Wow. I can't believe I've been away from this blog for over two months now. A lot of things have happened during that period, too - probably too much to list. I finally got a tenant in House #1 back in May. They seem very good. They have told me on numerous occasions they want to purchase the property within the next 6-12 months. I'm not holding my breath as I've heard that line several times, but it'd be nice if they did. After getting settled in, though, they told me the garbage disposal is broke and the range is not working. I have a guy going over there today to figure out what is wrong with the range (hopefully, the last tenant didn't do anything on her way out and it will need replaced). I'm going to use another guy to replace the garbage disposal. I'd do it myself, but I've learned my time is more valuable to me these days (plus, if I screw it up it could end up costing me more $$$).
My wife and I put a bid in for a bank foreclosure. We bid $100,000 less than FMV (and about $60k less than list price), thus we figure our bid will be flat-out rejected, or, at best, countered. It doesn't need a lot of work, but has sat vacant since last November, so things may have broken due to not being used. It'll definitely need new paint and several light fixtures. We also want to put wood & tile flooring on the 1st level, redo the front landscaping, add crown moulding, and 100's of other small/medium projects. Afterwards, I plan to get it re-appraised and get a HELOC to pull out the cash we've spent on it. Since I was in the military many years ago, I qualify for a VA loan, which is the route we are going, therefore, %0 out-of-pocket costs (excluding CC's) on the purchase.
No comments:
Post a Comment