OfflineJust closed on a house yesterday. Today we are working on getting all of the contractors out to the house to start getting things fixed up.
They are going to start ripping out carpet, fixing roof, painting, landscaping and new kitchen.
It looks like about 40k repairs but a huge profit! Super excited for this one. Wish me luck.
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Eric,
Great job! You deserve it! Keep up the great work and thank you for your valuable advice and words of encouragement. Where's the house? How did you find the deal?
Greg
Where is this property located? Can we get some details!
P.S. - Everything else is immaterial, irrelevant, and unnecessary.
Congrats Erosquist1! So.... Like ....What STATE or CITY is that FANTASTIC deal located? And, can you do anything about buying vacant properties to rehab & sell? A month ago I heard the City of Detroit had voted to bulldoze about 90 houses that were longtime vacant. Boy, could we ever Make Some Money on a bulk deal like that as real estate investors! Continued Success!!
anita Page
just so you guys have a little info
I bought it in Lehi Utah where I live. We got it at first for 230k then once we had it under contract we got a property inspector to look at all that was wrong with it. Using the property inspection we were able to renegociate the price and got them to come down to 220k.
the property needs 30k repairs. it has been a week and a day and we are already half done with repairs!!!
got an awesome crew that comes in and just gets the work done quick.
Once we are done the property should be able to sell for at least 350k but we are going to shoot for 375k
Wish me luck on it!
Great news. The best of luck to you!
The sky is not the limit; there are no limits. There is no box.
How are you financing deal? You say 'we' on your post, are you partnering with someone? How did you find this property?
It would be helpful,for new investors if you provide more details....
Wishing you continued success,
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
I'm excited to see you and your success. It really sounds like a great deal. Please keep us up to date on the progress, id love to hear how the rehab is going and how you are staying on budget. also the selling of the home is always fun, so please let us know
Great job
mikessler
I always say Keep Moving Forward! Never Give Up On Your Dreams!
As Matt Larsen says "Feed the Need" - Edge 2013
Follow my daily investing journal and read about the deals I've done and am working on at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/117493...
So I was referring to "We" for my partners and I. We partnered on the deal and are also planning a few more right now!!
This property was just sent to me by my real estate agent. It was an REO bank of America. So the contract was ridiculous to fill out and took forever but was well worth the deal. She sent it over and we got an offer out right away.
They listed the property for 190k so we had to bid a lot more than asking to get it. It was a multiple offer situation but we won.
My partners and I paid in cash with a Home equity line of credit we have.
Congrats!
Way to go good job