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Update for 10/22/2008

October 22, 2008

Now that I’m down to rehabbing a single house for the first time in over a month (The Bulge House sale just closed and The Corn House is now on the market), things feel very slow. I’ve decided to use much of the past two days to look at new houses on the market, focus […]

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House #2: Final Analysis

October 21, 2008

As of this morning, The Bulge House is officially sold! It’s been both fun and educational going through my first complete cycle of flipping of a house, and I can honestly say that I’ve learned more in the past several months than I ever expected I could. Now that The Bulge House is officially sold, […]

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House #4: Some Details

October 20, 2008

I’ll likely be closing on The Yellow Stain House in the next 10 days, so I wanted to take some time to post pictures and some additional details on the house. First, here are some BEFORE pictures… As you’ll notice, this house is in great shape cosmetically. In fact, if it were for a couple […]

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House #1: Purchase/Rehab Costs

October 18, 2008

Now that The Corn House is officially on the market, I did my final accounting to determine how much I’ve spent to both purchase and rehab this property. My original budget for this project project was $30K, plus 10% for “surprises,” for a total budget of $33K. Additionally, my goal was to keep total costs […]

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House #1: Rehabbed!

October 17, 2008

We finally finished The Corn House rehab today! While the GC finished a couple days ago, we’ve spent the last couple days touching up, staging, landscaping, and doing some repainting of the front deck… When our agent stopped by to view the property the other day, she noted that the vinyl siding (which can’t easily […]

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House #4: Initial Bids

October 16, 2008

As I mentioned a few days ago, the bank compromised on selling The Yellow Stain House for a reasonable discount. Based on the fact that the foundation was cracked, the plumbing needed to be replaced, and the roof framing was structurally inadequate, they offered a $14K discount on the originally agreed-upon purchase price. I thought […]

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Negotiation (Part 2)

October 15, 2008

The other day, I posted about negotiation tactics, both for real estate investing, and in general. I got a lot of great feedback from that post, so I’m going to add some additional basic negotiating tactics that I’ve found very useful over the past several months while jumping into RE investing… Friction is Your Friend: […]

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Negotiation (Part 1)

October 13, 2008

A reader of mine asked me if I would write a bit about negotiation. While I’d love to say I know everything there is about negotiating property purchases and negotiating with contractors, I’m still learning the intricacies of real estate negotiation. That said, there are a lot of very general negotiating principles that span any […]

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House #4: One More Try

October 10, 2008

It looks like the bank came to their senses, and are willing to drop the price of The Yellow Stain House considerably. Not quite the $20K that I originally asked for, but they’re willing to reduce the price by $14K. This price reduction would cover the extra costs undercovered during the inspection: the foundation issue, […]

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House #1: After Pics

October 9, 2008

As promised, here are some pictures of the interior of The Corn House, taken during staging today… While the house isn’t yet fully staged, these should give a general idea of the work we did and the final outcome of the interior. I think I speak for the whole team (my wife, my brother, his […]

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