From the category archives:

Houses

House #2: Scope of Work

August 25, 2008

The Bulge House is now officially mine, and in anticipation of the closing, I put together both a Scope of Work and a materials list for the rehab of this property. Compared to the other two houses, this one is in pretty good condition. While the other two houses need a lot of cosmetic work, […]

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House #2: Down to the Wire

August 22, 2008

I closed on The Bulge House yesterday. While I was hoping for a smooth and easy close, I was unfortunately a bit disappointed… The good news is that the appraisal came back very solid, at $75K. I’m paying $61K, plus getting a $2500 credit towards rehab, so essentially my purchase price was $16,500 less than […]

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House #3: Some Details

August 20, 2008

The Second Chance House finished its due diligence period yesterday, so it’s officially too late to back out of this one. While I wasn’t able to get my Scope of Work completed for this one just yet — and therefore wasn’t able to get contractor bids, the price was low enough that I’m confident we […]

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House #1: Day 1 of Rehab

August 19, 2008

Rehab has started on The Corn House. Just to allow everyone to follow along on this rehab, I’ve took a couple videos of the house, as well as a bunch of pictures after the first day of rehab. Here is a video of the main floor of the house, along with some front and back […]

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House #2: Going to Closing

August 18, 2008

I mentioned earlier that House #2 had some potential water damage, and that the due diligence indicated a few more problems than I had expected. Based on those things, I went back to the bank (the seller) before my due diligence period ended, and asked for a $5K reduction in price. They countered my $5K […]

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Update for 8/13/2008

August 13, 2008

Lots going on, so I thought I would post a general update on things… House #1: The Corn House Today is the big day — I’m closing on my first investment property, The Corn House! Here are some of the other things going on with House #1: I finally found a GC who will perform […]

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House #2: Due Diligence

August 12, 2008

I’ve talked a little bit about The Bulge House, and now that I’ve gone through some of the due diligence — and am fairly convinced I’ll go through with this purchase — I’ll go into a bit more detail… First, here are some pictures… From a numbers perspective, I’m picking this house up at around […]

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House #2: Water Damage?

August 11, 2008

My out-of-town silent-partner was in town for my wedding this weekend, so I decided to take him around the three houses that we have under contract. We stop by the Corn House, and take a look around, and then we head over to the Bulge House. The first thing I notice when we walk into […]

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House #3: Second Chance House

August 10, 2008

I mentioned the Second Chance house in a post from last week. Well, the day after I wrote that post, I received a counter-offer from the bank for $1000 higher than my bid; considering this counter-offer was still $13,000 less than my original bid two weeks ago, I immediately accepted, and now have House #3 […]

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House #1: Ready to Close

August 7, 2008

I got my closing date for House #1 today — it’s next Wednesday afternoon. This will be the first closing I’ve had with an investment property, and is sure to be a lot easier than closing on my first property, my primary residence. Because I will be paying cash for the house, I won’t have […]

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