Got One! Rental House

bought_a_houseSo I write a post like the one last week (Goal: Get a House By the End of the Week) and proceed to disappear for a week.  You’d think I was so ashamed to face the couple readers I have to this blog, that I went into hiding until I got one.  Sounds good, but I ended up having a couple friends call and say they where in town and I proceeded to take four or five days off, we spent the weekend in San Diego and got a break from Real Estate.

After a rough start to the challenge, the house I thought was a sealed deal fell through, my agent called and said we ended up missing it by $300.  Our offer had a bigger earnest money deposit, no termite, etc, but the asset manager decided to go with the other offer.  It really sucked, because it was a great house, but the asset manager pulled some funky crap, so we drew our line in the sand and did not budge our offer.  Our strategy clearly didn’t work.

Fast-forward to earlier in the week and one of my top agents called and asked us to look at his latest listing.  It is not in my favorite neighborhood, maybe a C+.  Smaller house at 965 sq feet, but is 3 bedroom 2 bath with a decent layout.  So we put in an offer and after some countering and us paying about $2,000 more then we wanted to we got a signed contract today.  Let’s face it, this market is just really tough to be an investor in.  Prices are so low and people are willing to pay a lot for the low end properties, so pretty much everything goes over asking price.

The agent said closing is lined up for 12/24 or sooner, so we will for sure close 2 this month.  We haven’t decided if we want to wholesale this one or add it to the rental pool.  It’s about 20 miles from most of our other houses so we’d prefer to get rid of it, but we want to keep our rental pool moving forward.

House #26 is almost ready to hit the MLS.  I’m excited to see what kind of action we get on it!

That’s all for today!

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One Response to “ Got One! Rental House ”

  1. Mike Z says:

    Nothing wrong with a balanced life :-)

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