susangoates's blog

So it's been five weeks since we started on the renovations. It was my expectation that we would be wrapping things up by now... however, more unexpected items popped up and caused delays. Plumbing issues, electrical issues and a really bad deck have drained my contingency budget...not to mention the time drain on these fixes as well.

But I am happy with how it's shaping up. We got one bathroom completed yesterday and it looks great. I even discovered that there is a sprinkling system in the yard. I have been dragging a hose around to try to keep the lawn alive so I am so happy about this - $500 in repair costs and it's up and running!

In the end I ended up with only one property, but I am ok with that. The demo is completed and work is progressing smoothly. At this rate I expect to put the house on the market June 18th - profit should be around 22K. Very happy about that.

I have been building my buyers list, quite by accident. I placed an add on craigs list for one of the houses I had under contract as I wanted to wholesale it. My negotiations with the bank didn't work out but I got some buyers from the add. So now I am re-reading the section in Dean's book on building a buyers list and going to try it!

I love this!

So now that I have secured two properties I now am looking for the money. I don't have enough for both. After careful consideration I am thinking that my best bet is to get private money and split the profit - the second best is to wholesale one of my deals. So here is the breakdown:
Property #1
4 bed, 2 bath 1900 sqft home
Purchase Price 109K
Renovations 30K
ARV 185K -
After fees - profit around 28K

Property #2
4 bed, 2 bath, with rec room 2400 sqft home
Purchase Price 115K
Renovations 45K (it needs a lot)
ARV 224K
After fees - profit around 34K

So the house closed and I have been searching for my next fix and flip. I made about 12 offers and got 1 accepted and 2 counters. I narrowed it down to two solid properties...however, I only have enough money for one. Each one should clear around 20K once complete and sold. So I need advise...Should I wholesale one of them and keep the other or try to find a partner for one of them....Thoughts?????

So I am driving my agent crazy asking for updates on the buyers every day - but it appears that it will indeed close on time in two days! I have been busy making offers here using the 25:1 strategy that Matt Larsen talks about. I should have something locked up by next week - and my cash in my pocket!

I am thinking I would like to try a bit of wholesale stuff and have been reading up on it....wholesellers, give me your best encouragement!

I got 2 offers on friday and accepted one of them on Saturday....Closing is 2 weeks away. I am starting the hunt for my next property and working on securing a partner....yeah baby....this is awesome!