From the category archives:

House #6 - SOLD

House #6: Dead Deal

July 12, 2009

We got the 3rd appraisal back on The Red Garage House, and it came in well-below the purchase price…
While this was disappointing, it gave us the impetice we needed to just kill this deal once and for all. After nearly three months of underwriting hell, dealing with idiot mortgage brokers and a [...]

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House #6: 3rd Appraisal

July 3, 2009

As mentioned the other day, The Red Garage House is going through its 3rd appraisal…
The appraiser came out to the property on Thursday morning, and spent about an hour making sure things worked, taking measurements, taking pictures, and asking questions. We chatted about the renovations we did, he asked about the cost of the [...]

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House #6: The Saga Continues

July 1, 2009

In a recent post, I mentioned the continued underwriting drama surrounding The Red Garage House. I was pretty angry when I wrote that post (specifically about the mortgage broker incorrectly ordering the appraisal), but I’ve quickly transitioned from pissed off to a state of complete apathy over this particular deal. In fact, it’s [...]

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Update for 6/26/2009

June 26, 2009

Here’s my end-of-the-week update on all our houses…it’s a quick one, but after this long, long week, I don’t have a lot of energy to write…
House #1: The Corn House
Nothing new with this house…just looking forward to collecting our third (on-time) rent check…

House #6: The Red Garage House
I’m so angry that it’s difficult for [...]

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House #6: Chugging Along

June 17, 2009

If you’ve been following the drama of The Red Garage House, you know that it’s been under contract now for exactly two months. And about half that time has been spent in underwriting, trying to get FHA financing approval for the buyer.
As of the end of last week, we were fairly certain this wouldn’t [...]

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Update for 6/9/2009

June 9, 2009

Juggling lots of houses right now, so thought I’d give a quick run-down on the status of everything going on:
House #1: The Corn House
We received our second rent check from The Corn House tenants, so at least they’re off to a good start.
We also had the tenants check in with our mortgage [...]

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House #6: Underwriting Misery

May 28, 2009

We’ve had The Red Garage House under contract for nearly 6 weeks now, and while we were happy that the buyer’s financing was dragging on (we couldn’t close on this one until May 14 anyway due to FHA restrictions), we didn’t want it to drag on this long…
The contract expires this weekend, and the plan [...]

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Update for 5/12/2009

May 12, 2009

Just got back from a weekend vacation to play some poker, and ready to get back to work…
Here’s an update on where things stand with each of the houses:
House #1: The Corn House
Nothing much new here. We received our first rent check from The Corn House tenants — on time! This marks [...]

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House #6: Appraisal, Inspection

April 22, 2009

The buyers for The Red Garage House had their appraiser and inspector come out to the house this evening, and they said they’d love for us to be there with them during the appraisal and inspection. Of course, we were happy to attend…
The appraiser came by first, spent about 15 minutes at the property, [...]

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Update for 4/17/2009

April 17, 2009

It’s been an amazingly relaxing week…probably the most relaxing I’ve had since we started this business…
For the most part, we’re out of houses to work on. Most of them are under contract waiting to sell or under contract waiting to be bought, and other than looking for more houses, doing some book-keeping, [...]

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