Well it seems a lot of our hard work is starting to pay off. We will close on about 5 properties this month if everything closes on time (never does).
Our most recent acquisition is a 3 bedroom 2 bath with a converted garage in the Carlton Hills section of Santee.
We plan on turning the converted garage into another master bedroom and bath by adding a 2 car garage to the side of the house. By adding the 2 car garage we will not only get a garage we will also be able to add 400 sq. ft to the house.
We were turned onto this REO deal before it hit the market but since the lender/seller requiredÂ the listing agent to only look at offers from owner occupied for the first 15 days we decided not to put in an offer.
Fast forward about 3 months we were introduced to someone who had it under contract because the FHA buyer who had it under contract for >$230,000 backed out due to foundation issues (which we have already fixed for $13,500).
We gave them a $13,000 + wholesale fee (includes listing it on the back end for us) and closed on the deal for $175,000 last week.
I just wanted to update anyone who cared and will be putting more information as we go.
Here are some pictures of this little gem
I also created a single property website in which I will be updating much more information than on the blog here. Please let me know if you like the site I created and what I can do to improve on it. In the meantime check out our construction budget, pro-formas, pictures & videos.
Here is a picture of the start screen, click here to go to the Esparta website
Here are initial numbers for this project.
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