Appraisal done

The appraisal was done on the property. We are now waiting on the results. Should have mortgage commitment letter today. Hoping to get this financing pushed through to get the house earlier than November 20th.

Moving forward on new property

So, I have the finalized contract on the new flip property. Closing is done on the last one (yay!!!).
Since there was a broken pipe in this new house, I went in and cleaned up some surface mold before the appraisal. I am going with traditional financing on this one as well. 7.85% interest rate, can't get that with hard money.
I can't wait until I am able to pay all cash for houses.

Looking into different counter tops, there are some local granite fabricators, so I might be able to get a better price on granite than on Corian. Will have to see. The counters will all depend on how much the pipe repair is going to cost.

Offer accepted!

Yeah! Next property on the way! Dealing with banks can be a real PITA, you know? But, in the end - I get the property.
This one needs so much less work than the last house. That will be nice. Plus there is no seasoning on the title, which means I can turn it around faster!
Closing is set for 11/20, however we will push forward to get as much done as quickly as possible for an early closing.

Negotiations

We are in negotiations on the next property (the one in the post below). I think we are pretty close to a deal!

Possible flip candidate

Got a request for mortgage payoff for next week on my current flip. Looks like the buyers might close early after all - here's hoping!

Looked at a cute, cute house today that would really be mostly light cosmetics.


It has 2 large bedrooms, and had been recently updated. It appears that there was a broken pipe in the bathroom (probably freeze damage), and you can see in the kitchen picture - the beam area of the ceiling shows the damage. The bath pipes go through area this to the main waste line. That looks to be the only big issue. The rest is paint and new kitchen countertop, flooring and light fixtures. If comps work out, might go for this one!

Article on my last rehab.

I have posted an article on Associated Content with a synopsis of my last flip. If you would like to read that rather than go through the blog, please click here.

Inspections and mortgage done

All inspections on the house are done, and the buyers have mortgage approval! Yay! We have asked that they move the closing date up, as now it is wasted time since all approvals are done. Hoping they agree.


Have looked at a couple places. One would have been a nice rehab if it wasn't right next to train tracks and a factory LOL!

Also, have a multi family on the short list right now. Going to look at some more next week.