New Deal for Steve and Veronica, house #5

New Deal for Steve and Veronica, house #5

We just got an offer accepted on anoher HUD home in Indiana. It was listed for over 70k a few months ago. It then went down to 59k was under contract to an owner occupant that did not want to replace the furnace. Went back on the market for 59k we offered 35k and HUD did not accept the offer. A few days latter they lowered the price to 51,200 We told our Realtor to put in the same 35k offer and it was accepted today.

My sister Alison wants in on this deal. She told me she would pay for 1/2 of the deal. If I could pay the other 1/2. She is a real go getter. Alison helped us a lot with another house we bought in that area. Alison and her husband did a lot of the painting and working with the contractors on the rehab.

We need to stick to our guns when making offers. It is only a good deal if we make it a good deal. The ARV will be in the 70s. Repairs should be less than 10k.

The house will rent for 600-650 a month.

Thanks to Dean's techniques and the rest of the motivating DG Family.

Steve and Veronica.


I also wanted to add

When we received the comps on this house to give to the HML the comps came in at 90k not my estimate of 70k. That is a good deal for us.

Steve.


Update on rehab 10/24/11

The basement in this house was full of surface mold we hired a mold removing company and they have done a very good job removing items and cleaning all of the mold. We had a test done before the work was started and we should hear back from the lab on the after clean up test results. Also my brother in-law has been working on the landscaping and it looks a lot better now. We should be able to flip this one soon.

We have two properties being rehabed right now. Veronica and I are having all the rehab done in Indiana and Illinois while we live here in California. Thank God for family to check on work being done.

Steve.


10/28/11

Basement is done. Main floor painting is going on right now. Roof bids coming in. My sister Alison is really going strong on this one.

Steve.


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