Our patience has paid off at last, and we’ve found something new to work on that fits our model. We are all happy campers, to say the least! Thanks to Lee carefully evaluating all the wholesale deals that come our way, we now have a little house near downtown Temple to fix up. We’re calling it the Mattress 8 house, since it is quite full of mattresses, even in the living room. We’re grateful to the wholesaler we worked with, and hope to work with him more in the future.
We are pleased with the deal we got on this one (let’s say the price begins with a 2). It obviously needs a lot of work. Nothing is salvagable in the kitchen or bathroom, it will need windows and doors, and you know, everything else in a house.
Lee has handed over the earnest money and will close on the property on Monday. Since it’s a wholesale deal, we don’t have to worry about problems with inspections or other such issues, so we are confident this one will go through.
It’s definitely a sad house, with boarded windows, a porch post that doesn’t actually reach the surface of the porch, and a tree trying to grow into the front. But the neighborhood has quite a few homes that are well kept or have been renovated, and it’s in a convenient neighborhood for anyone who works downtown.
Mandi’s all excited, though, because among the junk surrounding the place is a big pile of cement blocks, which we have ideas for at the Rattlesnake house. There is some interesting stuff left inside the place (other than mattresses), so we’re all looking forward to picking through things before we hire someone to haul everything else off.
The plan for this place is to renovate it to be a rental property. Once we fix it up to be livable, it should cash flow very well. We’re now figuring out who will be the project manager, lining up contractors, and figuring out what other folks we need to get moving on this one quickly.
If you want to see more photos of the property, visit the Mattress 8 page. There are lots and lots of “before” pictures to marvel at.
And if you need a used mattress, look no further than the Hermits (eww).