Jan 27, 2012
It’s time to tie up some loose ends in my reporting to you about the Foreclosure Project. In the previous article, I mentioned that we had rushed to finish the interior work as the house got snapped up by an eager family for a late December move-in. I posted some hasty photos from the few…
Well, it looks like the Foreclosure Project will be coming to an unexpectedly successful early end. It took a big push by all of us at the end of December, but the house has now officially become an income producer. And it is producing at $1200 per month versus the $1100 I originally estimated it…
You may or may not have noticed that I’ve been typing articles a bit less frequently in recent weeks, and that is for good reason: I’m doing real work these days! The foreclosure project is going extremely well so far, both when measured against the original schedule and budget, and when measured on the fun-o-meter.…
Since the last update in this series, there has been a certain amount of drama on our latest road to Real Estate Riches. There’s always drama when you buy a house, because relatively large sums of money are involved, and the sale involves a large number of people working together. A buyer and seller, real…
While we were all sitting around anticipating the upcoming closing on the bank-owned house down the street, a comment came in on that first article in the series. A guy named Joe told us this: “This house is cash flow negative with 100% financing (and the many issues you are ignoring like maintenance/repairs, vacancy,…
You and I are about to embark upon an adventure together over the next few months! Have you ever wondered what is involved in buying a bank-owned home at a massive discount, renovating it back into nice condition, and then selling or renting it out at a highly profitable rate? Well, a friend and I…
