From the category archives:

House #4 - SOLD

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 through [...]

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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 [...]

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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 [...]

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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 [...]

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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 [...]

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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, [...]

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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 major [...]

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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. [...]

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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: [...]

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House #4: No Go

October 7, 2008

Well, it looks like House #4 is eluding me on all fronts…
First, The Yellow Stain House is a no-go, as the bank rejected my revised offer, and claimed that my new offer wasn’t anywhere close to what they would accept. While I would have likely upped my offer a couple thousand more dollars, between [...]

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