Its been awhile since my last update. If you follow my blog, you will see that I have been extremely busy.
I currently have 1 house under contract as a fix and flip. I would love to hold this one as a rental, but I will need to find some private money to help fund the deal. It will cashflow for $200/mo. The house only needs 7-10k repairs. As of right now I plan on flipping it. Profit potential is 13k on the low side.
My wife and I put a bid on a future home for us. 170k. 50k full repairs (20k to make livable). ARV ~300k. Its the next home in our live and flip progress. The home is a short sale. The 1st lien has approved, the 2nd should be coming back from the lender this week. We plan on living in the home 5-6 years depending on the neighborhood improvement. We will get heavily involved in the volunteer HOA and help make a positive name for this neighborhood.
I had to fire my PM that I originally liked. She flaked out on me and has had no contact with me (other then sending her pm fee) for more then 4 weeks. I have a new pm in place. Hopefully this one goes better.
I will be stepping up my marketing efforts in the upcoming weeks. 2 bids a week simply isn't cutting it. Its certainly a full time job, but the more I progress, the sooner I can quit my salaried job.
I currently have 1 house under contract as a fix and flip. I would love to hold this one as a rental, but I will need to find some private money to help fund the deal. It will cashflow for $200/mo. The house only needs 7-10k repairs. As of right now I plan on flipping it. Profit potential is 13k on the low side.
My wife and I put a bid on a future home for us. 170k. 50k full repairs (20k to make livable). ARV ~300k. Its the next home in our live and flip progress. The home is a short sale. The 1st lien has approved, the 2nd should be coming back from the lender this week. We plan on living in the home 5-6 years depending on the neighborhood improvement. We will get heavily involved in the volunteer HOA and help make a positive name for this neighborhood.
I had to fire my PM that I originally liked. She flaked out on me and has had no contact with me (other then sending her pm fee) for more then 4 weeks. I have a new pm in place. Hopefully this one goes better.
I will be stepping up my marketing efforts in the upcoming weeks. 2 bids a week simply isn't cutting it. Its certainly a full time job, but the more I progress, the sooner I can quit my salaried job.
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