Flipping Friday

It’s been a while since I’ve updated you on my flip house adventures, and now seems to be a great time!

The Skinny House

After a delayed start given the previous owners wouldn’t leave, we had a smooth finish! The house was on the market for less than a week before we had multiple offers. We were thrilled with a full-price offer that settled in 6 weeks! Less than 9 weeks after going on the market, we signed the papers and began a search for the next house. It may have been the easiest transaction of which I’ve ever been a part. 🙂

The Next House

Last week, we put an offer in on a house that was a stone’s throw from the skinny house. It was bank-owned and in great shape. We knew it would be a pretty fast flip, and unlike many bank-owned houses, it was mortgage-able (totally not a word but we’ll go with it!) There was stiff competition, and so we weren’t surprised when we didn’t get it. I already had visions of the new kitchen, so when these things don’t work, it’s a little disappointing. But that’s all part of the job.

Yesterday was the first sheriff sale in our county since I settled on the skinny house. I wasn’t super hopeful that I would get something, especially since there were only a few houses I was interested in. As usual, I had driven by my targets, and my sister developed target purchase prices. The houses I was most interested in were at the end of the schedule, so it was a little nerve-wracking at the beginning as to whether I should jump on one of the ones I didn’t like as much. But I had to remember that there is no way to know how any of the houses would go (most importantly, the bank’s starting bid), and if something came up in my target range, I needed to bid on it.

Of the pool of houses we had targeted, the first few that were auctioned had starting bids just outside our target range. But I didn’t bid, tempting as it was. And then came a house that my sister and brother-in-law had just added to the list (i.e. one I hadn’t driven by). But I knew the area, and they actually just finished a house only a few doors down. It came up within our target purchase price range. I bid. There was only one other bidder, and he didn’t last long. And just like that I bought a house I’d never even seen!

I drove by the house after the auction, and I’m already thinking about what to do with the outside. We will get possession the day after Thanksgiving, and I’m ready to jump in and start again! In the meantime, I need to finish up all these little projects on my mental “before-the-next-flip-house” list!

 

 

 

 

 

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