m doing. I wanted to give a quick summary, which will hopefully help explain why I group costs and financial data in the way that I do. For those who aren’t in this […]

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