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House #39: Lots of Offers!

February 20, 2013

We finished the rehab on The Rent-Back House last week, and listed it for sale last Wednesday… As of yesterday morning, we had about 15 offers, from both cash buyers (investors) and owner occupants. None of the cash offers were full price (though close) and most of the financed offers were well over asking price. […]

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House #46: The WI-4 House

February 17, 2013

Just a couple days after getting our 3rd Milwaukee house under contract, we just got our 4th… This one is not too far from our first two Milwaukee houses and is an estate sale that’s already practically move-in ready. We’re purchasing it for $200,000 and hoping that a basic cosmetic upgrade (about $25,000 worth of […]

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House #45: The WI-3 House

February 14, 2013

We got our third house in Wisconsin under contract to purchase this week… Apparently, there were 8 contracts before ours, all of which fell through. I guess most investors don’t like major structural issues. While my partner and I haven’t actually seen the house yet, our agent in Milwaukee gave us a good rundown of […]

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House #37: Final Analysis

February 10, 2013

We closed on the sale of The WTF House on Friday… The most interesting part of this project was the purchase (which I’ve already detailed here) and the sale closing. The buyer was scheduled to close on the sale of her current residence on February 14 (was hoping to close sooner) and we were scheduled […]

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House #36: Moving Forward

February 7, 2013

We’re through inspections and appraisal on the The WI-1 House, and we’re scheduled to close by the end of the month… The inspections went well, though the inspector found two relatively big issues. The first was the chimney — the previous owners had “modified” it to support a gas stove and had to cut through […]

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Water Water Nowhere

February 5, 2013

Just a follow-up to my post from last week about the water issues we’ve been having at several houses… I thought the The WI-1 House was fixed, but then during the buyer’s inspection last week, the inspector saw water in the corner of the basement again. It turns out that my roofer only did half […]

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House #44: The Retail House

February 1, 2013

We just completed the purchase of House #44…here are some pictures… This house is two doors down from The Rot House, which we just sold last week. We originally found this property several months ago when we started working on The Rot House. My wife was walking the neighborhood trying to meet a few of […]

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Water Water Everywhere

January 30, 2013

We’ve had several issues with water at our properties in the past week or so… First, The WI-1 House was seeing some water intrusion into one of the corners of the basement. Since we had just excavated and braced that wall — along with completely finishing the space — we were a bit worried. Ultimately, […]

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House #43: Preliminary Budget

January 27, 2013

The Tear-Down House is certainly going to be a learning experience for my partner and myself. While we’ve both done some major rehabs (and he has his General Contractors license), this will be the first time for either of us that we’ll basically be building new construction. Pretty much the only things that won’t be […]

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House #36: Contract/Lesson

January 23, 2013

We received two offers on The WI-1 House this week, and have accepted one of them. It’s near full-price, reasonable inspection period, minimal closing costs and everything else about the offer is clean. The buyers have 12 days for inspections and we’re scheduled to close at the end of next month. I also learned an […]

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