Dang Our 2/3 Partnership Rule!

There may be big news coming from Thevictorian Flipping Co. There may not. 

Hick was toiling away at his SUS2.5 (Storage Unit Store 2.5) Tuesday, after the installation of our new HVAC unit. I don't know what he does there when not selling, but it keeps him from working on more worthwhile projects busy. Around 3:00, I got a strange email from an unexpected source.

It was a loan officer at our Savings and Loan. The place where we'd borrowed $60,000 over 28 years ago to build our hillbilly mansion. A loan which has long been paid off. We used to have two savings accounts there, but have since squandered that money on college expenses not covered by scholarships, land, houses, and put into higher-yielding sources. There's just one account left, that Hick uses for his business. 

The email was to Hick, asking him to call Loan Officer, or text his phone number. Well. I didn't imagine anything was wrong with Hick's money, because it's not all that much to worry about. I had an inkling it might be about a tip on a flip house. Hick checks in with Loan Officer a few times a year, just to see if he knows of any foreclosures coming up. Sometimes he does.

I called Hick, who called Loan Officer, who said there's a foreclosure house that could probably be bought for about $22,000! I'm sure that no matter what part of the country you're in, you realize that such a price is REALLY cheap for a house. It's cheaper than Bargain House. Of course Hick said he would go take a look at it.

Loan Officer said that there are signs posted to KEEP OUT. But that the city building inspector could probably let Hick inside. He could not. But he said he knew who could: the lady in charge of it who lived right down the street. Without going into too much detail, she's a relative of the current owner (who is unable to make the payments). He gave Hick her phone number.

Hick went to the house, and That Lady was there! She let him in. Said she couldn't believe the condition the house had fallen into. Hick agreed. He said the whole thing would have to be gutted and re-done. Just like Pony House, which at least was already gutted when we bought it. For just a little over the price of this one.

That Lady told Hick what was remaining on the loan, and how much she was hoping to get, but that she wasn't paying a penny of this loan. So if the S&L didn't sell it for whatever they got offered, they would be stuck with it.

Hick said it would be a big job, but the location is good, and the outside looks good enough, but it might need a roof. He thinks the furnace and electric are fine. Oh, and it has a new toilet, heh, heh.

Hick called The Pony, who knows the outside of the house, having delivered mail there for a bit. The Pony looked up comps in the neighborhood, and there could be a decent profit, depending on how much we put in. Hick and The Pony want to buy it. I am not so sure...

Nothing may come of it. Loan Officer might not accept Hick's offer. 

Dang our 2/3 partnership rule!