When the wife brings home the bacon !!

[Jay Hinrichs]

For all of you who have a hard time getting your wife to agree to let you play in real estate.. this is a nice story where My wife was tired of working on my deals and wanted her own..

now she has done a few flips but this one was ALL on her own.

MLS listed prop... multiple offers she gets it accepted as a cash buyer here in PDX at 350k cash close in 10 days.. no contingencies.. ( which is about how you have to buy a good MLS deal these days LOL) its in a really hot area Called Multnomah Village bungalow.

I never even looked at it.. she has faith it will sell... by the time I finally got over there she was trashing it out. And I had my doubts but it was not my place to comment..

She worked with the rehabbers had an issue with one electrician going to Alaska for 2 week fishing in the middle of the project but over came that.

Worked with her designer to do new kitchen baths and paint and floor coverings.. created great curb appeal through some landscaping. all in all about 50k to rehab cash out of pocket.

One thing I did do is once we closed I back filled it with my bank line of credit at 1 point and 5.5% and pulled most of my cash back out 2 weeks after we closed... banks can't move quick enough up front.

So at this point we have about 90 cash into when its done. so all in right about 400k. with 310k on my LOC and 90 in our funds out.

Stages it puts it for a broker open on a Friday says will accept offers on Sunday.. opening price 499k and hoping to net about 60 t0 70k... Not bad for a 5 month project .

Multiple offers she accepts one at 550k  50k over ask and is pretty happy camper.. NOW the appraisal so we were sweating that.. it came in higher than 550k  buyer inspection.. Roof had barely the minimum 5 years and the waste line to the street was a little suspect.. buyer asked for both to be replaced.. we only agreed to the waste line and they were OK.. waste line on this house 3,500.

I am going to sign docs today at title closes on Monday because she is here own broker we only pay one side of commish and that was 2.25% so our Net on the HUD was 537k.. for a net profit in the 130k range... Now you talk about bringing home the bacon.. She has another in escrow now and has informed this is what she will be doing from here on out one or two of her own projects and she only needs me for money .. so don't butt in LOL... I suspect a new bobble will be her reward to herself.