Mar
18
The Less Than Glamorous Side of House Flipping
March 18, 2007 | Leave a Comment
Today was fairly frustrating, but I managed to get a good bit done. The plan was to get the fallen tree that’s partially in the driveway at the 1002 S. Main St. house cut up and out of the way, but I ended up wrestling with the chainsaw for most of the day. Is there […]
Mar
17
Is the Subprime Lending Implosion Going to Doom All Real Estate Investors?
March 17, 2007 | Leave a Comment
The last few weeks have been pretty brutal ones for subprime lenders, with more than a few of them completely getting wiped off the map, and others seeing their stock price get absolutely decimated. For lenders with a lot of exposure to subprime loans, it’s a double whammy, with defaults rising dramatically and, simultaneously, their […]
Mar
17
Total Expenses for 1002 S. Main St. Property
March 17, 2007 | Leave a Comment
This page is designed to be a running total of all expenses related to the purchase and flip of the 1002 S. Main St. property. Again, this is both for educational value of anyone following along at home and thinking of flipping houses themselves, as well as a useful tool for myself to both track […]
Mar
16
Now that the dust has settled a bit, I’m in the processing of posting some details and numbers from the transaction so far. One of my major goals with this site is to provide as much detail as possible into each deal I do, as that was something that I’d have appreciated myself when doing […]
Mar
13
May You Live in Hectic Times
March 13, 2007 | 3 Comments
Just a few days into House Flipping Experiment 1.0 and already I’m making tweaks to the initial plan of attack. I imagine I should likely get used to this, as you never really know what’s going to develop once you start ripping carpets up and knocking out sheetrock, not to mention the various other curveballs […]
Mar
9
On the Bright Side and on the Not So Bright Side
March 9, 2007 | 2 Comments
On the bright side, closing went off today as scheduled on the 1002 S. Main property. Not without a last minute dash to the bank for the cashier’s check, but everything got done in the end, and now ye olde house flipping experiment begins for reals.
On the less than bright side, we’ve spent most of […]
Mar
8
So, umm, yeah. Scheduled to close tomorrow at 11 and still no final green light on the mortgage end. Many reassurances that everything will process by then, but no guarantees. This is despite the fact that I dumped all the documentation that they’d need and a +800 credit score in their lap more than a […]
Mar
6
Pick a Slice of the REI Pie
March 6, 2007 | 1 Comment
One thing that’s helped me a lot with actually motivating and embarking on my own little flipping experiment was a bit of inadvertent serendipity. I’d been telling myself I wanted to try flipping houses for years, purchased many books, read voraciously on the web, all that stuff. But it wasn’t until my wife and I […]
Mar
5
Having Emergency Exit Plan(s) Before You Buy
March 5, 2007 | 2 Comments
To varying degrees, most of my friends and family think we’re fairly crazy for owning more than one house. While owning two houses is palatable, buying a third house causes eyes to roll and heads to shake. When I mention possibly buying a duplex on top of all that, I might as well be certifiable. […]
Mar
4
Preliminary Budget for 1002 S. Main St. Property
March 4, 2007 | 2 Comments
With all my previous jibber-jabbering about areas of potential profits in a flip to focus on, here’s my preliminary plan, along with some rough estimates of cost. I don’t have measurements for precise square footages and there are a few uncertainities here and there, so this is very much a rough draft, as far as […]
