Another sale was completed yesterday!

House #51 was one of those weird deals.  I liked the house a lot and thought it would sell really quickly.  It was a 4 bedroom, 2 bathroom house and priced competitively.  We got a decent amount of interest at the start and even a couple good offers.  But it all came down to the same thing.  The buyers wanted a garage.  The previous owners of this house converted the garage into a master suite with a bedroom and a bathroom (and did a pretty good job of it).

We sold it and we were profitable, but the margin was about 30% off of the original projection most because we had to lower the price and up the buyer’s agent commission to get it sold.

The funny thing about real estate is, sometimes the “slam dunk” deals take extra work and the “border line” deals turn into gold-mines.  A couple of the houses the houses that originally seemed like marginal deals turned out to be great ones.  Luck can really play a factor because all it takes is one buyer that loves the house and you can get it done.

As you can probably tell from the above pictures we kept the existing tile that was pretty much in every room of this house.

Yesterday we finally did it. We closed our first short-sale purchase. After many offers and many disappointments something came through.

Two weeks ago I called a medium sized REO agent that I have bought quite a few properties from and asked what he had coming up. He let me know about a possible short-sale deal that someone in his office had listed that was falling out.

Immediately, I went to look at it and we were in. We wrote an offer and waited about 10 days. We got an approval letter that said if we can close in 3-days we can get it for that price, otherwise they’re going to foreclose on the house. Good with me.

It is a pretty standard purchase for us. The house is Four Bedrooms, two bathrooms on a 1300 sq ft on a good sized lot.
June is setting up to be a pretty good month for us. We have two closed purchases, one retail sale, and a purchase set to close Tuesday and probably another one set to close Friday. The months keep going by faster and faster.

We are coming up on our 2nd year of working in the rehab and remodel business and our 1st year of being landlords with hopefully many more left!