From the category archives:

Houses

House #6: Red Garage House

January 23, 2009

We just put another house under contract today… Based on the location, quick financial analysis, and our acquisition plan/goals, the most likely exit strategy for this property will be long-term rental or lease-option to a tenant. Assuming we follow through on this exit strategy, this would be our first long-term buy-and-hold project, forcing us to […]

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Update for 1/16/2009

January 17, 2009

Here’s a general update on what’s going on with the houses and the business… House #1: The Corn House Nothing much new here…we just hit 90 days on the market (still less than average DOM for this area), and haven’t had too many showing outside of the first weekend. My wife, brother and I have […]

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House #5: SOW/Budget

January 16, 2009

The DIY House was supposed to close this week, but the title company just got clean title back today, and the seller is requesting 5 days to review the entire closing package before they will be ready to sign the closing papers. So, it looks like we’ll be well into next week before we close […]

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House #3: Open Houses

January 12, 2009

The Second Chance House went on the market last weekend, and by all appearances, the timing was pretty good. It seems that this weekend (just ended) was huge for Open Houses. In fact, many of the near $1M homes in my subdivision that have been on the market since we moved here (8 months ago) […]

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House #5: Some Details

January 3, 2009

As I mentioned before the holiday, we have another house that we’re ready to pick up. The DIY House is (finally!) officially under contract, and we’re hoping to close the middle of this month. Here are some pictures… The house is a 3/2 split-level with a large eat-in kitchen, separate dining room and large open […]

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House #3: Rehab Costs

December 24, 2008

Now that The Second Chance House is ready to be put on the market, I decided to do my final accounting to determine how much Iâ€™ve spent rehabbing this property. I’ve been tracking my budget closely the entire project (of course), but until the past few days, it was unclear if I’d come in under […]

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House #5: Due Diligence

December 23, 2008

The good news is that I’m plowing forward on my due diligence tasks for The DIY House; the bad news is that I don’t officially even have this house under contract yet. The bank is dragging it’s feet getting the contract signed and getting me the addenda they require, and until everything is signed and […]

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House #3: Rehab Complete

December 22, 2008

Just a quick post this evening, as it’s been a LONG weekend trying to finish up The Second Chance House… After three 10-hour days, we completed our final punch list, got our staging furniture delivered and completing the staging. We have inspections scheduled for Monday morning to hopefully get our CO (Certificate of Occupancy), which […]

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Update for 12/19/2008

December 19, 2008

Struggling with the flu, so I’ll just summarize the week with a general update… House #1: The Corn House We’ve decided to wait until after the new year to start marketing this property a lot harder. Luckily (or unluckily), we’ve purchased and rehabbed this property with all our own cash, so our monthly holding costs […]

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House #5: Offer Accepted

December 18, 2008

I mentioned yesterday that we were expecting to hear back on our offer for House #5 (The DIY House), and we just heard that our offer was accepted… Now time to put that Acquisition Checklist to work, and start our due diligence process. We have seven days to complete our due diligence, and are heading […]

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