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Posted over 9 years ago

Closed on 1st property

As the title says, I recently closed on my 1st property June 2. I made a few mistakes, but it's a good thing I had a solid relationship with the seller. Recap: I bought it for 73k sight unseen. I'm factoring in 30k for renovations. Rents are $1600, but I plan on living in it myself. ARV is 190k. I bought it without inspecting it first because the wiggle room for a profit is big. It's a  4/2/2/2200 sq ft house with a pool.

3 weeks ago while on vacation, I put a house under contract to flip, but the appraisal came back too low. The owner was firm on her price so I passed. I look at everything as a learning experience. I was pulling comps all wrong. I now know how to pull them accurately. I even figured out how to pull past rental comps too.  

The seller I wrote about in "Hurry up and sign" decided not to sell. He said it wasn't a good time for him. I will follow up with him to help him move forward.

I followed up with a seller I put an offer in for about a month ago. He said my price was too low and come back with a counter. I could counter for 5k less, but his offer works for me. Price- 55k. Repairs- 1k according to him. ARV- 85k There was only 2 recent comps so I used the lower range. Rent- 1000-1100. 

I removed the bad strikes off my credit report. It was easier than I thought. It took me about 2hrs of work and $80. So much cheaper than hiring a company.

My website is starting to move up in ranking especially on Yahoo and Bing. I know it's not a big deal unless it's Google, but seeing any type of upward movement is a plus.


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