I just finished listing House #32 on the MLS.  The rehab went smooth, we ended up framing in a fourth bedroom and it turned out really spacious.  Next time I’m out that way I will take a video of it.

The kitchen turned out great and overall, I like the house a lot.  Great neighborhood with a spacious layout, but I am a bit bias.

Front – Before

Front – After

Before – Porch

After – Porch

Before – Kitchen

After – Kitchen

Before – Fireplace

After – Fireplace

Before – Bathroom

After – Bathroom

Before – Hall

After – Hall

Update on House #30

We rented House #30 to some great tenants on Monday.  We broke down and put it in the MLS and got a ton of interest and phone calls, but at the end of the day we ended up renting it to someone who called from the sign.  They gave a full deposit, plus a non-refundable pet fee.

Escrow for House #16

House #16 is by far the oldest non-rental house we own.  The buyer has approval and the bank is drawing docs and going to send them to escrow.  So it should be closed by the end of the week.  That will make House #32 our most recent house in “work in progress.”  That is great we are happy with how lean we are running on inventory right now.

Update on Acquisitions

We have been making offers like crazy lately.  In the last couple of weeks we put three in escrow, two are firm and one is a short-sale and we are waiting on the bank to approve the HUD.  I think it looks good.  They’re all pretty great deals, but we are shopping very hard for about three more.  I have a 10 day vacation for April so I want to make sure we get a head start.

Happy buying!  Wish us luck.

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.