12 Houses in 12 Months for 2015; A Monthly Journey - March

(Photo: Ethan House in March)

Although the snow didn’t seem to be melting away things started heating up for us in March. We had the Parker house in full swing bringing contractors and work was in motion. Ethan house closed and we had a buyer lined up. We also scored a bank owned property that we call Gladwin house. It took a lot of grinding, but we were back on pace for a house a month with three in March and still pushing hard with nearly 20 offers out that month.

For the Parker house rehab we were exploring the different contractors and contacts we had. Justin and I had our own rehab companies prior so now we were developing our new A-team. We did run into some contractor issues relatively early especially with heating/cooling guy. He was a part-timer and once he started hitting some problem areas he essentially bailed on the job. Luckily we got a recommendation for another who was totally awesome and is firmly planted on the A-Team. We looked to get recovery funds for this property from a bank and were still in discussions with a local portfolio lender. Interest rates of 5.25% on the commercial side were good and we had some high hopes for this new found relationship.

Ethan house closed near the end of the month. It had some minor drama as they had a broken down car in the yard buried in snow, but we did a $5k hold back at closing until it was moved. It just took a few more weeks. Also one of the family members on the deed was in jail so the attorney had to pay him a visit for his signature. It all worked out. We wholesaled it right away to a friend and fellow investor that was looking for his first rental property. He got conventional financing so it took another month, but he had done so much work for us that we were happy to accommodate.

Lastly, was Gladwin house. Our first bank owned purchase and surprisingly it went pretty smooth and quickly with the bank. A ranch style house in a nice community close to a park and college. We were testing out another crew here. This would be an all-in-one crew, so Justin would have fewer points of contact on each project now that he had to manage two rehabs and still view houses for acquisitions.

When things picked up they picked up quick and we were now flying by the seat of our pants. Good problems to have.

Monthly Results

Offers = 19

Acquisitions = 1

Sales = 0

Year To Date

Offers = 73

Acquisitions = 2

Sales = 0