Update For 3/10/11

March 10, 2011 · 1 comment

Things have been very slow this week, which is why I haven’t had much to post about. So, I thought I would take this opportunity to give a quick update on each of the properties we currently are working on…

House #1: The Corn House

With the exception of the second new roof (which is going on tomorrow), the second rehab is complete on The Corn House. We spent just under $9000, which is almost exactly what we collected from the lease-purchase tenants in escrow payments during the two years they were there. So, that was a wash. In addition, the $30K we collected in rent payments over two years should about cover the market drop in that area… 🙂

My wife spent the past two days staging, and hopefully we’ll have final pictures tomorrow and will get the house listed for sale for the weekend. I’m not optimistic we’ll get a quick sale, but it would certainly be nice — I’m ready to be done with this house. I’ll post pictures of the second rehab and staging in the next couple days.

House #21: The Leak House

Unfortunately, we’re still waiting for the foreclosure deed to get recorded so that we can buy this house. It’s been nearly two months, and we already have a number of buyers interested in this property (they look at The Trifecta House and want one exactly like it). In fact, we had a buyer today ask if they can submit a contract now to hold the house!

There’s no telling when we’ll actually close, those contractually we’re schedule for two weeks from today. As soon as we get that one closed, we’ll do a quick rehab and try to get it under contract with one of the interested buyers we’ve been speaking to.

House #22: The Trifecta House

We’re hopefully in the home stretch on this one. We’re through inspections, requested repairs and the first appraisal, and the second appraisal should be taking place any day now. We’ve left this property active on the MLS to garner some interest in The Leak House for when that’s completed, and we’re still getting a steady stream of traffic from potential buyers.

We’re scheduled to close on the sale of this one next Friday, and once the second appraisal is completed, I’ll talk to the mortgage broker to determine if that’s still realistic. So far, everything has been going smoothly, and I’m hopeful that will continue.

House #22: The Horsey House

We were pleasantly surprised to find out that the sellers for this one are ready to close early. While the contact says March 21, it looks like we’ll be able to close next Monday or Tuesday, which should allow us to complete most of the rehab next week. Since we thought we had two more weeks until closing, we’ve been slow to get contractor bids, so we’re trying to finalize those this week.

I’ll have more to say on this one once we close and get started on the work.

One response to “Update For 3/10/11”

  1. Found this site from bigger pockets.

    Wow, breath of fresh air to read investors sharing their real world experiences (can’t wait to see pics). Gold for people who are waiting on the fence.

    Looking forward in reading older posts..


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