Hooray! It’s really nice to be able to report a completed sale of a rehab, so today we’re happy to announce that Lee and I no longer own the Russet Valley house. We wish the really nice family who bought it many years of the same kind of happiness Martha and Mike experienced while they lived there.
It was actually a good thing that I ended up having to sign the papers in person rather than online, because it gave me and Carol a chance to see each other in person (the phone doesn’t show how cute anyone’s new haircut is, etc.).
I also enjoyed meeting Josie at the title company. I was really happy with Patten Title, because they have a system that communicates with you during the whole process and lets you have access to your closing and other documents online after the sale. And they’re friendly, too (Josie and I bonded over having fun with fingernail decorations).
Everyone was happy with this deal, which may explain the beaming faces. Carol got her real estate commission and a project management fee. The great contractor, Oscar, and his team also made money and finished in a reasonable amount of time. Hooray! We can use them again! And even Lee and I made some money, which is what we’re supposed to be doing in this business.
Even when Lee did his really detailed analysis of the profit and loss on the project through the years, we came out ahead. That’s after utility payments, repairs, taxes, marketing expenses and all that. We DID get good rental income, which was a great bonus as we waited for the value of the house to rise.
We are still looking hard for a deal in Austin. We’ve had a couple come close, but we would LOVE your ideas and suggestions of properties you know about! Or let us buy yours!Hermann says please like and share!