The one for me!

Shortly after the auction ended yesterday, the wholesaler I had been working with shared that he had a property he wanted me to look at in Westside. It met all my criteria and the comps looked good, so I knew I had to act quickly. I jumped in the car to take a look. As I was walking around I heard noises from within, but I continued to take pictures to send to my business partner, just being VERY quiet! When I walked around to the left, I heard a loud noise - I totally freaked and sped away in my car! I immediately called my wholesaler and asked if he was sure the property was vacant. He explained that they put a radio on in the house to keep nosy people away! And obviously it worked. The noise must have been from the two cute little boys next door who were curious what this woman was doing taking all these pics!

I LOVE the property though! And can't wait to have my business partner check it out!

Sept 15 Update - I met the wholesaler out at the property this morning, and my business partner joined me a bit later. I love the property even more! There were still belongings from the previous elderly resident who had passed away. And you could tell that she cared about this property. My business partner didn't see anything that scared her. It was fun watching how she checked things out. She LOVES going in crawl spaces. That is something that will have to grow on me! I put all the anticipated reno costs into an analysis spreadsheet to determine if this flip makes sense. This one was border line. Not quite the ROI my partner is used to. But I LOVED it and knew it would go quickly and I needed to act! I called my wholesaler and told him I was on the way to the bank to wire the $5k deposit money. And explained that I still needed to wait for final approval from my Business Partner before I sign the contract though. But we both agreed that having the deposit wired ahead of time was a good idea!

My business partner still wasn't sold, but we were come to an agreement on what profit she would be guaranteed on the deal and she gave it the OK. I "signed" the online agreement with the wholesaler, shaking, from the SunTrust lobby in West End. But it all felt right! Woo hoo!

My wholesaler told me that I didn't have a minute more to spare. Another investor had put the earnest money down and was just a bit slower than me with signing the contract. Phew!

Sept 16 Update - My partner and I determined that this property doesn't quite have the margin needed for a good flip. BUT it makes a great rental. So I have decided to renovate and rent this property. And I will provide her consulting fees for helping me along the process.