House #19: Schedule

October 15, 2010 · 10 comments

Unfortunately, the closing on the purchase of The Flood House has been pushed back for the third time — we’re now scheduled to close next Tuesday.

In the meantime, we’ve finalized our budget (check it out here) and have put together a preliminary schedule for the rehab. Assuming there aren’t any major inspection issues or unexpected surprises, I think we should be able to complete this project in about 6 weeks.

Here’s what the schedule looks like:


So, assuming we actually close at the beginning of next week, I’m shooting for the beginning of November to be ready to stage and list the property…

10 responses to “House #19: Schedule”

  1. steve says:

    You are very organized J Scott. Looks great.

    We typically sit on the house for 30 days before we go in too hard. We can get around the FHA 90 day rule, but it seems a lot easier if we don’t try too.

  2. ezra says:

    When you say, “we’re now scheduled to close next Tuesday”, does that mean this coming Tuesday two days from now, or the following Tuesday, 9 days from now?

    Confused as always,


  3. J Scott says:

    Ez –

    Next Tuesday means “the next Tuesday that occurs”…so that would be tomorrow… 🙂

  4. ezra says:

    If “next” Tuesday is tomorrow, then what would “this” Tuesday” be? Same thing?

    Feel better!

  5. J Scott says:

    “This” is Monday, not Tuesday…check your calendar… 🙂

  6. J Scott says:

    Hey Steve,

    For the quick rehabs, we do the same thing. As you know, there’s nothing more frustrating then finding a buyer and having to tell them they have to wait to close on the property.

    In this case, we expect the rehab to take 6 weeks, and even if we get the house under contract quickly (which I doubt for this one), it will still take 4-6 weeks to close, so even best case, it will take about 90 days from close to close anyway.

    Absolute best case, we have a lender who can get FHA loans closed in less than 90 days…but I don’t expect us to be that fortunate on this project… 🙂

  7. Mike says:

    Are you worried about finding a buyer as we head into the holidays?

    Also, electricians and plumbers at the same time? Could be a shootout!

  8. J Scott says:

    Hey Mike,

    I don’t think this one will be an easy sell, for a number of reasons:

    – Time of year;
    – Location (lots of flooding last year);
    – Neighborhood condition (lots of houses still torn down to the studs).

    That said, we’re using this as a test-case to determine if we should be buying a bunch of houses in these flood neighborhoods, so it will be a good lesson one way or the other…

    As for the plumber and electrician working at the same time…they offered to do it! Should be interesting, though… 🙂

  9. Dan says:

    How did this turn out since the last comment on October 19?
    Happy Thanksgiving

  10. J Scott says:

    Hey Dan –

    Do you mean the house or the sales forecast?

    I’ve been posting updates on the house a couple times per week since then, and we just finished the final details yesterday. As for the selling forecast, there has been a good bit of investor interest in this neighborhood recently, and the first retail sale of a rehabbed property. So, I believe these are both good signs.

    We’ll know more in the next week or two after we get the house on the market…

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign up for our Newsletter and get immediate access to our FREE 150+ Page eBook on New Construction, plus all of our business tools: Single-Family and Multi-Family Business Plans, Rehabbing and Buy-and-Hold Spreadsheets, Contract Templates, and more!
We respect your privacy. No Spam...EVER!