Brande Project #2
On our 2nd project, we knew we were in for it. Considering it took another 100+ offers to get this property, and the listing agent pretty much lagged around even though he had our "all cash" offer for at least 30 days before. We knew what we were getting ourselves into. However, the house is located in a nice pocket neighborhood in Anaheim, near a nice park, corner lot, 1900 sq. ft, 5 bedroom 2 bath home. This house was a major fixer. It had an outdoor kitchen, outdoor bathroom, and at one point, there were 18 household members and 8 parked cars on the driveway according to neighbors. We were lucky to attain a private investor on this deal to preserve some profit margin, however our contractor underbid both our timeline (2+ weeks over) and labor budget ( 50% over the bid). To make a long story short, THIS PROJECT WAS A TEST!!!. Do we have the guts and the nerves to deal with this type of dilemma? We took the "it happens and it happens to the best of us" attitude, which we know should serve us well in future deals, but there's no way that we will make the same mistake twice so we'll evaluate and remedy the misstep from our game plan. After 2+ weeks of having a busted timeline (the budget is another story), working on the house until close to midnight painting, cleaning, which pretty much feels like ironing a shirt that was sitting in a hamper for weeks, we forced an open house and sold the property to another ALL CASH buyer that came to the first open house. We had priced the property higher due to our busted budget and received an all cash bid of $430k, which is approximately 99% of our asking price. The deal closed in 2 weeks and we profited!!!
Purchase Price: $303,500
Rehab Costs: $60,000
Re-Sale Price: $430,000
This house turned beautiful...just look at the pics and see for yourself, she's a beauty. We know from this point forward that we should be able to withstand any project we have in the future...
Purchase Date January 20, 2009, Close of Resale April 10, 2009. TOTAL PROJECT TIME: 2 Months and 2 Weeks.
Below is the BEFORE AND AFTER photos of BRANDE PROJECT #2
Monday, July 6, 2009
Thursday, July 2, 2009
Our 1st - "ROOKIE" Project
Tamarack Project #1
It all started off with the mortgage meltdown...we have been in the mortgage business for over 6+ years, writing up somewhere around 8-10+ mortgage loans per month between myself, Allan, the husband and Christine, the wifey/business partner. Once the meltdown came in effect towards the end of 2007, we wrote 1 mortgage loan per month and only a few in 2008. As usual, hustlin' runs through our veins and there is no way we can live like this, WE KNOW TOO MUCH to live like this. All throughout this, I spent all of my time educating myself in real estate investing and raising funds with our business credit and the wifey picked up a job leasing commercial real estate for the wireless industry. To make a long story short, we landed our first rehab deal in October 2008 by accident. After writing 100+ offers, getting yelled at by Realtors from all over Orange County, we ultimately landed our first deal. I said by accident because we never intended to rehab homes for profit, our main goals was to become wholesalers and sell the contract to a list of our cash buyers. Wholesaling is a whole 'nother strategy that I have learn and love from the time I heard of it... Its creating money out of thin air but that's a whole other subject matter. So for our first project, what I consider our "Rookie" project, we were very lucky to be blessed by a house that was half-way remodeled. Here's how our deal was structured:
Purchase Price: $208,500.00 - - this house was listed at $315k, don't know at this point how we got it, but we did.
Rehab Costs: $25,000.00
Re-Sale Price: $315,000.00
It took 6 weeks to rehab the property and it sold in 15 days to an all cash buyer.... It was too easy, and we know that the worst is yet to come. But for our first "Rookie" project, we know that this is "IT" - buying in to a "deal" and not the "market". So stay tuned bloggers, friends, critics, naysayers and haters, we've only just begun...
Purchase Date October 20, 2008, Close of Resale January 12, 2009. TOTAL PROJECT TIME: 2 Months and 2 Weeks.
Below is the BEFORE AND AFTER photos of TAMARACK PROJECT #1
Please rate our video on YouTube.
It all started off with the mortgage meltdown...we have been in the mortgage business for over 6+ years, writing up somewhere around 8-10+ mortgage loans per month between myself, Allan, the husband and Christine, the wifey/business partner. Once the meltdown came in effect towards the end of 2007, we wrote 1 mortgage loan per month and only a few in 2008. As usual, hustlin' runs through our veins and there is no way we can live like this, WE KNOW TOO MUCH to live like this. All throughout this, I spent all of my time educating myself in real estate investing and raising funds with our business credit and the wifey picked up a job leasing commercial real estate for the wireless industry. To make a long story short, we landed our first rehab deal in October 2008 by accident. After writing 100+ offers, getting yelled at by Realtors from all over Orange County, we ultimately landed our first deal. I said by accident because we never intended to rehab homes for profit, our main goals was to become wholesalers and sell the contract to a list of our cash buyers. Wholesaling is a whole 'nother strategy that I have learn and love from the time I heard of it... Its creating money out of thin air but that's a whole other subject matter. So for our first project, what I consider our "Rookie" project, we were very lucky to be blessed by a house that was half-way remodeled. Here's how our deal was structured:
Purchase Price: $208,500.00 - - this house was listed at $315k, don't know at this point how we got it, but we did.
Rehab Costs: $25,000.00
Re-Sale Price: $315,000.00
It took 6 weeks to rehab the property and it sold in 15 days to an all cash buyer.... It was too easy, and we know that the worst is yet to come. But for our first "Rookie" project, we know that this is "IT" - buying in to a "deal" and not the "market". So stay tuned bloggers, friends, critics, naysayers and haters, we've only just begun...
Purchase Date October 20, 2008, Close of Resale January 12, 2009. TOTAL PROJECT TIME: 2 Months and 2 Weeks.
Below is the BEFORE AND AFTER photos of TAMARACK PROJECT #1
Please rate our video on YouTube.
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