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 the neighbors and struck up a conversation with the owner of this house. She mentioned that she was in the process of moving and would eventually want to sell her house.
Long story short (and it IS a long story), my wife got back in touch with her about two weeks ago, she was ready to sell the house, we made an offer, and we closed 10 days later. The seller is still packing and getting ready to move, so she’ll stay in the house for another 2 weeks or so. After that, our options are open: we may try to wholesale it to another investor, we may do a basic renovation and sell to an owner-occupant or landlord at a good price or we may do a full renovation. We’ll have to play around with the numbers and see which exit strategy is most favorable.
I’ll have more to say on this one in a couple weeks when the seller is out…
It’s been interesting to watch and see how and when you would start acquiring directly from sellers. I’ve had a theory for awhile that C. might be you secret weapon when it comes to acquisitions. Congrats to you both on this one!
Thanks Kristine!
We’re actually in the process of negotiating another one like this (though from a landlord)…will post about that when we make some progress… 🙂
Hi J,
I love seeing all of your exit strategies, but wondered if you have had many fall through to backup strategies like House #1 did? Sorry I haven’t read all of your posts I’m sure you have all of them listed. Also, what is your main source for your short sale leads?
Hi Levi,
House #1 was the only time we had to use an alternate exit strategy…luckily we’ve sold them all since then (other than the ones we bought with the intent to hold as rentals).
As for short sales, we get about 50% right off the MLS and about 50% from our direct mail campaigns.