The deal is done! Bargain House is sold. Checks are in the bank. The electricity, gas, and water services have been stopped from our end. Hick also went by the insurance office Thursday, to cancel the policy on Bargain House that was paid for six months on Monday, having been due on Tuesday. Now we just have to wait for our insurance refund, and the final bills for utilities. The water had a $150 deposit, which we should get back, once they subtract the pro-rated service up to the date of disconnect.
Until the final bills/refunds arrive, I can't calculate our exact profit on Bargain House. I do know that this will be our most profitable flip to date, and probably forever. We got it for such a good price, and the majority of repairs were not expensive, being handled by Hick. I think the most costly was the HVAC system we installed last year for $4800.
Here's another odd thing from the closing. The Closing Gal asked Hick and Realtor Guy if major renovations had been done on the property this year. If they had some kind of forms to show that there were no liens against the property. Hick said no, that he did most of the work himself. Realtor Guy said he had the receipt from the window replacement. Hick mentioned the HVAC, which was the only thing I recall being contracted out, besides the windows. Closing Gal said it was okay, since it was not done this year.
Closing Gal told Hick the name of the form, which I forget. But that on any future property, he needed that to keep on file for any contracted work. To prove that all the work was paid for, and nobody could come back and make a claim against the property.
Hick remembered a time we had some work done on my $17,000 house in town. I think it was when we bumped out the living room to make an office alcove. The guy who did it was Hick's ex-brother-in-law. He did really good carpentry work, for cash. Unfortunately, he didn't pay for the concrete he used for the foundation. Hick was friends with the local concrete guy. He came to talk to Hick, saying that [REDACTED] had not paid for the concrete. So Hick paid it.
That was not a big deal at the time. It might have been the couple weeks that we were left with only plastic closing in our alcove, because [REDACTED] didn't show up to work. We found out later he had been locked up during that time. It didn't stop us from using him. He did really good work. But he also liked to have a few drinks and get in bar fights on the weekend. Which might tell you a little about Hick's "guys" that he has in every trade, heh, heh.
Anyhoo... back to our Bargain House closing. Hick explained that he sometimes got a discount because he paid cash to these tradesmen. Closing Gal said he could still make sure to have that form showing he paid. And to get such a thing for materials as well. Hick said he'd tried to get it from Lowe's this time, but they wouldn't give it. Said he had to call somebody at corporate headquarters, and I forget what their issue was. Hick thinks he can get around that in the future by using his Lowe's Pro account and coding purchases to a specific address. Their statements are not good about itemizing the purchases. It lists materials bought on a certain date, but doesn't show the price on each item. Just a total for that purchase.
Anyhoo... when Closing Gal left the room to make copies, Hick told Realtor Guy that in all the houses we've done, nobody has asked him for such documents. Realtor Guy said (in a whisper, lest he be overheard) that it depends on which title company you use for the closing. Hick said he could understand, because the title company is the entity on the hook if somebody comes back to make a claim for payment, since they are the ones doing the search and issuing the title insurance.
That's a lot of boring stuff that doesn't say much of anything. Except that Bargain House is sold, and we are rolling in dough until we start forking out money for a new roof on Lap House, and also an HVAC system after Hick upgrades the electric.
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