The Run Down – House #28 – House #31

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.

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One Response to “ The Run Down – House #28 – House #31 ”

  1. Mike Z says:

    Busy is Good!!! Keep up the good work

    Z

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