Today we officially signed the papers for a new acquisition, Oakridge! It’s a very nice-looking 3/2 house in one of the most comfortable and desirable areas of Round Rock, Texas (if you don’t live here, that’s just north of Austin). This is a wholesale deal found by Carol, who immediately fell in love with the place and put in an offer before other investors could get it.
Getting the house paid for was a bit of a challenge. Since we are waiting on a couple of closings, we didn’t have a lot of money just hanging around not working for us. So, while Carol worked out logistics, Lee went to work finding money we could use until the other sales are complete. This was made much harder by the fact that he came down with some kind of horrible throat infection and was barely functioning for the past week or so. But, he did it, and all that was left was to jump through an incredible number of hoops to allow Carol to do the signing for us. Carol finally got my signature (no copies allowed!) on the last form minutes before the closing.
That’s why we find this work so exciting, I guess.
Why All the Hoop Jumping?
We were willing to fill out an incredible number of forms asking for repeated information, so that we could get this one. The reason is that it is just what we want. It’s the right size, configuration, and location. Plus, the house only needs one wall removed and cosmetic touches to sell for quite a bit more than we paid for it. That’s the model we are trying to emulate. Houses like that have been few and far between in our area lately. (One reason is that people are buying fixer-uppers at retail prices, which is NOT our model.)
As you can see from the pictures, the house looks sort of Tudor, which will look really sharp painted in good colors, and there’s landscaping that can easily be beautified. We will have photos of the interior in the next few days.
Carol has the rehab all planned out, so she’ll be the project manager on this one. And she is really ready to jump in and go!