Crazy Busy, Buying Properties

real_estate_investor_busyThings have been really busy and the hard work has really paid off.  We have put houses #22, #23, #24 and #25 under contract.

I have delayed posting them because I don’t have good pictures of any of them yet.

Sorry this post isn’t very organizing it is a quite update of everything we have going on and it sure is a lot.

House #22 is in a decent blue collar neighborhood in an expanding area.  It has a big lot, almost 20,000 sq ft.  We are planning on keeping this as a rental.

House #23 is in a great area, we have been working on wholesaling it because it does not need a very big remodel job.  It sounds like the deal is a little bit tight to wholesale, so we are going to do a quick rehab on it and put it back on the market.  We won’t make a ton of money, but it is in a great neighborhood.

House #24 is a house we have been working on getting for a long time.  It is not in a great city, but it was built in 1990 and we got it cheap.  The house is in a gated association (only offers a gate) and comes with a $75/mo fee.  All that being said, the price was absolutely right so we chased it hard.  It needs very minor rehab, carpet paint and bathroom upgrades.

House #25 is a duplex we just put under contract.  We are hopefully going to wholesale this one.  It has a 2/1 unit and a 1/1 unit.  It does need about a $20,000 rehab.  If we cannot wholesale it, we will do the remodel job (a basic one) and rent the 1/1 and and market it to FHA owner-occupant.  They could get in and pretty much have the 1/1 tenant pay 75% of their mortgage.  It is zoned for a duplex and the lot is relatively big at over 10,000 sq ft.

We are also getting ready to start renting more properties.

House #15 has been on the market for just over a week now, we have it on the market, but we cannot accept FHA offers. Once we are at about 80 days I will lower the price a little bit and start accepting FHA offers.

House #17 the rehab is all but done.  We had an issue with the kitchen cabinets, and the fixed ones go in Monday and Monday afternoon the cleaning crew comes in.

Now you know why I have been so busy…

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6 Responses to “ Crazy Busy, Buying Properties ”

  1. Mike Z says:

    Nice Work, I like the fact that you are using multiple strategies to turn capital. Very Impressive

  2. Steve says:

    Thanks Mike.

    We are really trying to rev our buying engine up, as long as we can wholesale the extras we can buy an unlimited amount and potentially cherry pick the our favorite areas.

    How’s your quest going? Any new properties?

  3. J Scott says:

    Wow, very impressive that you’re picking things up so quickly these days. With the tax credit getting ready to expire, we’re seeing lots of competition from owner-occupants and are having a hard time putting much under contract for a reasonable price.

    Congrats!
    .-= J Scott´s last blog ..House #6: Final Analysis =-.

  4. Steve says:

    The competition is fierce. We are paying a little bit more and really working the agents we already know.

    I don’t know if the tax credit will expire, from what I’ve read it looks like it will get moved to 15,000.

  5. How do you buy so many houses?? Bank of America told me anyone’s credit can only be extended to 4 owner-occupied houses (like vacation homes) and 4 investment homes. Rule of 4 is what they told me. But it looks like as long as you have the credit and the money (which can be someone else’s) you can purchase several investment homes?

  6. Steve says:

    Hi Chris –

    I still have never got a bank loan on a house. Everything we buy, no bank would put a standard loan on anyways. Missing kitchen, code violations, bad roofs etc. We started off using a lot of hard money, now we use a mix of our own cash, hard money and some private funds.

    Eventually I am hoping to refinance my hard-money loans to standard bank loans.

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