Friday, April 27, 2007

Progress on House Rehab

Well, I found out this week that I will be travelling for work one week a month for the next 4 months, so I decided I better kick up my rehab work schedule. So I will take off all next week to see if we can finish the house in Cheektowaga that has been going on since February. The roof went on this week, the painting is done, new windows and bedroom doors are in. The main to do is the flooring and then we can reinstall bathroom fixtures.

I have someone coming in Monday to put in vinyl flooring. It's a new type of flooring I'm not familiar with - free floating - like the laminate floors. It's a little thicker than glue down vinyl and softer feeling. I'll have to see how it works. The main project I'll be working on next week is refinishing the hardwood floors. There are 3 bedrooms and the family room. This will be my first attempt at refinishing floors, so hopefully I won't screw it up. By week's end I hope to have the house 99% done.

Got some good news on the wholesale flip I am doing. I've got a purchase contract for $17,500. I got the offer through a Realtor after using a flat listing MLS service. Not sure the flat listing was worth it since the Realtor demanded 6% - so with the flat fee cost plus the commission my selling expense will be 7.4%. Anyway, I'm happy to have a buyer. And a cash buyer at that.

I'm still getting a steady stream of callers from our foreclosure mailings, but so far have not had luck with the banks. One bank came withing $5k of my offer but I felt my profit margin would be too thin. I will have some down time if I don't get an offer accepted soon.

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