Update for 7/11/11

July 11, 2011 · 2 comments

Just got back from vacation yesterday, and have been trying to catch up on work and life…but wanted to give a quick overview of where things stand with the houses…

House #18: The Haggle House

The Haggle House has been under contract for two weeks now, the buyer has completed their inspections, we’ve made (almost) all the repairs they’ve requested, and now we’re just waiting for them to order their appraisal. The one repair we still need to make is on the HVAC system. It appears there are some major issues with the condenser and potentially the furnace as well, and we’ll likely have to replace both. Considering they’re only 7 years old, I was hoping they’d be under warranty, but my HVAC company hasn’t had any luck figuring that out just yet.

Regardless, worst case is that we’ll have a $2000 repair; after the two very inexpensive and easy rehabs we’re had on this house, I’m not going to complain…

House #21: The Leak House

We were supposed to close on The Leak House last Friday, but apparently there were some last minute issues with underwriting, and things are being held up a couple days. According to the buyer’s agent, it’s nothing that will risk the deal, but it could take another day or two to get a clear to close from the lender. Once we do get the clear to close, it will probably be 2-3 days before we can actually hold the closing (legally, the buyer is supposed to get 3 days), but if we can get cleared by Wednesday, there’s a good chance we’ll still close this week.

Looking for Houses

I spent several hours today looking at about a dozen houses, trying to find our next project. Summer is always a tough time for us to find good deals, and this summer is no exception. Once The Haggle House and The Leak House are sold (probably both this month), we’ll be completely out of houses, so I’m very interested in finding a few more in the very near future.

Of all the houses I looked at today, there were only two that I thought we decent enough deals that I wrote up offers. On one, I offered about $10K (25%) above the list price, as it’s a great deal and I know there are several other offers. On the second, I offered well below list price and am hoping that after being listed for several months, the bank is willing to seriously negotiate.

I’ll have an update on the house searching later this week…

2 responses to “Update for 7/11/11”

  1. Good luck getting another investment house. I hope you land at least one of them.

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