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House #3: Scope of Work

August 26, 2008

With The Second Chance House past its due diligence period (and thus almost officially mine), I’ve spent the past few days walking through the property with my wife and putting together a Scope of Work that will be used to convey details of the project to my contractors. This is likely going to be a […]

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House #2: Scope of Work

August 25, 2008

The Bulge House is now officially mine, and in anticipation of the closing, I put together both a Scope of Work and a materials list for the rehab of this property. Compared to the other two houses, this one is in pretty good condition. While the other two houses need a lot of cosmetic work, […]

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2% Rule for SFH

August 23, 2008

Here’s another rule of thumb that’s popular with investors who focus on single family houses. And again, this is a good rule of thumb to use to perform a quick, first-pass financial analysis on an investment to determine whether it’s worth looking at further. The 2% rule states that, to make a good profit on […]

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House #2: Down to the Wire

August 22, 2008

I closed on The Bulge House yesterday. While I was hoping for a smooth and easy close, I was unfortunately a bit disappointed… The good news is that the appraisal came back very solid, at $75K. I’m paying $61K, plus getting a $2500 credit towards rehab, so essentially my purchase price was $16,500 less than […]

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Building Business Credit

August 21, 2008

I’ve been meaning to write this post for a little while, and a comment on a previous post reminded me that it’s probably about time. I know a lot of business owners think that over the course of their business life, they will naturally build credit, and a lot of business owners are probably spread […]

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House #3: Some Details

August 20, 2008

The Second Chance House finished its due diligence period yesterday, so it’s officially too late to back out of this one. While I wasn’t able to get my Scope of Work completed for this one just yet — and therefore wasn’t able to get contractor bids, the price was low enough that I’m confident we […]

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House #1: Day 1 of Rehab

August 19, 2008

Rehab has started on The Corn House. Just to allow everyone to follow along on this rehab, I’ve took a couple videos of the house, as well as a bunch of pictures after the first day of rehab. Here is a video of the main floor of the house, along with some front and back […]

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House #2: Going to Closing

August 18, 2008

I mentioned earlier that House #2 had some potential water damage, and that the due diligence indicated a few more problems than I had expected. Based on those things, I went back to the bank (the seller) before my due diligence period ended, and asked for a $5K reduction in price. They countered my $5K […]

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Lots to Do

August 15, 2008

I don’t have much to write about today…everything is going as smoothly as I could hope on my first three houses (though two haven’t closed yet, so things can’t be THAT bad). But, I’m finally starting to realize how having multiple properties underway simultaneously (especially when they are in different steps of the process) can […]

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Contracts for Contractors

August 14, 2008

Now that I’m officially closed on my first house, it’s time to start focusing on getting my contractors moving and getting this rehab project underway. I picked a GC earlier this week after several weeks of walk-throughs, bids, and negotiations (I wasn’t very efficient with this the first time around). Tomorrow, I will be meeting […]

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