Greenville Ranch is Sold!

 It's been a while since I posted about my super-sized rehab in Greenville, TX.  This was a 7000 square foot REO, surrounded by 50 acres owned by someone else, and needed a little more road frontage to place a new water meter.

I bought the house from the bank, the 50 acres from the individual, and the bit of road frontage from the neighbor.  I finished the house, which wasn't so much a rehab, as it was a new construction that was never finished.

I dropped the price a couple of times through the summer.  I was getting a lot of traffic, but no serious offers.  Finally, I received an all cash offer in early September.  It was lower than my target range, but since I hadn't gotten any thing better over the summer, i negotiated the offer and got it under contract.  We closed earlier this month.  Profit was mid 5 figures.

My target was higher, but it was still worth doing.  The main lesson i learned was that even if it's a great deal, a non-conforming property can make for a challenging exit.  Have multiple exit options in place (I did).

I now have a similar property on the market that I'll post about in another entry.  It's a 3523 SF home on a 5 (or 9) acre horse property just 25 minutes from downtown Dallas.  1611 Bent Tree Rd, Seagoville, TX 75159.  $285,000.  Pictures, video, and details are here: 

http://www.dfwranch.net/