I met a rental agent at the bathroom hole house. I explained my renovation plan and she suggested a starting price of $114,900. I had based my numbers on $100k, but I had a $117k number based on the square footage of the comps. She suggest I repair the pool if the price is close to what it takes to fill it in. She also suggested that I leave the mother-in-la suite as it is (structurally a separate unit).

I have made a video walkthrough of this house.

I now have a detailed repair estimate.

My Numbers

Purchase price $32,000.00
Repairs (except for pool) $31,565.00
Pool estimate $5,000.00
Closing Costs $2,550.00
Total Spent $71,115.00
Sales Price $100,000.00
Commisions $6,000.00
Net Sale $94,000.00
Profit $22,885.00

 

I have allocated $5,000 for the pool repair. I had a pool company tell me $3,000 - $5,000 to have it filled in. I had another repair person say they could purchase and install a liner for about $2,000 which leaves the pump and possible drain problems. For now I will use the $5,000 number but perhaps I can do better.

I am using $100,000 as the sales price – which was my original estimate. Based on my conversation with the agent, and the comps, I may be able to do better than this.

 

 

I have still not ordered the bandit signs.  However, I have two sales in the works and do not think I could commit to another house right now.  I would like to be fillingthe pipeline and I intend to order the signs next week.

There has been no progress on the eon house.  We are still waiting on a power-of-attorney from the seller.  This is a Bank of America owned foreclosure.  I am tempted to bail on this one, but the numbers are good and I think I will just wait it out.  My extension expired on Nov. 30 and I assume I will need to sign another one.

I now have a repair estimate on the Bathroom Hole house.  It looks like I will make just over a $20k profit.  There is room to make more based on the selling price – the agent suggested a starting price about $15k higher than my numbers.

Landlord Duties
I worked out a payment arrangement with a tenant in one of the houses I have with a partner.  I don’t think the arrangement will work but my partner is softer than I am (one of the reason I say not to use partners).

I filed eviction on a tenant in a house I have without a partner.  She has not paid October or November rent – she owes almost $2,300 now that December rent is due.  Just after filing, a money order for $360 arrived in my box.  After she was served, she called and wanted to work out an arrangement – she said she had $400 more and could give me $700 in two weeks. 
I am not cashing the money order because that would force me to re-file the eviction.  I told her to hold the $400 and when she has the other $700 she can give it to me – $1,100 plus the $360 she mailed is $1,460.  I will then work a payment arrangement for her to get caught up.  If she does not do this I will let the eviction take the normal course – which will probably have her out in 3 weeks.

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