Rehab complete, ready for buyer.
Here is my latest rehab. One of my real estate agents called me out of the blue one day and said she had a property I might be interested in buying. I was out looking at properties 60 miles away from Killeen but I made a u-turn and drove up to take a look. Upon arriving I found a house that was 7-8 years old and looked to be in good shape from the outside. The agent said the buyer was asking $99k. I offered $73k and was accepted. Then the waiting began while the title company spent 7 months to get a clear title. During this time we updated the contract twice to keep it current. The second time I changed the offer to $68k and was countered at $71k. We finally closed on May 23, 2014 and the rehab completed July 22, 2014. The house will be listed tomorrow for $145k. Repair budget was $12k and came in about $13k.
Lessons learned - If there are window air conditioner units in an eight year old house with central air then your evaporator coil is full of cat/dog hair and your compressor is bad. Adjust repair estimate accordingly.
I buy houses in any condition! This is why.