We still don't have a closing date for the really Cheap House that is in foreclosure. Hick has been thinking about what he's going to do, once we actually complete the formalities and take possession.
"I was thinkin' about that house, and I might just get it all cleaned out and patched up, then sell it as a flip."
"At the price we're getting it, I would agree with that. Then we could use the profit to get another flip that doesn't need as much work."
"Yeah. It looks good from the outside. But I'd tear off the back porch they cobbled on."
"Of course you'll fix the hole in the floor?"
"Yeah. And tear out all the drywall. Basically take it down to the studs. So it's all ready for somebody else to take over and do what they want. Like I did with Pony House."
"That sounds good to me. We'll have to ask Pony about it. But you know how long we've been looking, and there's hardly been ANY reasonable flip houses all year long. Even Realtor said she doesn't know what's going on. It's like somebody is hoarding all the flip houses."
"This one is in a good neighborhood, so it should sell if somebody wants a flip."
"I was looking yesterday, and saw THREE flip houses in a decent price range for what they are. One doesn't show any inside pictures, so it's probably a hoarder house that's trashed. The other is in a town that's hard to re-sell. But the third one looks decent. Somebody has started re-doing a couple rooms. You should look at them. It will give you an idea what we might ask for Cheap House once you tear it out. I think we could double our money on it, since we won't be spending much."
The Pony is on board with this plan. Now all we need to do it get a date to sign the papers, and fork over our money. Oh. And Hick needs to get off his less-than-$300 a week job, and finish Bargain House.
Hick is so busy! Hopefully this flip house is an easy buy, fix and sell!
ReplyDeleteThis Cheap House won't be an easy fix. It will take more time and money than the others we've done. I like Hick's idea to make our money and get out, rather than drag it out and invest more to make more.
DeleteAgreed, better to do it quickly and make the money back vs a much longer process.
DeleteYes, why work harder when you can work smarter? Of course, it's HICK doing all the work, heh, heh!
DeleteHope it works.
ReplyDeleteFirst we have to officially buy it and get another look inside. Right now we just have the verbal acceptance of our offer from the loan officer, and are waiting for paperwork and a closing date.
DeleteSounds like a good plan, but is there anyone to take over that less than $300 a week job?
ReplyDeleteI doubt it. For sure they will find nobody who will give it the number of hours and attention Hick gives it.
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