Renting Our First House – House #14 (plus other updates)

Renting a HouseThe remodel on our first rental is coming along excellent.  Our contractor is very motivated to move-in so he is rushing everyone along.  The kitchen cabinets went in today, the granite will go in tomorrow.

I am still at a pretty big loss on all the paperwork required to “do it right”.  I have almost finished reviewing the course we got and will start doing some research.  The goal is to have all the rental docs, the deposit in and the paperwork signed early next week.  Rental agreements, amendments, all that fun stuff need to be figured out.  I trust the tenant a lot, but I want to separate the relationships between our work and renting the house to them.

Not much else to post about right now, we are working on closing our purchase escrow on a bunch of properties and selling a bunch of properties.

House #13 got a review appraisal on Tuesday.  My partner met the appraiser out there and she told him “not to worry,” but I am worrying a little bit, based on the comps she could easily come in 20,000 low.  I printed a stack of comps (two of them where our previous sales) and we will see if she ends up using them.

House #4 the appraisal came in at the purchase price and they are working with Bank of America for the loan.  Bank of America is really slow.  The 17 day full contingency removal comes up tomorrow, I sent them the form today and we will see if they send it back signed tomorrow.

House #12 is set to fund Monday, and record Tuesday next week.  If everything goes as planned I will be really happy as that is by far our best deal yet!  The buyer has put all the money they need to escrow (almost 50,000 down on an FHA transaction).  I guess that is what happened when they pay over appraised value.

That’s all for now.

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5 Responses to “ Renting Our First House – House #14 (plus other updates) ”

  1. Matt says:

    Granite in a rental is a nice upgrade. Is your contractor the one renting the property?
    .-= Matt´s last blog ..Bessemer Pictures, Finished and Staged =-.

  2. Steve says:

    Yes, our main contractor is renting it. Granite will go in all the rentals. We end spending under $1,000 for granite with labor, so we get a really good deal.

    I checked out your blog, your projects look great!

  3. Matt says:

    Thats a great deal…. what do you end up paying per square foot?

    I would like to use granite in more of our properties but can’t find a cheap enough supplier.
    .-= Matt´s last blog ..Bessemer Pictures, Finished and Staged =-.

  4. Steve says:

    We pay about $160 per 8×2 foot slab. It is from China. The labor works out to about $150 per slab depending on the material and we have to buy the sub material (plywood etc) that doesn’t cost very much.

  5. Steve says:

    Matt, I just added your site to our blog roll too. Some great info!

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