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House #16: FHA “Flip” Inspection

March 28, 2010

I mentioned in my last post that FHA was starting to make our lives difficult with the sale of The Probate House. Either because we’re reselling it so quickly (we just bought it in January) or because we’re marking it up 100% (from $70K to $145K, though much of that was spent on rehab and […]

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House #16: FHA Issues

March 24, 2010

I mentioned the other day that we had completed two successful appraisals on The Probate House. As of this morning, we were told that there were a few minor conditions left in underwriting and that we should expect a clear to close in the next day or two… Well, a lot can change in a […]

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House #16: Appraisals

March 22, 2010

Despite having dealt with several dozen appraisals over the past year, it never ceases to amaze me when we get wacky appraisal results… We had two appraisals on The Probate House in the past two weeks, as expected. The buyer is getting an FHA loan and we’ve held the property for less than 90 days, […]

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House #15: Final Analysis

March 19, 2010

After closing on the sale of The Poor House two days ago, today we closed on the sale of The Neighbor House…you can see the detailed financial results below… This was supposed to be a quick wholesale deal to another investor (i.e., no rehab work on our part), but it ultimately took nearly two months. […]

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House #17: Officially Ours

March 17, 2010

We closed on the purchase of The Escher House today… Okay, we almost closed — as usual, the seller (the bank) hadn’t yet signed all the closing docs, so we’re waiting for that to get completed, at which point we will officially own the house…hopefully by Thursday morning… We’ve spent the past week getting bids […]

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House #13: Final Analysis

March 15, 2010

We closed on the sale of The Poor House today…you can see the detailed schedule and financial results below… For a large rehab, this project was pretty textbook; we completely replaced the exterior (new roof, gutters, siding, trim, soffit, fascia, decks, etc), remediated a good bit of mold, waterproofed the foundation, finished the basement, and […]

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House #17: Before Pictures

March 11, 2010

As promised, here are some before pictures of The Escher House: BEFORE PICTURES Unfortunately, I was in a rush to get these, and I don’t think they really capture the craziness of the layout. That said, while the layout is unorthodox, we actually think it’s appealing and will help sell the house once it’s been […]

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3 Appraisals, 1 Day

March 10, 2010

So much for taking off on a mini-vacation yesterday… Turns out that all three properties that we have under contract to sell had an appraisal yesterday, and two of them were last-minute, meaning we didn’t have much time to prepare and we had to stick around to meet with the appraisers… We knew the appraisal […]

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Mobile Home Update

March 7, 2010

We’ve had a bunch of stuff going on with our mobile home investments over the past two months, but I haven’t had much time to write about our progress, issues, and current status…so here goes: Mobile Home #1 Our very first mobile home purchase took a turn for the worse last month when our buyer […]

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House #17: Inspection Results

March 5, 2010

We had our pre-purchase inspection of The Escher House yesterday, and it looks like we didn’t miss anything in terms of repairs or condition of the property… The biggest concern I had was a crack in one of the poured foundation walls, and since my inspector is also a structural engineer, I was confident that […]

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