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House #1: Contract Extended

August 30, 2009

If you recall from our last general update, our lease purchase contract on The Corn House is about to expire at the end of August. Given that the buyers hadn’t much improved their credit since April, and worse yet that they had bounced a rent check (that they immediately replaced with a cashier’s check), we […]

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House #13: The Poor House

August 28, 2009

We just got our next house under contract… This house is in the same sub-division as The DIY House, and is actually very similar to that house. The big challenge on this one will be the exterior — the siding likely needs to be completely replaced, the roof needs to be replaced, and the front […]

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House #12: Second Offer

August 27, 2009

We just received our second offer on The Mini House… It’s another FHA buyer, so they still have the issue of having to wait until at least the beginning of October to close (FHA 90 Day Rule). On top of that, the buyer seems to have very borderline credit. According to some contingencies in the […]

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House #6: Fourth Offer

August 26, 2009

We received our fourth offer on The Red Garage House today… As a reminder, our first offer was back in April, and that one fell through in mid-July, after months of underwriting hell, culminating in a low appraisal and the buyer losing his job. We put the house back on the market, and quickly got […]

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House #8: Clear to Close

August 25, 2009

We got word this weekend that The 16-Bid House may actually be ready for us to purchase. If you recall, we got an offer accepted on this house back in March, and due to months of title issues, the seller has been unable to actually sell it to us. That’s the good news… The bad […]

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The Skyline House

August 24, 2009

As we’ve been spending much of the past couple months getting ready for the baby, it’s been a while since we’ve purchased a house. But, after putting in several offers at the end of last week, it appears we have our thirteenth house under contract… The house is about 10 years old, in pretty good […]

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Responding to Seller Questions

August 21, 2009

I only buy bank-owned foreclosures, and as such, I buy all my properties right off the MLS. But, many (probably most) investors look to take advantage of all the sellers in this market who are desperate to get rid of their homes, either because of a difficult financial situation or a life change (divorce, new […]

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House #6: One More Time

August 19, 2009

Quick post today, as we have some visitors in town this weekend… As I mentioned a few days ago, we got The Red Garage House under contract for a second time. Unfortunately, this deal just fell through last night after the buyer got cold feet. We had received a second offer that same day we […]

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House #9: Final Analysis

August 17, 2009

We closed on the sale The Hat Trick House today. Below is a final analysis of the deal, including financial results and statistics… This was a tremendously smooth deal and an easy closing, which was surprising given that the buyer used a lending program I’d never heard of before (NACA). As I mentioned in a […]

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Update for 8/16/09

August 16, 2009

First, just wanted to remind people of the great rehab blog over at TomTarrant.com…not only do I appreciate the mention Tom gave of our first year recap on his blog, but I consistently learn a tremendous amount about the rehab process by watching his videos and following his flips. He does a lot of the […]

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