For all of you who have a hard time getting your wife to agree to let you play in real estate.. this is a nice story where My wife was tired of working on my deals and wanted her own..
now she has done a few flips but this one was ALL on her own.
MLS listed prop... multiple offers she gets it accepted as a cash buyer here in PDX at 350k cash close in 10 days.. no contingencies.. ( which is about how you have to buy a good MLS deal these days LOL) its in a really hot area Called Multnomah Village bungalow.
I never even looked at it.. she has faith it will sell... by the time I finally got over there she was trashing it out. And I had my doubts but it was not my place to comment..
She worked with the rehabbers had an issue with one electrician going to Alaska for 2 week fishing in the middle of the project but over came that.
Worked with her designer to do new kitchen baths and paint and floor coverings.. created great curb appeal through some landscaping. all in all about 50k to rehab cash out of pocket.
One thing I did do is once we closed I back filled it with my bank line of credit at 1 point and 5.5% and pulled most of my cash back out 2 weeks after we closed... banks can't move quick enough up front.
So at this point we have about 90 cash into when its done. so all in right about 400k. with 310k on my LOC and 90 in our funds out.
Stages it puts it for a broker open on a Friday says will accept offers on Sunday.. opening price 499k and hoping to net about 60 t0 70k... Not bad for a 5 month project .
Multiple offers she accepts one at 550k 50k over ask and is pretty happy camper.. NOW the appraisal so we were sweating that.. it came in higher than 550k buyer inspection.. Roof had barely the minimum 5 years and the waste line to the street was a little suspect.. buyer asked for both to be replaced.. we only agreed to the waste line and they were OK.. waste line on this house 3,500.
I am going to sign docs today at title closes on Monday because she is here own broker we only pay one side of commish and that was 2.25% so our Net on the HUD was 537k.. for a net profit in the 130k range... Now you talk about bringing home the bacon.. She has another in escrow now and has informed this is what she will be doing from here on out one or two of her own projects and she only needs me for money .. so don't butt in LOL... I suspect a new bobble will be her reward to herself.
Great post and it's great you're supporting your spouses dreams! She's lucky.
and people say you cant make money off the mls Congrats Now you can spend full time on BP and give up you other 300 projects or so !!!!
@Jamane Y. most people want to buy rentals so they can quit their job.. I just want to support my wife so I can retire... she is my cash flow LOL.. its fund she is super proud.. and I am proud of her I make light of it a little as we have both been in the industry for a combined 60 years LOL.. so you would think we would have learned something by now.
Nice story. Just out of curiosity, is there anywhere we can see pics of the home?
MLS or realtor dot com I don't know how to post pictures
8121 SW 40th Portland Oregon
Looks great @Jay Hinrichs How long did the rehab take?
@Steve Moody well it took 4 plus months.. but like I said the electrician baled to Alaska and we had a very busy travel schedule this summer.. so if we were right on top of it could have been done in 45 days or so.
but with bank money a few months does not kill us on holding costs.. so that's good.
I would like to think they can all be this good but with how competitive the PDX market is this is about as good as it gets off of the MLS in my mind..
Wow that's great! Inspiring
How the heck?! Can she teach my wife to tell me "Get out of the way so I can make more money!" Hahaha, awesome! And awesome to her! That's an amazing flip! My wife doesn't care about RE, but she knows enough to nod her head and let me blabber about it ;)
@Bryan O. well to be fair and balanced like Fox News she is has been licensed for 20 plus years owned and managed a few C 21's .. so not exactly a rookie.. but full blown rehabs she had not really done.
And its one reason I really think a license is beneficial in this business.. but we are slanted of course in that thought process
Yeah my wife has zero interest in real estate except to hear me talk about it.
She likes decorating our house and having fun with each of the holidays.
When we go out for a meal the phone stays in the car! lol
That and exercising I do not have a phone. I block out those times.
Thanks for sharing! Kudos to your wife.
i eat lobster steaks every night because of my wife.
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