I’ve been promising I would post more, but just have not had the energy or anything real exciting to write about. We have got some properties, I will quickly write about. But generally speaking, I am busy trying to buy more, get everything rented out and run the other business ventures I have on my plate right now. Definitely a very busy time for me, but everything is going well.
House #28 – This house is not in the best neighborhood at all. We got a decent deal on it, will make a good rental and cash-flow. One of our network agents called me on this property and we got it right at the list price. It needs some minor repairs. It is a 3 bedroom, 2 bathroom house that is 1,000 sq feet. We are just painting the inside right now, so it should be done shortly. As I mentioned earlier this property is in a different city than our farm, so we have tossed around the idea of selling it, but we are still unsure of what the best plan of action is.
House #29 – This house is a first for us. The first house we bought from a wholesaler. It is a 4 bedroom, 2 bathroom house and just over 2,000 sq ft in a really nice area. The wholesaler who sold us this property has a retail buyer lined up already, but they do not have the funds to bring to hold it 30-45 days to wait for their buyer to get approved for a conventional loan. So ideally, the hold-time on this property should be under 45 days and we should see a nice 15-20% return. This house is being sold completely as-is, so no repairs will be done. We are working with a partner to bring in some of the funds, so this deal is not 100% ours.
House #30 – No pictures yet, but this is going to be a great rental property. It is a 3 and 2, on a small lot, built in 1985. No HOA fees. I do not know how we got this property at such a great price. My guess is, we put it under contract between Christmas and New Years and many investors took that time off from looking at property. As you can tell, I am excited about this one, I wish all our rental inventory could look like this!
House #31 – This house is going to be another rental. This house is cheap, but the neighborhood is just so-so. We are going to keep the rent cheap and should be able to get a good tenant pretty quick. It needs very few repairs. This house is on the same street as House #22 (actually less than a block away). No pictures yet. We are actually set to close on Tuesday, so I should probably get out there and take some pictures!
As for the sales:
House #17 – Loan docs are drawn and we should close this week. The buyer’s agent has turned about to be very in-experienced which has made more work for me, which is frustrating. I am thinking this is her first deal (she is asking how utility companies switch owners, so they don’t have to pay my bills).
House #18 – We had to do some minor repairs to the roof, we should get loan docs on Tuesday and close by Friday. I am more comfortable with the people in this transaction, everything has been going pretty smooth so far.