Thursday, October 16, 2008

Tomorrow we find out...

...if we got our offer accepted on our first invesment property! We're currently remodeling our second house and we're only 24 and 25. My parent's have remodeled over 20 houses since they were married 30 years ago. Niehter of us have ever lost on a house and frankly, we've both done pretty good so far. So Todd has 3 months off every winter and my dad is wanting to retire but doesn't know what he's going to do in retirement, so we've always taked about "flipping" houses or buying rentals near our Air Force Base, Wright Patt. Well, we actually kind of fell into our first potential flip. My mom, who's a realtor, showed my brother in law, Ryan, a house about a mile from our current house. He liked it because it had 4.5 garages total (2 attached and 2.5 detached) and also had three bedrooms and 2 full baths. Well, she showed it to him but it's a little out of his price range, but my dad was like, this is a great deal. He ended up talking Todd into going in with him on it in the hopes they could get all the work done between Jan and March mainly and finis up in April and May and ready to put on the market come May/June time frame. It really doesnt need a ton though. We offered $110K cash and they were asking $124,900. We do know they have two other offers, but the realtor said it was not other cash offers which of course the bank likes. Anyway, we think we can finish it for $10K-$15K tops, carrying costs of about $5K-$10K tops, and sell it for $180K-$190K. The market in our area really hasn't slowed down much. The average days on market (DOM) has slumped from about 45 to 65, but still not too bad. Anyway, here's a few pictures:



Front of the house. It just needs a fresh coat of paint and the landscaping cut WAY back. The roof is only two years old. You also can't tell from the picture well, but the driveway and paver walkway are less than 2 years old!


Picture of family room. The french door could stand to be replaced and the deck needs restained. The fireplace needs cleaned up and some new doors, but other than than, just some paint and carpet/wood floors and it'll be good to go. The whole house was re-dry walled by the guy who lost the house. He did a really good job too, so everything just has two coats of primer paint. Oh yeah, we'll need new baseboards in just the family room. They were left in tact everyhwhere else.


And this is the kitchen. The cabinets are not in horrible shape (probably can sell on criagslist for at least $200!) but we think we better put new ones in just to look updated. We're also going with Corian countertops, tile flooring and of course we'll need to get a matching black fridge and over to match the 3 yr old dishwasher and microwave.
So overall, it's really not a bad house. The guy who lost it had a loan on it for $220K, so I'm surprised they are even asking $124,900. We're supposed to find out by noon tomorrow if our offer was accepted. We'll see...

7 comments:

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mrs.leah.maria said...

It's after 12:00 here, what's the news?!

brettinsky said...

Good luck! Keep us updated!

Katie said...

Hey girl,

Thanks for your sweet comment on Bower Power. I will definitely add ya to my reader...I love hearing about flips :)

GL - Katie

Michele said...
This comment has been removed by the author.
Michele said...

Love your blog! keep up the great work!

ceekay said...

Thanks for stopping by and saying hi. Good luck on the endeavor of the house!