It looks like we will be having a potential payday in the next 30 days!! Late last week we got a property locked up and yesterday we found not only one buyer for the property but TWO. They both made full price offers as well which is even better. We accepted the person who made the offer first of course. I’m a bit excited as you can imagine because to be honest it’s been almost a year since our first deal.
How did we find this deal?
The deal came from an Out-of-State mailing we did and was the first letter we had sent to this owner. The letter was sent out in early February.
What are the house details?
The property is in an estate and we have been dealing with the executrix. So the house has been vacant for at least a year. It is a 3 bedroom, 1 bath house in a bread and butter area. It’s one block off a main street in town, but is a part of a nice neighborhood. The only drawback to the property was that beyond the back yard is a gas station that might turn some buyers off. In fact we had one buyer who was only lukewarm on the house because of that. To be honest though I think he was warming up to the deal the more he thought about it.
Rehab Estimates ?
We estimated the cost of repairs to be about 30K. The main repair was to fix a leaking roof and remove some of the mold that was in the house because of the leak. On top of that the kitchen and bath need updating as well. Solid house all around for the most part.
How much are we going to make?
I’m going to hold off on these details till the property closes. The current closing date on the contract is April 4th, but it could be moved up if the buyer is ready before then. We still also have to wait to get the title work on the property which should be coming back today. Hopefully all is clean and this deal turns out to be a smooth one. I’m sure it will and I’ll let you know how it works out.
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