House #9
Everything on House #9 went as planned, which is not very common in this business.  The escrow company that the bank picked I was nervous about, my agent has had numerous bad experiences with them.  At the end of the day, they did a professional job of being organized and getting everything done super fast.  My only complaint is they are extremely expensive (3x what I normally pay).  Luckily, I asked for a discount and received about a $500 discount between the two transactions.

House #3
I don’t think I have blogged at all about House #3 yet, but we closed on this one at the end of October and we have probably received ten full price offers, all 10 of which have been FHA offers.  This 90 day flip rule really sucks!  Our day 91 is next Friday, so we have a couple that wants the house bad enough, they have written us a check and we have started to sign documents.  Hopefully we can get this escrow closed within about 21 days, so by the middle of February.  We did insist that their earnest money deposit should go hard within 5 business days.

Overall, that makes a pretty good day for us.  Sorry for no update on Thursday, but my internet was down all-day.  Let me tell you it is hard to get anything done without the internet!

House #8 is one of the deals we are working on that is out of our normal property farm.  It is a bit of a higher end property compared to what we normally do, but still well under the areas median homes prices.  We have had it under contract for about three weeks now and we are ready to close, but there seems to be some sort of title issue that is holding closing up.

We have a really basic $10k rehab in mind and we are going to try to list it cheap and try to sell it conventional (to get around the 3 month FHA rule).  The house needs a bit of landscaping, some paint and flooring and maybe a bit of work in the kitchen, we are undecided how much we are going to update it.

From the picture the curb appeal is pretty good, and it is in a great area so we are hoping for a fast sale.

House #9 Update
Our purchase transfer recorded with the City today.  The buyers funds are in escrow, so their transaction will record tomorrow and I should get my money back.  Makes for a pretty uneventful transaction which is nice for a change!

I just got back from wiring money on House #9.  We wholesaled this house to the same investor who bought House #7A and #7B.  He is looking for rental properties and already has this one rented for $900/mo.  It wast listed for $89k in the MLS, and we ended up selling it to our buyer for $52k with a small profit for us.

House #9 is a great deal, but it is tiny!  It was built as a 1 bedroom, 1 bathroom but at some point the owners illegally converted the garage to a second bedroom.  The house only requires very minor repairs (it’d be a stretch to spend $10k).  Since we do not want to focus on rentals at this point we ended up selling it.

We are double closing this deal, so we had to close escrow for one day (tomorrow), and the next day our buyer can close (Thursday).  So, if everything goes as planned we should have all of our money back by Friday.

Here it is: