The acceptance of the offer for House #1 represented many months of hard work. We made offers from the start May 2008 to the end of August 2008 without getting anything accepted. Three to four days a week we would look at least 10 houses, and we got NOTHING accepted for over 4 months. Talk about discouraging!
Once we got an accepted offer we presented the deal to one of the Hard Money lenders in our area that we had pre-qualified with. They sent their appraiser out and the ARV (after repaired value) appraised at just under 300k. Based on my analysis we thought it was worth 290k. Our purchase price was 205k and it needed about 20k of work.
We ended up coming in just over budget at 20,500 and sold it at 290,000. The finished product turned out to be something we where really proud of and we where going to list it at 299k. Unfortunately a good condition REO house was listed on the same street at 265k. So we listed it at 287k and actually got a couple strong offers over asking price.
This deal took just over 90 days from close of purchase escrow to close of sales escrow.