Today a friend of mine that is a realtor called and said she had a deal that was too good to pass up. We set a 7 pm walk through time and I headed over at 6:45. It had been sold a couple of hours earlier. The house was listed at 214,000 but was easily worth 235,000 and much more with the basement finished.
I hardly ever use a realtor to find houses but welcome calls if they have something too good to pass up. Usually I can find much better deals by visiting people who have just been sent default notices or sellers trying to sell on their own. I am only trying to make a 10 percent profit on a house and when you can buy a house without the 6 percent commission tacked on the job is already half over!
Talking to my wife yesterday I realized that we need to start looking for the next project. We went from working on three projects simultaneously to only one that is almost sold. I have been on the lookout as I drive around and have seen some definate possibilities but had to much going on.
I sent the termination of lease option letter to the tennant in the Hobble Creek house and he called me scared. The lessor told me he is working on a loan so I said I would give him until the end of December but after that it will be time to find a new place. I keep saying that I don't care either way I just want to be done and it still stands. It would have been nice to make twice as much on this deal but if he can buy it we will still recieve a pretty large check. In-fact the largest to date. If he can close the loan before Christmas I will definately be less stressed for the holidays. I spoke with the loan officer today and he assured me that 10 days after the appraisal we should close on the house. The loan officer also assured me the appraisal would be this week. We'll see :-]
One of the deals I am considering is buying the house across the street from me and tearing it down and just selling the lot. I would love to build on it but the timing is off. Feel free to email if you have any questions.
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2 comments:
Hey Ryan,
Took me a good clip to read all of that stuff. Pretty interesting. I need to get into reading some investor/real estate books. Already read the Rich Dad, Poor Dad one. I'll give you a call, probably some time next week (the rest of this week is hashed...) to get together. Thanks for the reference to your blog. Later.
So did the house close? Inquiring minds want to know!
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