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House #16: Rehab Underway

January 28, 2010

I still haven’t posted the before pictures (I was out of town prior to rehab starting and haven’t gotten the pics from my project manager), but after getting the trash out of The Probate House (three dumpsters!) and determining the source of the water infiltration, we finally figured out how we plan to proceed with […]

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House #15: Officially Ours

January 26, 2010

We closed on the purchase of The Neighbor House yesterday… While it took about a month past the original closing date, everything went pretty smoothly. I was planning on closing this one with a loan, but the title company pulled a short version of the title, and my lender wouldn’t finance the property without the […]

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Value of Being an Agent

January 24, 2010

I often get asked the question of whether having your real estate license as an investor is a good idea. I discuss most of the pros and cons in this article, but I wanted to throw out another — real life — data point… I’m finishing up my taxes for last year, and thought it […]

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House #15: Wanna Buy It?

January 22, 2010

The Neighbor House is being sold by Fannie Mae, and in their standard REO contract, it stipulates that the buyer (me) can’t resell the property for more than 20% above the purchase price for 90 days. In other words, if I try to sell this property for more than $60K, I need to wait three […]

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House #12: Fourth Contract

January 21, 2010

It only took a couple days, but we have yet another contract on The Mini House… I’m not too surprised…we’ve had a ton of interest on this property since we put it on the market last summer, and if it weren’t for stupid mortgage brokers, idiot buyers, and bad appraisers, we would have had it […]

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House #14: Officially Ours

January 20, 2010

I won’t go into much detail, but let’s just say it wasn’t pretty trying to get The Pine House purchased. After numerous arguments with the listing agent, threats of lawsuits, threats of keeping earnest money, etc, we finally got this purchase closed today. Basically, the asset manager for the selling institution (Fannie Mae) knew that […]

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House #12: $1800 Richer

January 19, 2010

After all the drama surrounding The Mini House two weeks ago, it looks like the buyer was having more issues than she knew about. Apparently, between the time that she put the house under contract and the time the loan was supposed to close, her credit score dropped enough that she could no-longer qualify for […]

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FHA 90-Day Rule Update

January 17, 2010

First, thanks to the 40 or so people who sent me email about the pending changes to the FHA 90-Day Flipping Rules. And I mean that with all sincerity — I truly appreciate when my readers and colleagues keep me updated on what’s going on in the real estate world. In fact, I was traveling […]

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House #16: Officially Ours

January 14, 2010

I guess I should say that The Probate House is almost officially ours…we’ve signed the closing docs and wired our funds, and are just waiting for the seller to sign the docs as well… In the realm of real estate transactions, this may have been the simplest we’ve ever done. While it took a while […]

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Lots of Closings (Hopefully)

January 13, 2010

Just a quick post, as we’re traveling this week to Washington, DC for another staging gig… In theory, we have a lot of closings coming up next week: House #12: The Mini House: The buyer now has an $1800 deposit riding on her being able to close her loan by the end of this week. […]

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