Rehab complete, ready for buyer.

8 Replies

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.

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@Andy Thompson  Joe was not any of the previous owners. Still looking for him. :)

@Corey Hajduk  60 day rehab. Yes, the house sat like this for at least 7 months waiting for title to clear. The refrigerator was full of food, there was a half eaten piece of pizza on the stove. And, did I mention the presents from several cats and dogs? I tried to post a picture of the smell but I couldn't make it work.

@Jerome Charles  I'll see if I can get some more posted.

@Kathleen Leary  Thank you. Any condition! Preferably disgusting and smelly. It really reduces the competition.

@Marie Shaug  Thank you.

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