Hubby finally got a bid submitted for another property to flip today. Didn't yet bid on either of the properties we had seen previously. A hot property came up and he felt that he had to act right away. It is a townhouse in a nice neighborhood. Other properties in the same development sold/listed in the 120K range. The price on this place just dropped to 50K. I didn't see it, but he says it only needs paint and carpet (and plumbing repairs, and some mold renovation and ..... you get the idea!). The bottom line is that the price is cheaper than our first flipping property, the potential sale price is a lot higher, and the cost of repairs needed should be lower. He jumped on it right away and put in a bid for $100 over the asking price. It is still a bank owned property, but we are hoping that putting in a bid at the asking price will allow the bank to move on it right away (on the other properties we were looking at we would have to bid much lower than the asking price and the bank takes forever to approve that). Very exciting turn of events! Can't wait to get started on the renovations!!
On the tenant front, one group has signed a modified lease and hopefully will be back on track soon (hubby put their actual pay days in the lease as rent days). Unfortunately, another tenant asked for a meeting last night to tell hubby that he lost his job. Not really looking good for these folks at all. Luckily the economy is improving and (they claim) a tax refund is coming in shortly. That may buy them a little time to get on their feet, but an eviction notice will have to be sent on Monday, just in case they need to forced to move out of the apartment. It is a shame, but there are two able-bodied adults in this unit. We can't support people who just can't manage to find and hold jobs.
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