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Friday, June 22, 2012

OMG!...Did We Just Find House #10?

This business never stops surprising me. Earlier this year I commented (a lot) on how hard it had been to get a property under contract. There was a lot of competition in my area for the type of house that I was looking for and the banks were not even considering my offers. That has recently changed...

First off was House #9 which we ended up buying in May for a lot less than what we had offered the first time three months earlier. Then there was this property which we had made an offer back in February only to get a ridiculous counteroffer from the bank. 

Of course, we did not accept that counteroffer and moved on and the bank accepted someone else's offer. Then two weeks ago I noticed the house came back on the market so we made a lower offer than the first one. 

I have learned that banks humbleness increases as time passes so lo and behold they accepted our offer and it seems that we have found House #10!

I cannot go into the details of pricing until we close on the house but believe me you will want to come back and see what happened afterward, even I was surprised. 

The house was first listed back in December 2011. I noticed it soon after since it is in my area and I knew the neighborhood where it is, a very nice one. What I liked the most is that it had a basement, which are hard to find in the property range I target. I initially thought I wouldn't even put an offer on it because from the pictures it looked to be in good shape and would probably get bought by an owner occupant. 

Oh boy would that have been a mistake...

I still paid a visit and discovered that it had a water problem in the basement...good news. I say this because the more problems and/or the more complicated the problem with the house the higher the probability that it will not be bought by an owner occupant and sure enough that was the case. 

However, other than the water problem the house is in pretty good shape, especially compared to House #9 (pictures) which we are still working on right now. The rest of the repairs will consist of updating the house to a more modern finish since most everything on it seems to be original from the 80's...yuck!

We should close on this house early in July. Oh, one more thing...

Since we are neck deep into the rehab on House #9 we will once again be using a private lender to buy this house. This will be the same private lender that we used on House #6 who was very happy with the money they made on that deal and now wants to do it again. 

P.S. - just yesterday we had another offer accepted on a house that we want to keep as rental but it's too early to say if we are going through with it or not considering we haven't even seen the house!...

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  1. Good for you. I am very curious to find out what price you are getting this one for! What kind of condition is it in?

    1. Oh believe me I'll get into the number details later on. It is actually in pretty good shape. It has the water problem in the basement that I mentioned but other than that the house is livable right now.

      I am considering my options with this one. Not sure if I am going to do the typical full rehab or if I might just do the bare minimums and then list it at a lower price. I'll reflect on this during my next run and see what I come up with...


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