House #20: Purchased

November 29, 2010 · 4 comments

We closed on the purchase of The Lake House today…

As I mentioned last week, our budget on this small rehab is about $12,500, which should cover some major exterior repairs (from wood rot and termite damage) as well as a basic interior remodel — including new paint, carpet, appliances, light fixtures, plumbing fixtures and finishing touches.

In terms of schedule, we plan to start the rehab on Wednesday morning and are hoping to have it completed by the end of next week (about 9 days). I’ll post an update once the renovations get underway later this week…

4 responses to “House #20: Purchased”

  1. chris says:

    another great deal what is the color fo your cabinets going to be i put a bid on a house with the same type of oak cabinets but some doors are missing and i thinking of changlng to the color to a white will white sell it better? good luck on the lake house i love the staging on the flood house

  2. J Scott says:

    Hey Chris –

    My wife decided today to go with a dark brown for the cabinets. This is based on the white countertops and the dark tile floor (I have no color sense, so I really can’t justify it any more than that :))…

    Assuming it’s done well, painting or staining the cabinets will definitely help with resale, as the cabinets will look new…

  3. Greg says:

    Great blog! Quick question… when you write offers, do you disclose that buyer is related to buyer’s agent? does this cause any issues with banks?

  4. J Scott says:

    Greg –

    Because my wife is half owner of the company we purchase the properties under, she is required to disclose her status as an agent. The wording we use is, “MY WIFE’S NAME is a 50% owner of Lish Properties, LLC. Lish Properties, LLC is the Buyer in this transaction. This constitutes Agent-as-Principal.”

    This has never caused any issues whatsoever with selling banks (or any sellers or buyers, for that matter).

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