From the category archives:

House #16 - SOLD

House #16: Final Analysis

April 5, 2010

We closed on the sale of The Probate House today…
Not only was this was quite an interesting project all-around, but it was the most profit we’ve made on any rehab to date (see financial breakdown below). While we originally found this property back in October (actually, we didn’t find it, our awesome closing attorneys [...]

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House #16: FHA “Flip” Inspection

March 28, 2010

I mentioned in my last post that FHA was starting to make our lives difficult with the sale of The Probate House. Either because we’re reselling it so quickly (we just bought it in January) or because we’re marking it up 100% (from $70K to $145K, though much of that was spent on rehab [...]

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House #16: FHA Issues

March 24, 2010

I mentioned the other day that we had completed two successful appraisals on The Probate House. As of this morning, we were told that there were a few minor conditions left in underwriting and that we should expect a clear to close in the next day or two…
Well, a lot can change in a [...]

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House #16: Appraisals

March 22, 2010

Despite having dealt with several dozen appraisals over the past year, it never ceases to amaze me when we get wacky appraisal results…
We had two appraisals on The Probate House in the past two weeks, as expected. The buyer is getting an FHA loan and we’ve held the property for less than 90 days, [...]

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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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House #16: First Contract

February 28, 2010

We received our first offer on The Probate House over the weekend, and we negotiated a formal contract…
I mentioned on Friday that we had two agents who had potential buyers, and one of those agents came through with an offer on Saturday. In fact, it turns out that the agent wasn’t representing a buyer [...]

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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 #16: You Get All Kinds

February 9, 2010

We had someone stop into The Probate House last week while we were finishing up renovations. Our contractors let her in to look around (as we prefer they do), and gave her our number to call us.
She called my wife and basically said, “I live in the area with my mom and [...]

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House #16: Final Pictures

February 8, 2010

We mostly finished up rehab on The Probate House over the weekend, including staging and decorating…
I never did get around to posting the BEFORE pics (maybe before we sell it), but here are the final pictures of the house…
The house is deceptively big. Not shown in the pictures is two extra rooms that could [...]

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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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