After closing on The 16-Bid House about a week ago, we did a quick partial rehab and have put it back on the market to resell to another investor.
Here are the pictures of our partial rehab…
Given the rehab we’ve already done — siding repair, drywall repair, new front door, and paint inside-and-out — all an investor has to do to bring this house up to rent-ready or retail shape is to replace all the lighting and plumbing fixtures, replace some carpet, and throw in a new air conditioning compressor. I have a feeling whoever buys this will see good cash-flow or a nice retail profit.
We’ve listed the house on the MLS, put ads on Craigslist, and I have sent an email to my buyer’s list of investors. Over the weekend, we had several people look at it, we’ve already received one full-price offer, and are hoping for another offer or two in the next couple days. The offer we received has a financing contingency, and I don’t feel like dragging this deal out for another three weeks just to find out that the guy can’t get a loan; so we’ll likely counter-offer and if they’re not willing to drop the contingency, we’ll likely pass on the offer.
As for why we aren’t flipping it ourselves, it boils down to the fact that we don’t want to hold this property for another 90 days just to get a retail buyer; and with FHA regulations, that would likely be necessary. With the baby due any day now, I want to get rid of as much inventory as possible right now, and start over again in a few weeks when things settle down.