From the category archives:

House #15

House #15: Final Analysis

March 19, 2010

After closing on the sale of The Poor House two days ago, today we closed on the sale of The Neighbor House…you can see the detailed financial results below…
This was supposed to be a quick wholesale deal to another investor (i.e., no rehab work on our part), but it ultimately took nearly two months. [...]

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3 Appraisals, 1 Day

March 10, 2010

So much for taking off on a mini-vacation yesterday…
Turns out that all three properties that we have under contract to sell had an appraisal yesterday, and two of them were last-minute, meaning we didn’t have much time to prepare and we had to stick around to meet with the appraisers…
We knew the appraisal for the [...]

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Update for 2/26/2010

February 26, 2010

Here’s an end-of-the-week update on all the houses and other stuff going on…
House #1: The Corn House
We found out that the lease/buyers for this house haven’t been paying off their credit card each month like the credit repair company suggested. They likely would have qualified last month if it had not been for [...]

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House #15: First Contract

February 19, 2010

The Neighbor House is officially under contract for sale. If you recall, this was the house we were trying to sell to another investor, and we actually found a buyer via my blog post…
At this point, I have mixed feelings about selling this house (it would be an easy flip), but the buyers seem [...]

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Update for 1/29/2010

January 29, 2010

Very quick update on all the houses and other stuff going on…
House #1: The Corn House
According to the credit repair company we have them set up with, the lease-purchase tenants may be close to qualifying for an FHA loan. I don’t know if that’s actually the case, but we plan to have them [...]

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House #15: Officially Ours

January 26, 2010

We closed on the purchase of The Neighbor House yesterday…
While it took about a month past the original closing date, everything went pretty smoothly. I was planning on closing this one with a loan, but the title company pulled a short version of the title, and my lender wouldn’t finance the property without the [...]

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House #15: Wanna Buy It?

January 22, 2010

The Neighbor House is being sold by Fannie Mae, and in their standard REO contract, it stipulates that the buyer (me) can’t resell the property for more than 20% above the purchase price for 90 days.
In other words, if I try to sell this property for more than $60K, I need to wait [...]

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Lots of Closings (Hopefully)

January 13, 2010

Just a quick post, as we’re traveling this week to Washington, DC for another staging gig…
In theory, we have a lot of closings coming up next week:

House #12: The Mini House: The buyer now has an $1800 deposit riding on her being able to close her loan by the end of this week. [...]

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Update for 12/31/2009

December 31, 2009

Just a quick update after my post from the other day, where I complained about all the issues with our closings this week (thanks for all the feedback, btw!)…
As for the two houses we’re scheduled to buy — The Pine House and The Neighbor House — there is no new information. Neither closing has [...]

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Disappointing Week

December 30, 2009

It’s been one of those weeks where I really wish I wasn’t in this business…
We were scheduled to have four closings this week — the sale of The Poor House and The Mini House and the purchase of The Pine House and The Neighbor House — but it looks like we’re not going to have [...]

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