Bargain House is a done deal. Sold. Money in the bank. Utilities disconnected. Just a couple of final bills and refunds remaining. Lap House is bought and paid for, in our full possession, just waiting for Hick to decide to start working on it. So of course The Universe needs a chuckle.
Remember Cheap House? The foreclosure in a really nice location, that we'd (at least two of us) been hoping to acquire since September 2025? Our firm offer of $15,000 was approved by the Savings & Loan that repossessed it. But the transaction kept dragging out. Turns out during the title search there were additional judgments against that house for over $17,000! At the end of January, Loan Officer told Hick, after much waiting and several inquiries, that the Savings & Loan was required to auction that property on the courthouse steps.
The Pony and I were not really on board with still getting it. So many problems made us feel like this was not the house for us. Two-thirds rule in this flipping partnership, you know.
Hick got a call last week. The courthouse auction will be next week. Hick still wants to go and bid. The Pony is okay with this now, as long as Hick does not go over our original offer. Dang that two-thirds rule!
Hick went back to look at Cheap House.
"Everything is gone out of it! The lock me and that lady put on the shed is gone, and the shed is empty."
"Well. Then that $2000 you promised her off the books for the contents is not a thing anymore."
"That's for sure. Who knows if it was her who took it. I doubt it. Probably the bank. Now that I looked at the house again, I think I wouldn't offer no more than $10,000 for it. I'd fix the hole in the floor, and stuff like that. Then we sell it to a flipper."
"Yeah. There's nothing to flip under $50,000 lately. You're lucky to find THAT! And it's usually a hoarder house, falling apart."
"We wouldn't turn on the utilities or nothin'. Just get it cleaned up and list it as a flip."
"Somebody else might bid more at the auction. But they probably won't have seen inside, since it's locked up, and you only got in because that lady was there when you went by the first time."
"Yeah. Somebody might bid more. But I won't go over."
This is not exactly what I wanted right now. Hick has too many other distractions, with his business and his harem of elderlies and Lap House. At least he won't be doing side work for Nick and Bev anymore! Since Hick and The Pony are in agreement, my one-third opinion doesn't matter. Hick will go to the auction.
We need Cheap House like a hole in the floor...
It doesn't sound ideal to me, but if Hick buys it for $10,000, fixes a few things and sells it for $15,000 that would be a good deal.
ReplyDeleteWe're thinking it would probably sell for $30,000 or maybe a bit more, depending on prices of other flips when we're ready to list it. The neighborhood is the drawing point with this one, and the fact that there are few low-priced flip houses these days. Even selling for $15,000 would be a good deal. As Hick says, "You can't make that kind of interest in a savings account or CD."
DeleteJust like Hot Bench, majority rules. Of course, you can always hope that someone outbids him.
ReplyDeleteI have been clinging to that lifeline since the prospect of the auction was announced.
Delete