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Tag Archives: Mattress 8

The Lessons Learned in Mattress 8

So much potential.

It looks like Mattress 8 can go off the for sale list and onto the Lessons Learned list in our sidebar. We reserve that list for special projects that we had high hopes for, but just didn’t work out like we had hoped they would. I’m sure all real estate redevelopers and investors have projects like that (if you don’t, you will).

We’d sucessfully worked on projects in the Temple area before. We did the Ash house with the Andress team, and they had a great general contractor lined up who did a very good job. Lee and I did another house out there in partnership with our friend Vern, who lives in the area. That one also went fine, because he had local contacts.

We continued to include the area as we prospected for houses to buy, and were excited about the Mattress 8 house, which was in a transitional neighborhood with some nice looking houses and some not-so-nice ones. Once we cleared out all the junk and renovation supplies, we got a reasonable bid from the same guy who did the Ash house and all was well…until he had some serious family issues.

This wallpaper fragment was my favorite part of the house.

We waited a while, then tried very hard to find new contractors. The minute we showed them that they’d have to follow a plan and would be paid upon completed work, they’d skedaddle. That did not mean we were going to change how we did business. We want real names, real contracts, and real schedules, which a professional would be glad to provide.

Lee and Mandi went back and forth to Temple many times only to have people not show up, or disappear very quickly.

When we put it on the market, the same thing happened. So many no-shows, other than one neighbor who really thought we should just give it to them, because a family member used to own it (or something like that). They kept calling Mandi.

Kitchen. Before.

But as we know, Lee can be quite creative in selling a house, so when a legitimate fellow investor got interested, they worked out a way to sell the house for not much more than we paid for it, but over time, with good interest. The buyer didn’t pay more than the house was worth, but we do make a profit, just over time.

It’s not ideal, but we learned a lesson: there’s more than one way to sell a sad house.

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Farewell to Mattress 8, We Hope

It really could be a cute house, in a neighborhood where lots of houses are getting fixed up.

I wouldn’t blame you if you forgot about this property, the one in Temple that was chock full of mattresses when we got it. Lee says it’s the only house we ever got that looked better before we got rid of all the stuff inside.

We had a lot of trouble getting a contractor to work on the house, after the original choice, the team who did our previous Temple project, the Ash House,  became unavailable (we only got this one because we thought the first guy would be able to do it, but his life changed). Lee and Mandi went back and forth to Temple so many times to meet with folks who either didn’t show or didn’t bid after they saw the place.

So, Lee put it on the market, but really didn’t market it to anyone other than investors. Again, lots of appointments, lots of cancellations. But suddenly we have ended up with TWO potential buyers! One’s a new investor who Lee likes a lot. We are hoping to sign papers with her today. She’s local to Temple, so will have a lot easier time getting people to work on the place.

The mattresses HAVE been removed.

Our investor friend Vern also has expressed interest, so we have a backup plan, too. That is what you want!

We will be able to make a small profit on this house, which probably covers the gasoline costs of driving back and forth so many times. This one will have to go under the “lessons learned” category when the sale is complete. Don’t work on a house in another town unless you are VERY sure you have the workers lined up.

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Parkwood Ho! And More

A sampling of computer debris at Parkwood.

Parkwood

Yep, the closing on Parkwood, the former hoarder house in Round Rock, finally occurred, not without additional delays and frustration on the parts of everyone involved. But it’s done! And Mandi’s getting the utilities set up so we can get to work.

Carol was looking forward to getting the keys so she could start step one of the renovation process, which is getting it completely emptied out. She already has the contractor selected for that, so we look forward to news of how that goes. Apparently they left some things that we can resell, like school lockers, beds, a lot of tools, a camper, and a LOT of computer equipment.

It will take some effort to sell things, but that will make the renovation less expensive, so we’ll see. Russell is going out there to take another look today.

It will make a huge difference to have higher ceilings and better lighting down here.

The Hermit Haus

Lee took our contractor, David, to the church to go over what needed to be done and prioritize it. While we do have a scope of work document, it really helped to actually look at the place.

The first item on the agenda is replacing the locks and one door that is causing issues. I’ve lobbied to paint them red, so it’s clear something’s going on there. He’ll also install the mail slot, so, if the Post Office cooperates, we can receive mail there.

David is also ready to embark on the destruction of the yellow drop ceiling in the basement, for which we are all very happy. Of course, the thing I’m looking forward to most is getting new, modern, energy efficient, and most important, attractive light fixtures down there!

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Forward Momentum Encouragement

We’re as busy as these butterflies, but also willing to enjoy the beauty around us! This is at a place called Bridget’s Basket, near Hunt, TX. Go there.

We’ve been really encouraged by our forward momentum lately. Our projects are moving forward and we are turning properties over in a variety of ways. That’s the plan!

Roadrunner

We had hoped to turn the Roadrunner house from a rental to a sale by now, but there have been some tedious legalities to deal with on that one. BUT, we heard yesterday that all’s clear to close. We are happy for the family who’s living there, who now can breathe a sigh of relief and know they get to stay, as well as for us, since we’re no longer going to have to make all the payments the property owner has to pay. Good stuff.

Mattress 8

Since our luck with contractors on that one hasn’t been very good, we have also offered it for sale in its current condition. There has been a lot of interest, actually, and we have accepted an offer on it. Of course, those can fall through, so we’re still accepting back-ups!

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A Contractor for that Mattress House?

“I’m very good with digging through rubble. You guys should have hired ME,” says Vlassic.

The good news is that the Mattress 8 project in Temple no longer has any mattresses in it.

The bad news is that it doesn’t have a contractor working away in it, either.

It’s not for lack of trying! Lee and Mandi have been contacting potential contractors, scheduling meetings, finding the potential contractors are flaky, and starting the process again. Lots of times. I know that all our mentors say Craigslist is a great place to find contractors who will work for reasonable rates, but we are not lucking out in the Temple market at all.

But maybe the tide has turned! Lee met with another potential contractor, who even has a team and is interested in investing. His initial estimate is in line with what we think the project will cost to get it up to rental quality. We’re just waiting for the bid now.

Cross your fingers, or whatever you do to support your real estate redevelopment friends, and hope this one works and we can MOVE on this project!

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