#15 rental was purchased today
We have worked on this since the beginning of april. but it's worth the wait. i first talked about the condition of the house here. the court documents took a long time, then the purchase price was discussed again.
at the beginning, i had offered $50k. My estimated repair would be around 60k, the ARV would be around 130k. Help with @Michael Quarles i realized that i would not be a "home run". I went back to the estate executor and negotiated 20k off the originally agreed upon price.
the house is located in Livonia.
We are restructuring the loans of 7-9 of our current homes to get a credit line that's around 200k to give us more purchasing power for future purchases and repairs.. Since the line is not up and running yet, I had to borrow some money from a family member that doesn't even want a dime in interest.
I have found a GC that will be doing the work. I am tired of running to home depot at night (and before my full time day job) and dropping supplies before the contractors come in. I will do this one the right way - sign a contract, visit the site at night and let someone else worry about the HVAC guy being a day late. I will just write the check.
this makes it 6 houses this year. I will be talking to Michael about my yellow letter campaign very soon.
Will post picture when i find my high speed CF card!