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House #1: Financial Update

September 24, 2008

It’s been about 5 weeks since rehab began on my first house (The Corn House), and we’re starting to near the finish line. Appliances, hardwood floor installation, some back-splash tiling, and a bunch of exterior work are all that stands between present condition and completion, and for the first time in several weeks, the house […]

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What Are Banks Thinking?

September 23, 2008

I wrote a nice little congratulatory post to myself last Friday about finally closing on The Second Chance House…unfortunately, it appears that my post was a bit premature. While I showed up to the closing, signed a bunch of papers, ensured that my funds were deposited in escrow, and smiled pleasantly for over an hour, […]

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Update for 9/22/2008

September 22, 2008

With so much going on these days, I thought I would just post another general update on everything going on… House #1: The Corn House The Corn House is coming along nicely, after 5 weeks of rehab work. While technically the rehab was scheduled to finish this past Friday, I had pulled the contractors off […]

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House #3: Finally Closed

September 19, 2008

It’s taken nearly five weeks, but I was finally able to close on The Second Chance House today. Closing has been pushed back several times — it was originally scheduled for August 29 — and all parties involved have been getting a little frustrated. But, I’m meeting my GC first thing Monday morning, and I […]

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Lessons Learned (Part 1)

September 18, 2008

I was asked in a comment what were some of the lessons learned on The Bulge House rehab. As my goal is to scale my business to the point where I can do several houses at once, it’s important that I reflect on my day-to-day efforts (and business strategies) to determine how to optimize, improve, […]

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House #2: Under Contract

September 17, 2008

Well, I didn’t think I’d be writing this post so soon after yesterday’s post (about The Bulge House getting listed on the MLS), but as of about 8 hours after the listing went live, the house was under contract! The potential buyer was looking at another property listed by my agent, but when it turned […]

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House #2: Purchase/Rehab Costs

September 16, 2008

Now that The Bulge House is officially on the market, I decided to do my final accounting to determine how much I’ve spent to both purchase and rehab this property (which I can then use to model my profit based on my holding and selling costs). While I didn’t define a formal budget for this […]

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House #2: Staged for Listing

September 15, 2008

My wife — the amazing woman she is — spent the entire weekend staging The Bulge House in preparation for it going on the market today. This was quite a feat, considering that four days ago, we didn’t have any staging furniture, accessories or materials. But amazingly, it all came together in about 48 hours. […]

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Staging Properties

September 12, 2008

Now that I’m in the process of getting my first house ready to put on the market, I’m starting to think about the types of things that will likely make the difference between selling quickly and not selling quickly (or at all), and the things that will make the difference in how much I can […]

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House #2: The Last 10%

September 11, 2008

Everyone in this business has reminded me that the last 10% of any project is the hardest (and takes the longest). Now that I’m down to the last 10% of The Bulge House, I’m really starting to understand that. Part of the problem on this house is that I was originally planning to rent it, […]

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