Happy Independence Day!
This business is streaky and after missing out on the really good one I mentioned in my last post, I was a bit disappointed because I thought we had a really chance of getting it. On Friday we put in a really low offer on a 2 bedroom, 1 bathroom house and a granny suite in the back that is a 1 bedroom, 1 bathroom. There was a competitor in the mix, but once he figured out there was code violations, they backed out, so lowered our offer about 12,000 and went in. I just got disclosures today on July 4th.
My partner is the only that has seen this property. We are undecided on what we are going to do with it, but it will be tough to wholesale because it has code violations and very slight fire damage. So it will most likely either be fix and flip, fix rent and flip, or fix and hold. I will run some numbers and see what we want to do. Usually if we can pull a certain amount of cash out of it, we’d prefer to just sell it.
We are still looking for one or two more properties, but we still don’t have any of the six in escrow closed yet. The market still seems extremely competitive, we have been looking for a month and a half and still basically missed tons of properties, but we have a lot of pending stuff out there. I would predict four of the ones in escrow should close before July 15. Which would really be great, but in this business I know not to count on anything!!