Sold one and bought one

[Shawn Thom]

Finished up rehab #5 (a flip) and got it sold last week.

I closed on it Dec 31. Rehab was cruising a long during the first part and we thought we'd be completed early. A few weeks into the project a guy tracked me down through the tax records, then found my number on my website & facebook. he called me up and was interested in buying the house. He wanted to buy it for less than I wanted to sell it.... so we worked out a compromise of me not doing any landscaping, not fixing the sprinkler, and not doing any repairs if any were found by an inspector. He went for it. That ended up being awesome because I typically do the landscape myself so that made my job easier. I had a good surprise on it as it was about 500 sq ft bigger than tax roles showed which helped my ARV. I pulled city permits and records and it showed correct square footage there so i had that ready for if the buyer's mortgage company questioned it (which they did).

After tons of weather delays and scheduling drama with my contractors we closed with that same guy.    I was nervous about selling with out a realtor.  I got a trec contract, signed up for a month of legalshield prepaid legal.  I had legalshield review and tell me where I missed some stuff on the contract.  Between that and a title company helping me out, closing without a realtor went well and I saved thousands of $$.   Ended up being my best profit to date.  

So i closed the above transaction on Monday, then closed on my next house on Tuesday which will be rehab #6.  I've never had them timed so perfectly!

This house is low end and will be my first go at selling it as owner financing.  Its a 1957 build, small 3/1.5.  It needs electrical, foundation, sheetrock, paint etc etc.  I pulled a @Brandon Turnerand pulled back the carpet and found perfect hardwood floors.  they are through out the entire house.  I'm not getting too excited about the floors until we do foundation work and see if they buckle or have to get cut through etc.

Between the sale of #5 and the purchase of #6 that puts me a smidge under a grand total of 1 million in real estate transactions.

Pics to follow.