Update for 12/21/2009

December 21, 2009 · 4 comments

I haven’t had a chance to post in a couple days because I’ve been out of town, so I thought I’d give a quick update on everything we have going on these days…

House #1: The Corn House

Nothing much new with The Corn House. The lease-purchase tenants are consistently paying their rent, and their escrow account (what they pay each month towards their purchase) is up to about $7000. When they are able to buy the house, this will go towards their purchase, and if they never are able to buy the house, this will go right into our pocket.

Currently, we’re thinking they should be able to close before the tax credit expires next June. They’re working on their credit, and so far, doing everything necessary to ensure that they’ll be able to qualify for an FHA loan in the near future.

House #12: The Mini House

This one is still under contract and scheduled to sell by the end of this month. That said, the broker and buyer have been dragging out the process, and while we’ve been told numerous times that the appraisal is going to be “tomorrow,” we’ve yet to see the appraisal done.

Because we’ve given this buyer about 5 weeks to get the purchase completed, we’re not going to extend this contract if they can’t close by the first week of the new year. We’ll happily take their deposit, and start marketing this property to all the other agents that have contacted us over the past few weeks.

House #13: The Poor House

This one is still under contract to sell. The buyer and broker were aggressively trying to get this one closed last week, but that didn’t happen. That said, the appraisal has been completed (we haven’t gotten the results yet), and as far as we know, everything is on-schedule to close in the next week or so.

I assume that we’ll hear about the appraisal by tomorrow, and if there are no issues, we’ll hopefully schedule the closing before the end of the year. If everything goes as scheduled, this will be by-far the easiest deal we’ve ever done.

House #14: The Pine House

We were supposed to close on the purchase of this one last week, but not-surprisingly, the bank couldn’t get everything done in time. We don’t have a new closing scheduled yet, but I imagine it will be in the next week or two.

In the meantime, we’re continuing getting bids on all the work, and trying to figure out how we’ll make our budget… 🙂

I’ll post BEFORE pics tomorrow…

House #15: The Neighbor House

The contracts are officially signed for this one, and while we’re scheduled to close on December 30, I have a feeling we won’t quite make that date — again, I don’t imagine the bank will be able to get all the title work and paperwork done by then.

I’ll post BEFORE pics tomorrow…

Mobile Homes

Mobile Homes #1, #2, and #3 are all purchased, and we have received all payments from the buyers (not necessarily on-time, but they’ve paid the late fees!).

Mobile Home #4 was cleaned out today — there was a lot of junk left over from the previous tenant. We’ll start marketing it next week, and expect that we shouldn’t have too much trouble finding a buyer. The mobile home park has been very generous about allowing us to not pay rent for a month or two while we try to sell the home.


My wife is planning to start — and finish — Staging Project #3 tomorrow. I’ll post pictures when we’re complete…

We will be moving the furniture out of The Poor House for this staging project, so hopefully that house will close without any problems. We’d hate to have to restage the house if the deal falls through!

4 responses to “Update for 12/21/2009”

  1. Nathan says:

    Maybe I shouldn’t mention this but, house #13 seems as though it will be the easiest to date!?!? Ironic, foreshadowing, just weird…? We’ll see… 🙂

  2. Alex says:

    Right, but you had three failures to close on House #13…

  3. J Scott says:

    Alex –

    Not sure if you have #13 confused with #12, but #13 just went under contract for the first time about 2 weeks ago. It was a full-price offer from the very first buyer who saw the house, and we expect to close next week.

    House #12 has had three failed contracts so far…perhaps that’s the one you’re thinking about…

  4. Alex says:

    No I’m talking about The Unlucky House/The Skyline House.

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