The week started and ended very good with us getting two more offers accepted, one on Monday and the other on Friday. The first deal is an estate property that was brought to us by one of the bigger REO agents in our city. The house is in a little rougher neighborhood than I like, but this will be the third property we’ve purchased from this particular agent in the last couple months so I’m viewing it as a way to further solidify our relationship.
The second deal is a short sale that we received an approval letter for on Friday. This should be a pretty sweet deal but we’ve got to clear up a few little title issues before we can close on it.
In other news, after only owning the house on Ravenwood St for a little over two weeks, we’ve got the rehab finished and our new buyer is already moving in!!! I’ll have pictures and videos of this property coming up in the next week or so.
OK… to wrap it up I want to post our final walkthrough of the fire damaged multi family home we did at 37 Mansfield St in Springfield. You can see all the before pictures here, and our initial walk through video here.
Check it out;
Owner occupants, got it. That’s certainly a different market than the buyers I had in mind–cash flow investors who build portfolios of properties. Thanks for your insights on this.
Those were some pretty revealing before and after photos at the end of your Mansfield video. Nice, clean job. When you work on multifamily properties (assuming this isn’t your first one), do you ever rent and hold, or are you just flipping the building to a cash flow investor?
I’ve often wondered whether cash flow investors would rather buy an empty multifamily, or if they’d prefer the units were already leased and filled for them so they don’t have to find tenants right away.
Hi Greg,
We’ve done a couple multi familiy properties and each time we sold them to an owner occupant.
What I’ve found in my city is that their is a shortage of nice,clean, renovated multi families that are vacant. Most of the multis on the market are pretty run down and already have tenants in them. When we can renovate one and offer it vacant we are usually selling to owner occupants… mainly first time buyers.