I received word from both my agent and the loan officer that closing for Offer #6 is set for next Friday. I've checked my finances, and I'll have enough to bring to the table without getting anymore loans. My wife is already starting to retract back to her ways when I first started this venture. She hates the idea I've spent so much time with this one deal, and had to use so much upfront cash. Hopefully, once I get this property sold and get the check in hand, she'll have a different mindset.
My agent never sent me the engineer's report for Offer #20 yet. She mentioned she would be busy with her taxes, so I'm assuming she just didn't have the time. At first, this property seemed like a huge cash cow, but after doing more number crunching, it really isn't such a good deal after all. My agent mentioned in one of the emails yesterday that the place needed new carpet and vinyl. I figure that alone will cost $5k-$6k. If it needs leveled, I'm looking at another $10k-$15k (probably closer to $15k). That already puts me at around $20k for repairs. Comps in the area aren't as good as I originally thought, either, which means the deal could wind up being slim - and that's if there is no more repair work!
I'll just have to wait for the report to get the hard numbers, and take a walk-thru myself to see if it's going to be a good deal or not.
Subscribe to:
Post Comments (Atom)
3 comments:
Hello... I'm familiar with the house on Offer 20. Take a look at the KB Homes page for the community this house is in - brand new houses with the same floor plan are going for $159k. Comps I've seen are in the low $120s but I didn't spend much time on it. Seems like a pretty slim margin to me given the tilt and other problems. Keep us posted on what happens with it. Good luck!
One other side note of interest: http://www.kbhomesucks.com/
Yeah, same here. My agent said it would move <1 month if sold for $110k, and probably sit for 2-3 months at $120k. You could probably make a thin profit at $120k, and absolutely nothing at $110k. Just too much "if's" in the deal for me.
BTW, I drive by the KB Home Studio in Austin every day to/from work. There was a guy last week out picketing in front of the place. He had two big yellow signs that were a little hard to read. I managed to make out one that said something like "Unsatisifed KB Homeowner".
Post a Comment