Inland Empire Wholesale Deal Sold – House #21

Inland Empire WholesaleWe closed our sale escrow on House #21 yesterday.  The time line when exactly as planned out in my previous post.  The investor who purchased the property is on of the largest in the area and buys a lot of properties, so hopefully we can sell him a couple more.

The profit margin on this deal was not huge, we made just under 10% of the sales price, but really did not do too much, we looked at the property twice and provided the funds for 7 days.

What else is going on?

I am a little behind on posting but we have two additional deals under contract now.  House #22 and House #23.  House #22 is going to be a rental house, it is another one of those deals with some upside (it is on a big 17,000 sq ft lot).  House #23 we are trying to wholesale right now, if not we will do a small rehab and sell it.  It really does not very much work, maybe about $5,000.

We are aggressively looking to buy more as well.  The market is still incredibly hot, tons of offers on everything.

House #15 turned out great, I am going to list it on the MLS right after I finished this post.  House #17 is coming along too, they are putting the granite in right now, carpet should go in on Tuesday and we should list it by Friday and be ready for the weekend traffic.

Things are going along smoothly, we should have 5-6 rentals, with hopefully all of them rented by the end of 2009.  That give us a good start on next years goals!

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4 Responses to “ Inland Empire Wholesale Deal Sold – House #21 ”

  1. Mike Z says:

    Congrats on the progress, you seem to have a very smooth pipeline going …

  2. Steve says:

    Thanks Mike – we are really trying to ramp things up and even out the volume by wholesaling some properties. We will see how it goes.

  3. Matt K says:

    Hi Steve,

    Sounds like your market is still very hot. Do you expect a slow down in the coming weeks as we near the deadline for the first time buyer credit??
    .-= Matt K´s last blog ..Bessemer is sold… and a few firsts for Hampden Homebuyers =-.

  4. Steve says:

    From everything I’ve heard the first time buyer credit is going to get extended with the possibility of being raised to 15,000.

    Our market is seasonable, so I think Jan-May will be slower and we will see normal price declines (5%ish). But it all depends on how much inventory get released.

    I am loosing faith in there being an on-onslaught on inventory that everyone is predicting, but new REO listings seem to picking up a bit.

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