From the category archives:

House #8 - SOLD

3-Year Recap!

August 12, 2011

This weekend marks three years since we purchased our very first rehab property, so I thought I would spend a bit of time recapping what we’ve accomplished in the first three years, along with some of the statistics and interesting tidbits of our journey.
Here’s a quick recap of our accomplishments:

24 Houses Purchased & Resold (Every [...]

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House #8: Final Analysis

September 18, 2009

We closed on the sale of The 16-Bid House today. It was a partial rehab and quick resale to another investor. Below is a final analysis of the deal, including financial results and statistics…
Timelines
Despite the fact that it took over six months to get the purchase of this property closed, the rehab and [...]

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Update for 9/15/2009

September 15, 2009

Let me first mention today that my wife and I are expecting our first baby any day now (he was due this past weekend), so if you notice a few days where the blog is not getting updated, you’ll know why…
Anyway, I think it’s been about a month since I’ve done a [...]

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House #8: First Contract

September 14, 2009

After several showings of The 16-Bid House over the weekend, we received two written offers, and several other interested buyers…
So as not to extend this deal too long (baby is coming any day now), we decided to try to negotiate the best offer to where we wanted it, and get the paperwork signed as quickly [...]

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House #8: On The Market

September 13, 2009

After closing on The 16-Bid House about a week ago, we did a quick partial rehab and have put it back on the market to resell to another investor.
Here are the pictures of our partial rehab…
Given the rehab we’ve already done — siding repair, drywall repair, new front door, and paint inside-and-out — all an [...]

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House #8: Officially Ours

September 3, 2009

Well, it took over 6 months, 6 contract extensions, and lots of headaches, but we now finally own The 16-Bid House…
Rehab will likely start on Saturday, and will hopefully be completed by Monday. We’ll start looking for investor buyers next week, and hopefully we’ll be able to sell it relatively quickly…
It’s been a long [...]

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House #8: Closing Scheduled

September 1, 2009

We finally have the closing scheduled for The 16-Bid House!
After literally 6 months (185 days) of having this house under contract, the bank finally has clear title, the closing attorney finally has all the paperwork, and the closing is scheduled for Thursday afternoon. Of course, I’ll believe it when I actually get to the [...]

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House #8: Clear to Close

August 25, 2009

We got word this weekend that The 16-Bid House may actually be ready for us to purchase. If you recall, we got an offer accepted on this house back in March, and due to months of title issues, the seller has been unable to actually sell it to us.
That’s the good news…
The bad news [...]

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House #8: Another Extension

July 29, 2009

Yup, The 16-Bid House is still having difficulties getting to closing. As you probably know, the seller has been trying to get clear title on this one (so we can buy it) since March, and still no luck…
Last week, my wife sent the agent an email mentioning that the contract was about to expire [...]

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Update for 7/24/2009

July 24, 2009

A quick update on where each of the properties stand:
House #1: The Corn House
We’ve collected four on-time rent checks, and according to the contract, we should be closing on the lease-option on this one at the end of next month. Unfortunately, based on the credit check that the mortgage broker ran last month, [...]

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