Putting the Blinders ON!

After reviewing 2013 and planning for 2014 the big decision I made was to put the blinders on and focus on building and developing my rehab business. I met with my partner last night and we laid out 2014 and drilled down to our next step. BUY a house that needs to be rehabbed!

I made some promises to myself, my wife and my Dad, who is my partner. I'll focus on the marketing and acquisition of SFR for fix and flips and stop bouncing around. Today we looked at two homes both with potential and we will be making offers very soon. We have 5 properties to view tomorrow and I am sure we will have at least 3 to make offers on. Our goal is to acquire a property by the end of January.

Property 1 was being wholesaled by another local investor. It is a great location with easy high way access but still in a quiet neighborhood. The home is 1200+ sq ft 3 bed 1 bath with an ARV of $325k. The repairs are $40k which consists mainly of a new kitchen, bath, interior painting, new heating system. I'll be offering 175k and partnering with another investor to pay cash and turn this quick when our offer is accepted.

Property 2 is in a commuters heaven and a town where a 1000 sq ft home sells for $400k +. This home is 950 sq ft and is a total gut and needs a new layout. I am estimating $80k for the rehab. The ARV is $410K and I am offering $195k. When the offer is accepted I will be presenting this deal to some friends and family to share in the opportunity as a private lender. Helping others to increase their wealth brings me tons of joy.