House #2 – The Quick Flip

After putting House #2 under contract we decided that it might make sense to try to sell it to another investor.  It was older construction (built in 1920’s) and had many illegal additions.  We where not really sure how we want to fix it, the neighborhood was pretty mediocure so we did not want to be out of pocket a ton with repairs.

As we had it in escrow we signed a Flex Option Contract with a wholesaler and they sold the property a couple days later.  We made a bit of money and so did the wholesaler.  We did a double close, so we  had to close and fund our escrow and three to four days later our buyer closed their escrow.

Unfortunately, I was only ever inside this property once and I did not got to take a whole lot of pictures.

House #2

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The person who bought this propert has ended up doing a ton of work to it.  New driveway, new roof, new garage, added a barn, re-painted the outside, tons of landscaping.  We drive by it about once a week to see the latest progress and are waiting to see if they list it (and at what price), or move in themselves.  Our repair budget was going to be 30,000 and I am sure the new owner has spent well over 50,000 already.

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