Update for 4/26/11

April 26, 2011 · 0 comments

Nothing too terribly exciting going on…just a bunch of little stuff. So, here’s a quick update on each of the properties we currently are working on…

House #1: The Corn House

The Corn House is scheduled to close towards the end of this week. Appraisals and inspections are complete, approvals are in, the loan is cleared to close, and unless the buyer decides to back out or the house burns down, I think we’re going to get this one closed. Considering we’ve had it for two and a half years now, I’m ready…

Stay tuned for a couple posts that will discuss the final outcome from a financial perspective and also lessons learned on this house, our very first, and our very biggest headache… 🙂

House #18: The Haggle House

As I mentioned the other day, our tenant is leaving on May 15. We had our attorney write up the lease amendment to ensure that there was no issues with how the early termination was structured, and also to ensure that the tenant didn’t get any ideas about suing us for the illness she claims was caused by the (brand new) carpet in the house. As I suspected, she signed the amendment immediately, which reinforces my belief that she just wanted to get out of the lease, and the illness claim was just a lie. But, I guess I’ll never know for certain.

We plan to put the house back on the market once she moves out, so once I get an idea of how much work we need to do to make it sellable, I’ll post more…

House #21: The Leak House

It’s been over four months now that we’ve been waiting to purchase this property, and we FINALLY have a closing scheduled! Looks like we should be able to get this one closed by the end of the week, and our contractors are scheduled to start rehab next week. We expect about 8-10 days of rehab, and I hope to get it back on the market about 2-3 weeks from now.

I’ll have more to say on this one once we officially own it…

House #23: The Horsey House

Things are moving along nicely on the sale of The Horsey House. We’re through the due diligence period, and the buyer didn’t request any additional work or repairs. I was present at the inspection and there were a few things that were pointed out by the inspector that we’re planning to fix anyway, as it’s the right thing to do (I don’t like my houses to have ANY safety issues, even little things like miswired outlets).

We had the first appraisal today, and I honestly have no idea what price it will come in at. Comps are very sparse for this sale, and I’m just hoping the appraiser uses the high-priced bad comps and not the low-priced bad comps — or perhaps he can find some good comps that I wasn’t able to find. Assuming we can get both appraisals done in the next week or so, we should be good to close this one by mid-May.

I’ll have more to say when the appraisal comes back…

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