At this point in my investing career, I have unloaded all my rehabs. In this slow market, it took almost a year to sell the last rehab. I completed that rehab just in time for the spring market and got a lot of inquiries when it first hit the market. Unfortunately, it was at a time when mortgage companies just started to buckle down on who they will approve for a loan. My original asking price on the last rehab was 330K. I got offers in at 320K and 310K. Both buyers did not work out/couldn’t get a loan. After going dead mid summer, I needed to make a change to get rid of the house, so I knocked almost 50K off of the price. The new asking price was 275K. The following weekend after making that decision, two offers came in on the house, by the grace of God. We picked the strongest buyer and sold the property for that price. Fortunately for me, this rehab allowed me to reduce the price by that much and still make money.

Here are exterior before and after shots for those who are interested. My after picture wasn’t that great due to my digital camcorder.

BEFORE

AFTER

I’m glad that house is complete and I can move forward. It’s better to adjust with the conditions of the market than to hold on to a house that will reduce your profit with holding cost and/or give you headaches. Now I’m working on purchasing land to build houses on and I’m also working on a short sale.

To pick things up a little, I have to start my marketing campaign again. I like to focus on either absentee owners or pre-foreclosure. Unfortunately, there are so many individuals that are going through that situation. It’s never ideal to see so many people suffer through the economy….Hopefully I will be able to help people get out of a bad situation and also be able to successfully invest in real estate. Happy Investing!