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House #1: Tenants Leaving

January 31, 2011

It’s been a long time since I’ve written about The Corn House, our first purchase from two and a half years ago… We’ve had lease-purchase tenants in the property for nearly two years now; they have been working hard to improve their credit over the past two years, and have consistently paid their rent on […]

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House #19: Final Analysis

January 27, 2011

We sold The Flood House today…it’s was a great project, and the team and I are very happy with the overall results (see Schedule and Financial Results below). In fact, in retrospect, this is probably one of my favorite projects and houses yet… After the flooding in our area sixteen months ago, we’ve been cautious […]

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House #22: Preliminary Budget

January 25, 2011

We’re hoping to close on The Trifecta House at the end of this week…considering the contract was just finalized yesterday, I’m skeptical, but the seller seems to believe they can make it happen… Here’s the preliminary budget that I’ve put together for this project…while it’s the exact same layout at The Lake House, some of […]

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House #22: The Trifecta House

January 22, 2011

We just put our twenty-second house under contract: This one is in the same neighborhood as The Lake House and The Leak House — in fact, from any of the three houses, you can see the other two; they are literally all within 200 yards of one another. This one has the exact same layout […]

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House #21: Pre-Purchase Repair

January 21, 2011

We’ve never asked a seller to do this before, but because The Leak House closing has been pushed out a couple weeks (to mid-February) and because we believe it’s a roof leak that’s causing the interior damage, we’ve asked for permission to do roof repairs prior to actually purchasing the house… Surprisingly, the seller was […]

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FHA Flip Waiver – Update

January 19, 2011

I mentioned a couple months ago that the waiver for the FHA 90-Day Flip Rule (click here to read about the 90-Day Rule and click here to read about the waiver enacted last year) was expiring this month, but that I hadn’t heard any details on whether it would be extended or not… Well, as […]

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The “No Rehab” Myth

January 16, 2011

If you’re a wholesaler looking to bring me (or another rehabber) a deal, you should think twice before saying, “It’s move-in ready!” or “It will only require a couple thousand dollars in work in order to flip”… If you’d like to know why, check out my latest guest blog post over at BiggerPockets.com: The Myth […]

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House #20: First Appraisal

January 14, 2011

The first appraisal on The Lake House came back today…while it took a week, all news is good… The house is under contract for $99,500 and the appraisal came back at $100K even. I’m pretty sure it could have appraised closer to $105K if we would have needed it, but appraisers tend to be conservative […]

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House #19: First Appraisal

January 12, 2011

I mentioned last week that we were having some appraisal issues with The Flood House (here’s that post)… After finding out that the appraisal came in low, my wife and I scrambled to find better comps than the appraiser used, and to figure out why the appraisal didn’t reflect the value we believed it should. […]

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House #21: Preliminary Budget

January 11, 2011

We’re hoping to close on The Leak House by the end of the month… Here’s the preliminary budget that I’ve put together: This first two sections of the budget include all the interior and exterior work that we know we need to do (total of $13,000). The third section includes the items that may be […]

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