After being on the market for four weeks we sold the house in Orem and the transaction funded on Thursday. This is the first property that we truly flipped. With all of the other properties we have lived in them for a little while (three to eight months) and then sold them. This house we bought with a conventional loan. I have to say that we did make less on this house than usual but it sure was nice to not have to move :-) My wife is expecially happier. We are renting the house we are in until April 2007 so hopefully we can flip a few more before then.
The lease option on the Hobble Creek house ends December first of 2006 and the people that are trying to buy it now are asking for an extension. When I first signed the lease with them I was desperate to avoid the hefty payment. I gave the people that signed the lease an incredible deal. Now the house has appreciated and my payment has gone up. I can handle the payment now without a problem and so the extension will be costly. I think they will be angry with me but they had two years at a contract price. If they want to stay they will need to pay current market value for the home and the associated payment. We'll see what happens. I had an attorney draw up the extension paperwork and after I do an inspection I will send them the paperwork in the mail. If they cannot extend I will probably have to give them some money to leave so I can start repairs and marketing the house right away.
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