House #2 is out of play

Posted on August 14th, 2007 by admin.
Categories: Real Estate.

My wife checked in on the house and talked with one of the neighbors of house #2 and she found from a neighbor that an officer of the bank is purchasing the house for less than the value of the loan.

Hmmm…  Doesn’t that seem like a conflict somewhere?  They probably used my offer for “market value” and then purchased it for about the same price.

Anyway… Still on the hunt for the next deal. 

0 comments.

Looked at another house yesterday

Posted on July 19th, 2007 by admin.
Categories: Real Estate.

The house was in a lower income part of town and built in 1924.  It had a lot of character but the risk vs reward spread was too thin to justify the transaction.

Anyway I’ll keep looking.

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House #2 - Back in action again

Posted on June 15th, 2007 by admin.
Categories: Real Estate.

I just got a call from the bank about House #2.  I guess they have foreclosed and hold a clear title now.  I returned the call to the bank president (small bank) and should be speaking with him soon. 

 I’m pulling recent sales and active listings to see how the neighborhood is selling these days.

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Sold our Primary residence Wednesday and purchased a new house Thursday

Posted on June 8th, 2007 by admin.
Categories: Personal.

We just sold our old house and purchased a new house in different Burbs of Houston.

 The main reasons for the move are 1) New Job, 2) Better Schools for the kiddo, 3) One story all brick house, 4) Better Location

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The House is Sold

Posted on May 15th, 2007 by admin.
Categories: Real Estate.

House is sold….

We closed the 1st or 2nd week in May.  Below are the approximate numbers that some of you seemed interested in.

Sales Price 125K 

Purchase Price $75K

Rehab 20K

Cost of Sales 7.5K

Closing Costs 1.5K

Profit Before Financing Costs = 21K

Profit After Financing Costs= 11K

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We have an offer on House #1

Posted on April 10th, 2007 by Brian.
Categories: Real Estate.

House #1 has a OK offer. I guess it is good offer considering the slow market these days.

Anyway we should be closing the end of this month.

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House #2 - offer - no response

Posted on March 27th, 2007 by Brian.
Categories: Real Estate.

The offer for house #2 expired a while back. I’ll keep my eye out for it in the foreclosure auction.

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No acceptable offers yet

Posted on March 27th, 2007 by Brian.
Categories: Real Estate.

The realtor called yesterday and said traffic was picking up on the house and she has three really interested buyers. Should expect something later this week.

If this house doesn’t sell soon I will rent it out for a few years.

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Still waiting for the offer on house #1

Posted on February 27th, 2007 by Brian.
Categories: Real Estate.

I have two more families that are interested in the House (according to the agent) and should be expecting an offer or two.

I always forget what it was like when purchasing that 1st House. The nervousness, excitement, everything else. I understand one of the couples is nervous about purchasing their first house.

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Offer sent for House #2

Posted on February 26th, 2007 by Brian.
Categories: Real Estate.

I just dropped the offer and contract in the mail for potential house #2. It is a fair offer that allows the current owner to pay off his mortgage, back taxes, back HOA, and receive a some money at closing.

This property will probably be a rental but we might flip this one also.

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