土豪乐潭 We the Landlords

业余小地主。

正在FLIPPING 一个HOUSE，1385尺，3卧2浴，60年代。一月份14万5 CASH买入，投入将近4万UPDATE。四天前LISTING 26万5，周末8个VIEWINGS， 两个OFFFERS。其中一个给了27万5. 属于特喜欢非她不娶的那种。本来开价就高，现在都快$200/尺了，看看周围有点鹤立鸡群的感觉。有点担心买家银行的估价到不了27万5，贷款下不来。尼玛，OFFER高了也担心。 等这房出手，再做一个经验总结，和大家交流。

这个就算是拜山第一帖了：）

Congratulation$. Which part of Texas?

你的邻居-AUSTIN

多来分享经验。

恭喜恭喜！Austin都那么贵了？

不是我认识的人吧？高手！

GXGX! 成绩很棒。多多分享经验

For your best benefit, rent for 12 month and sell, you can avoid long tern Capital gain.
Of course, you can do 1031 exchange.
Congratulations!

Yes, Austin is SO hot right now, there is serious house shortage in the whole Austin area. The price is going crazy, however, I believe this is not a bubble or something, since there is real growth in the Texas capital. The net population increase is 140/day. most jobs created are high pay job...

又一番周折，昨天CONTRACT EXECUTED. 这两天BUYERS应该会做INSPECTION，希望不要有麻烦。最好查出些小问题：）

OPTION PERIOD最后一天买家才发来AMENDMENT，一看，靠，才要了一千五百块的DEDUCTION，真不敢要啊：）。我本来做了至少5000的思想准备。

因为最让我担心的是,这个房子是1969年的，里面所有的电线都是铝线，当时买入时也不懂，根本不知道还有铝线这一说。在六十年代末到七十年代初，全球有过一段时间铜短缺，美国在这段时间建的房子大部分用的是铝线。和铜线比，铝线最大的问题是热伸缩性太大，而且容易氧化，如果接头导电性降低会导致过热，易造成火灾（其实也没有多少直接证据证明，铜线接头松动也有造成火灾的例子，只是业界的一个传说，电工都知道）。彻底解决的办法是换铜线，另外可选择的便宜的方法是用PIGTAIL加防氧化的GREASE。我用的后者。我在SELLER DISCLOSURE 里提到了铝线及我的ELECTRICAL UPDATE，买家在INSPECTION也意识到了铝线问题，但他们对我用PIGTAITLING做的update并没有强烈的反对，只是有些concern。所以基本上是皆大欢喜。

其他的问题无非是没有装GUTTER，ATTIC的INSULATION不够，屋顶要维修一下。这些其实我事先都知道。不过还得赞一下卖家的INSPECTOR。

下面一关就是银行房屋估价了。好在买家用的是LOCAL BANK, 估价师应该了解我们当地市场。but STILL FINGER CROSSED。

Congratulations! I like Austin.

I should visit you when I was in Austin.

Wow,今年还能搞到这个deal，了不起，
希望顺利成交。

nice....

厉害，佩服佩服！

THE BUYER AGENT 刚告诉我，银行估价came in at the price. it's good to move forward.
难以置信，竟然卖到了$198/SF。当时估计能到$168/SF已经很开心。

翻修之前

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翻新之后

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Congratulation! Great job.

great work.

今天中午CLOSE了，两小时后FUND到位。圆满大结局！
------------------------------------------------------------------------
milestones :
1/21 purchase
4/16 listing
4/21 pending
5/16 close & fund.
--------------------------------------------------------------------------
Financials:

purchase price : $14,5000 + 4296.78(double closing)

sale price : $275,000
rehab cost : $35,054+$4400.
closing cost : $21,928 ( 6% commission, title insurance, property tax,etc)
insurance : $350
utilities : $409

out-of-pocket cash : $187,317
net profit : $61,343

ROI = 61,343/187317 = 32.7%.

PF, PF!

刚学了一个词，sexy！

good work！

意外收获：

flipping 这个房子的时候，和邻居聊过天，开玩笑说过要买他的房子。其实也没上心。
前两天接到他的EMAIL：
Hello XXX... I live across the street from XXXXXX, in the cul de sac... and told you I'll contact you when I get ready to sell my house... I'm ready. I'm actually taking a packet to the foreclosure auction tomorrow and will talk with several investors I know about working something out. I don't have the money to flip it myself and don't want a hoard of people flocking around for the next few months, so I'm just going to talk with those I know who would be seriously interested and will list the major repairs, with cost estimates and recent comp sales, which you already know, and see what happens. I'm NOT going to list with any Realtor... So, if you're interested, please give me a call.

立马查TAX RECORDS，OH MY， 占地有0.6 英亩。房型和前面做的完全一样，地还大了几倍。第二天立马杀过去，16万4拿下。合同签，两星期后CLOSE。成交的条件之一是他要住到年底，每月付1000美元租金。双赢。

这个以外收获其实为我开启了另一扇门。

太厉害了！一出手就两单，希望看到第二个的update, 预祝成功！

You can call a TV to start your reality show "Flipping Ausdin"! (similar to "Flipping Las Vegas")

JY101, you can do "Flipping Indiana" too!

Let's "Flipping America"!

Hahaha...

现在还能找到这么好的deal,真不容易！Raleigh这边很难找到了。只有羡慕的份！

It's closed today. The house is renting back to the seller for 3-4 months. $1000/m.
The seller looked happy. I helped him get rid of the mortgage debt, put more than $100,000 cash
in his bank account and gave him 3-4 months to live in the same place for below the market rent.

真棒！

Good job! Thanks for sharing!

How much does the staging cost you?

Seems that the inventory is starting piling up . There are more than 60 listing in the area, half of which are remodeled and most of them have been on the market for a couple of months. Supply and demand 101, the market is doing its magic.

The $164,000 purchase price I paid obviously is too high, because there gonna be extensive foundation repair work. My original target price is $280,000 -$300,000 that is not realistic now. If the market condition does not improve, I have to choose low end rehab or just list on MLS.

变化这么快啊。

等你把房装好，春天来的时候，或许价格会上去。

It still is a excellent wholesale deal even through you can't get your target price now.

Perhaps hold it a little longer to see August and September data, then decide what rehab you would like to do?

This is the some data,

Date Sales DollarVolume AveragePrice MedianPrice TotalListings MonthsInventory
Apr 2,691 813,320,692 302,200 237,100 5,838 2.3
May 3,173 1,010,649,311 318,500 243,900 6,539 2.6
Jun 3,170 1,015,308,500 320,300 248,800 7,040 2.7
Jul 3,280 1,024,243,376 312,300 247,000 7,475 2.9

Date Employment UnemploymentTotal
% ChangeYear Ago Rate
Apr 978,149 2.8 3.8
May 981,589 3.0 4.1
Jun 985,801 3.4 4.4
Jul 985,121 3.5 4.6

Data doesnt' look bad. And I went to a RE club at the end of last month , It appeared that people still believe that it is still a strong market. I cancelled my primary house purchase. the price went up about $25K when i cancelled it, so it was easy cancellation. Don't feel comfortable to buy it now.