House #20 is finally finished.  The cleaning lady just finished the property today and boy was she surprised to see how big this house was compared to normal (about 2,300 sq ft).  The house is five bedrooms, three bathrooms and has a garage conversion that is a one bedroom one bathroom apartment.

We tried to make a lot of decisions to save money on this property: we kept a lot of the ugly tile flooring, we did not fix the sloping ceilings in certain rooms, we just cleaned the fireplace and left it as-is, and we did next to no landscaping.

It sounds like we have a renter lined up for this property who will move-in as of December 1st.  The rent on this property is substantial compared to our purchase price, so even though the property is a little bit too big for normal we are hoping to keep it and sell it as the market starts trending up 3-5 years.

The layout of this house is very confusing, we had our draftsman draw up a quick layout just so we could decide what interior walls to move and how the house would end up.

Here is the layout:

Kitchen

Before

After

Bedroom

Before

After

Bedroom

Before

After

Hallway

Before

After

I just got back from House #23 to meet the wholesale buyer and one of the “middleman.”  About a month ago one of my colleagues introduced use do one of the biggest wholesalers in the area.

He helped us sell House #21 and he is working on the duplex (thinking one of his buyers is going to submit an offer tomorrow) and he also brought in a buy for House #23.  This buyer said the deal was a little “too tight” for him personally, but was going to sell it to one of his friends.

Push comes to shove and there is myself, a wholesaler, another wholesaler and the end buyer in this deal.  Made things kind of difficult, but we finally all came together and got the property sold.  No one is making that much money, but it was just enough to make it happen and we are going to move on.

This buyer is going to close my escrow and I am going to give him a copy of the deed in exchange for our commission.  He is going to record the deed at the county himself, that way we do not have to do two escrows.  I am excited that it looks like I can really ramp wholesaling up, and we are working a ton of rehab houses right now.

House #19
We put in counter tops today, we need to put in french doors and it should be rent ready by the end of next week.  We ended up fixing this place up way too nice to be a rental property, but lesson learned, oh well…

House #18
We have almost ten guys working at this property yesterday and today and we finished what we needed to and are going to start painting tomorrow. It probably is 2 weeks from completion.

House #20
This is going to be a rental too and we are really trying to keep a tight budget for this house.  It is huge, almost 2,000 sq ft and really a great property.  We finished our plans and we have a crew starting demo there tomorrow.

House #16
This one is a bit on the back burner… we are trying to finish some of the rentals up and we should have this one ready right around our 90th FHA day.  Demo is done.

House #22
I closed escrow on this one yesterday.  We need to make plans, but one of our workers wants to rent it.  We’ve agreed to a number so now we just have to get it ready for him.

House #21

We have been busy trying to get more deals on the go.

House #20

House #20 is going to be our third rental property.  It is right in our farm area and a very interesting property.  The house currently has 4 kitchens and a huge footprint, the house is over 1,900 sq ft and a big lot at almost 20,000 sq ft.  We are going to do an extensive remodel and leave only one kitchen in the main house and the kitchen in the detached garage.

This deal should cash flow no problem and be a solid property.

House #21

We are working on wholesaling this house, we have three or four buyers looking at it today and I am hoping to have it sold by the end of today or tomorrow.    It is a 3 bedroom, 2 bathroom 1,200 sq ft house that has already been half remodeled.

Not a huge update for today, we are still actively buying and I should post more tomorrow.