OfflineAgain, catching up. This was back in Dec 2011.
"Dumbarton"
REO
Done as JV Rehab split 50/50.
I'm the sweat!
Listed at $44,900, I locked it up for $28,688.
We put $21K into it, plus holding costs and so forth, we're in at $50,000.
Currently, we have 2 offers-- 1 at full list ($74,500), one at $77,000.
We shall see. (I had a goal of my half of this deal to be $9,000)
Profit at the end of Dec 2011, 2 months after my first offers and with approx 110 offers in was $10,400. Projected profits including the 2 JV deals was $39,400.
Thank you for visiting!
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176
Getting some good experience @ rehabbing, too. Fun!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Experience is always good, and often fun. Same old, same old is sometimes practice we don't need....
having managed and executed apartment rehabs for many years I love getting the experience each new job brings, but I don't need the practice that comes when you have to step in or takeover for someone not doing as they say they will.... yuck.
This was the same buyer as Phillips-- the one that stood still. I ended up funding the entire repair and holding costs-- $23K in all. I just got reimbursed Friday.
Now, I can start from zero and make a profit when it sells, I only have 50 or so hours in it- kind of more like practice. But, I learned that I will run this business differently from now on. No more Mr Nice Guy!
Thanks Karen!
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176