This house sold for our asking price! We split the profit with our partner, Jennifer Young.
A Long Time Ago…
So, maybe not a really long time ago, but a pretty long time ago, like at the beginning of December, Russell found a 3-bdroom 1/5-bathroom house in Cameron on his “MLS Monday” search. We were intrigued. The price was low for what looked like a house in pretty good shape. We were a little worried that we might not be able to get it, because it was a HUD property (foreclosure), and they prefer to sell to people who are going to live in homes, rather than investors.
So, we asked one of our real estate friends in Cameron, Jennifer Young (she helped us buy the old church), to show us the place. We liked it a lot. It has great curb appeal, is on a big lot, has no neighbors crowding it, and is very close to the schools without being right on top of them (a teacher’s dream). Of After: course there were lots of issues with it; it was a foreclosure, after all.
We put in a bid, but of course we lost out to someone who bid more and wanted to make it their home. The Hermit Haus Redevelopment team decided they didn’t want to work on that one, anyway.
A week or two later, Jennifer called to say that the deal fell through. She said she’d really want to fix it up herself, but since she hadn’t done any renovation before, it was a bit intimidating. That’s when Lee came up with the idea of doing a partnership with her
on the project. We’d deal with the finance part, and she could work as the project manager and learn our systems, etc. That way she’d not be all alone, but our Cameron team wouldn’t get over-stretched managing another project while so many others were going on.
So, we put in another offer, and this one was accepted. We closed on the Washington Street property this week, and met today to decide what needs to be done to the house first. We have a lot of ideas and a lot of potential strategies. I think we’ve ruled out fixing the house up to rental standards and renting it for a couple of years, then finishing the renovation to sell it. We really didn’t want to do some of the fixes twice.
We are hoping to come up with a budget that lets us tear down some walls that interfere with flow, and maybe to convert the master half bath to a full bath by converting the current master closet into a bigger bathroom. There is a very large coat closet that would then magically become the master closet. We will see what we can do.
First there are some drainage issues to deal with. There are always drainage issues, aren’t there? Infrastrucure repairs may be boring, but are very necessary.
Here you go, some before pictures with details on what needs to be done.
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