Unfortunately, the closing on the purchase of The Flood House has been pushed back for the third time — we’re now scheduled to close next Tuesday.
In the meantime, we’ve finalized our budget (check it out here) and have put together a preliminary schedule for the rehab. Assuming there aren’t any major inspection issues or unexpected surprises, I think we should be able to complete this project in about 6 weeks.
Here’s what the schedule looks like:
So, assuming we actually close at the beginning of next week, I’m shooting for the beginning of November to be ready to stage and list the property…
You are very organized J Scott. Looks great.
We typically sit on the house for 30 days before we go in too hard. We can get around the FHA 90 day rule, but it seems a lot easier if we don’t try too.
When you say, “we’re now scheduled to close next Tuesday”, does that mean this coming Tuesday two days from now, or the following Tuesday, 9 days from now?
Confused as always,
Ezra
Ez –
Next Tuesday means “the next Tuesday that occurs”…so that would be tomorrow… 🙂
If “next” Tuesday is tomorrow, then what would “this” Tuesday” be? Same thing?
Feel better!
“This” is Monday, not Tuesday…check your calendar… 🙂
Hey Steve,
For the quick rehabs, we do the same thing. As you know, there’s nothing more frustrating then finding a buyer and having to tell them they have to wait to close on the property.
In this case, we expect the rehab to take 6 weeks, and even if we get the house under contract quickly (which I doubt for this one), it will still take 4-6 weeks to close, so even best case, it will take about 90 days from close to close anyway.
Absolute best case, we have a lender who can get FHA loans closed in less than 90 days…but I don’t expect us to be that fortunate on this project… 🙂
Are you worried about finding a buyer as we head into the holidays?
Also, electricians and plumbers at the same time? Could be a shootout!
Hey Mike,
I don’t think this one will be an easy sell, for a number of reasons:
– Time of year;
– Location (lots of flooding last year);
– Neighborhood condition (lots of houses still torn down to the studs).
That said, we’re using this as a test-case to determine if we should be buying a bunch of houses in these flood neighborhoods, so it will be a good lesson one way or the other…
As for the plumber and electrician working at the same time…they offered to do it! Should be interesting, though… 🙂
How did this turn out since the last comment on October 19?
Happy Thanksgiving
Hey Dan –
Do you mean the house or the sales forecast?
I’ve been posting updates on the house a couple times per week since then, and we just finished the final details yesterday. As for the selling forecast, there has been a good bit of investor interest in this neighborhood recently, and the first retail sale of a rehabbed property. So, I believe these are both good signs.
We’ll know more in the next week or two after we get the house on the market…