This has got to be one of our best deals, at least story wise.
The phone rang one afternoon in late July. The attorney who had helped the family selling us the house at 1104 SW 17th Street had another family with a similar home, strangely enough just a few blocks away and would we be interested in purchasing this home too. We went and looked at it, made an offer and the family accepted it. They took a few weeks to clean out the house with both a garage sale and the help of a local church we recommended that takes household goods. We renovated, we listed, and had an accepted contract on this home in about 3 days of listing it.
On the closing side the buyer wanted the house at full price but they wanted us to make the fireplace functional. We agreed to this, however the we still held the house open for sale on the following Sunday and these buyers came by and we ended up changing the contract to not spend the extra money on the fireplace, but to rather replace all the exterior doors and windows.
So get this, we wrote a contract on Friday. The buyers attended the open house on Sunday following. We changed the contract for the doors and windows on Monday. They had an inspection on Monday. We ordered doors and windows on Tuesday. Two appraisals were ordered and completed on Thursday. Requested repairs from Inspection were completed on Friday. Doors and windows installed the following Wednesday. Appraiser came by Thursday morning to verify installation of doors and windows and the transaction closed about 5:30 pm on Thursday – one day short of the 2 week after the day we agreed to the transaction.
The numbers:
- Purchased: August 9th, 2011
- Sold: November 10th, 2011
- Purchase Price: $85,000
- Renovations: $43,301.76
- Sale Price: $158,000
- Profit to split with Partner: $17,162.67
Partners time spent on this deal:
- Time spent looking to buy a house – zero
- Time spent supervising a renovation – zero
- Time spent working to sell house – zero
- Time spent in negotiations – zero
- Total Time spent – about 30 minutes in the writing and receiving of checks.