From the category archives:

House #2 – SOLD

House #2: Down to the Wire

September 5, 2008

Unfortunately, for the first time since the beginning of May, I missed posting an entry on my blog on a weekday (I’m sure you noticed that there was no posting on Thursday ;). While I certainly have plenty to write about, the past three days have been the busiest in recent memory; and it’s all […]

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House #2: Rehab Progress

August 29, 2008

As mentioned in a previous post, The Bulge House will be used as a rental for a family member, and from closing to move-in, I have 2 weeks to get the place ready. This includes getting the major things fixed (A/C, Furnace, Water Heater, Roof), getting the finishings completed (new lights, fans, appliances, doorknobs, bathroom […]

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House #2: Scope of Work

August 25, 2008

The Bulge House is now officially mine, and in anticipation of the closing, I put together both a Scope of Work and a materials list for the rehab of this property. Compared to the other two houses, this one is in pretty good condition. While the other two houses need a lot of cosmetic work, […]

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House #2: Down to the Wire

August 22, 2008

I closed on The Bulge House yesterday. While I was hoping for a smooth and easy close, I was unfortunately a bit disappointed… The good news is that the appraisal came back very solid, at $75K. I’m paying $61K, plus getting a $2500 credit towards rehab, so essentially my purchase price was $16,500 less than […]

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House #2: Going to Closing

August 18, 2008

I mentioned earlier that House #2 had some potential water damage, and that the due diligence indicated a few more problems than I had expected. Based on those things, I went back to the bank (the seller) before my due diligence period ended, and asked for a $5K reduction in price. They countered my $5K […]

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Update for 8/13/2008

August 13, 2008

Lots going on, so I thought I would post a general update on things… House #1: The Corn House Today is the big day — I’m closing on my first investment property, The Corn House! Here are some of the other things going on with House #1: I finally found a GC who will perform […]

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House #2: Due Diligence

August 12, 2008

I’ve talked a little bit about The Bulge House, and now that I’ve gone through some of the due diligence — and am fairly convinced I’ll go through with this purchase — I’ll go into a bit more detail… First, here are some pictures… From a numbers perspective, I’m picking this house up at around […]

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House #2: Water Damage?

August 11, 2008

My out-of-town silent-partner was in town for my wedding this weekend, so I decided to take him around the three houses that we have under contract. We stop by the Corn House, and take a look around, and then we head over to the Bulge House. The first thing I notice when we walk into […]

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House #2: The Bulge House

August 6, 2008

Looks like I picked up my second house yesterday. While this one is far from a done deal, I submitted an offer, had several round of counter-offers, and ultimately we came to an agreement on terms and price (i.e., we have a contract). The reason I say this isn’t a done deal (other than the […]

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