We have some good news and bad news. First the good news, we sold Bungalow #2 to another investor after putting it in MLS and getting a lot of interest on it, this is called Wholetailing. All cash offer, it closes next week and we got the price we wanted. This 2-week deal will net us a 25% return on our investment and all I did was pressure wash it, take out the carpets and mow the grass. We were able to make a decent profit and still leave some on the table for the next guy. Had I not already been working on a rehab across the street I wouldn’t have run across this deal. It wasn’t on the market for sale, was not vacant, and according to the neighbors the owner would never sell it and I still took it down. This goes to show that perseverance is the key.
Our rehabbed house, The Craftsman Bungalow is still for sale. Although the first offer we received didn’t work out we are still averaging over 5 showings per week. It’s been on the market 33 days now. No sweat, it will sell. It only takes 1 buyer. As long as we keep getting the traffic we are getting, I am not worried.
The bad news is Hurricane Ike hit Houston pretty hard last weekend and flooded my mom’s house so my wife and I loaded up the truck with a generator, fans, water and gasoline and headed over to Houston to help Mom out. I had to pull up all the carpets as there was about 2” water in the whole house and had to cut down several large elm trees that had also fallen on the home. It’s a real natural disaster, there are no gas stations open, still no power in her home and a citywide curfew imposed until this mess gets worked out. Galveston got hit a lot harder, my mom also owns a couple properties down there, both of which seemed to make it through with just some minor flooding. Thank God it wasn’t worse and nobody got hurt, houses can always be fixed.