From the category archives:

Houses

House #3: Second Offer

March 23, 2009

If you’ve been following the “exciting” drama of the past couple days, you know that the contract on The Second Chance House is now officially dead. On Friday, when it was clear that this deal was likely not going to close, my wife scrambled to get the house back in to showing shape — she […]

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Broker Frustrations (Part 4)

March 21, 2009

I’m expecting this is probably the last update in The Second Chance House mortgage broker drama, but wanted to update my readers on what’s happened… We sent the final extension amendment over last night (the one that said they must put the rest of the down-payment into escrow and pay $100 per day penalty until […]

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Broker Frustrations (Part 3)

March 20, 2009

After several days of dealing with the drama of The Second Chance House buyers, their mortgage broker, and their real estate agent, things finally came to a head yesterday. Most importantly, we found out that there was an important piece of information about the buyer’s credit that we were never told — they have a […]

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Broker Frustrations (Part 2)

March 19, 2009

I wrote yesterday about the difficult situation I’ve been having with a mortgage broker representing the buyers of one of my properties. Between the comments on my post and the comments on a couple Internet forums I frequent, the advice and feedback I’ve gotten has ranged from “You just have to sit back, wait, and […]

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Mortgage Broker Frustrations

March 18, 2009

Just thought I would take a couple minutes to vent some frustrations, and perhaps solicit some feedback from others who may have some ideas on how to proceed… The not-so-quick story: The Second Chance House has been under contract for nearly 6 weeks now, and we’re about 3 weeks past the original closing date. The […]

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House #5: Rehab Costs

March 17, 2009

Now that The DIY House is on the market, I thought I would share the (almost) final rehab costs needed to get this property renovated… As I mentioned at the beginning of the project, my original budget projection was looking like $40-43K, but I really wanted to get that down to $35K. While I almost […]

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House #5: Rehab Complete

March 15, 2009

It’s been a couple days since I last posted; with lots of visitors in town since the baby news, lots of work going on, and lots of college basketball to watch, it’s been difficult to find time to write… Anyway, we completed rehab on The DIY House on Friday, and it’s now officially on the […]

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House #7: First Offer

March 12, 2009

We received our first offer on The Roach Duplex today…and rejected it… We listed the property on the MLS last week, and in that time have gotten quite a few calls. Many — I believe — are from potential owner-occupants who are scared off when they see the condition of the property (it needs about […]

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Not So Fast!

March 10, 2009

I came to an important realization today…sometimes trying to finish a flip quickly causes more stress and frustration than taking your time… First, there’s the issue of the FHA 90 Day Rule, which states that when you purchase a property (like I do), you have to wait at least 90 days to resell that property […]

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Update for 3/6/2009

March 6, 2009

It’s been a busy week, both work-wise and personally…I have a good friend in town, a couple doctor appointments for the baby, and lots going on with all the houses, so I haven’t been able to blog as much as I would have liked… That said, here’s a quick update on all the properties: House […]

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