House #34: The Mirror House

June 6, 2012 · 6 comments

This one was a bit of a surprise, but we just got our next house under contract. This was a short sale offer we made about three months ago that the listing agent told us wasn’t high enough; about a month later, she called us back and said, “Please make an offer, the bank is willing to be more flexible at this point,” so we made an offer about $1000 higher than our original and submitted it.

Here are some pictures: THE MIRROR HOUSE: BEFORE PICS

I didn’t expect that we’d get the house for the price we offered, but we got a call today telling us that the short sale had been approved and that we should be clear to close in a week or two. Personally, I’m not overly excited about this project — while it would certainly be profitable, it’s not the style of house we typically do, and these days, 3 bedroom, 2 bath houses make better rentals than flips. So, I already have the call into a couple landlords I know how may be interested in purchasing it as a wholesale deal — we’d barely make any money off of it, but for a quick turnaround, I’m okay with that.

Btw, the reason it’s called The Mirror House is that the first time we looked at the house, there was this beat-up mirror in one of the bathrooms that my wife absolutely wanted (as a staging piece). Thinking it was a foreclosure, we considered taking the mirror, but then realized it was a short sale, and didn’t want to steal a homeowner’s possession. But, in hopes we’d get the house and the mirror, we put in an offer…I’m happy to say the mirror is still at the house, and I believe it will be ours with the purchase… 🙂

6 responses to “House #34: The Mirror House”

  1. Aaron says:

    Please tell me you wrote a stipulation that said that the mirror stayed with the house… Like a boss.

  2. Nathan says:

    Pretty clean house… what do you all plan to do with it? Looks like the bathrooms could use a refresh and maybe some of the kitchen? Not what I expected in a fix and flip house.

  3. J Scott says:

    Aaron –

    Let’s just say, we have a pretty full-proof plan for acquiring the mirror… 🙂

  4. J Scott says:

    Nathan –

    We’ll either do a full cosmetic remodel (probably about $25K to include things like roof and HVAC) or we’ll wholesale it to a landlord or other investor. I already have an offer from another investor.

  5. george says:

    great rental house. it’s what i have, only difference is ours are brick houses.

  6. J Scott says:

    Hey George –

    I have a feeling a lot of landlords around here would love this house!

Leave a Reply

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