Interview, closing and problems!!

Hey all! Last week Steph over at http://www.flipthiswholesaler.net/ asked me do an interview for her "Flip this Success Story" series. I was thrilled that she thought of me and immediately said yes! This is a new addition to her already awesome sight and it will be a great motivator for new and experienced investors alike. We did the interview on Saturday and I should be able to post it here in the next day or so. We basically went over how I got started, the type of deals I do, how I close them, how I find my buyers, how they are funded and a description of my last deal. It was a lot of fun and I look forward to hearing the interview back and also hearing more success stories moving forward.

On to my updates... we closed on our Evansville HUD property this past Tuesday. Yeah! My lender had to get an appraisal of the property and it came back VERY low. BOO! We bought the property (4br/2ba/2ca garage) for $55k and it appraised out at $65k - WHAT!?!?! The most recent sales are in the $130k's. Late last year there were 2 houses that sold for low prices - 1 for $24.5k (that was a POS, literally) and the other sold for $68k. Okay, he should not have even included the $24.5k property in his analysis and if he added the $68k to the $130k's properties were looked at $99k which is what I would have expected. Hell, even $85k would have been acceptable but $65k?!?!? Oh, he also calculated in my purchase price, I think. I just hope this isn't a problem when we go to sell the house.

Making me more nervous about this property is the fact that we had the furnace guy out there and the furnace is a POS. Well maybe not a total POS, the heat exchanger is cracked and the blow motor (or something) "doesn't sound right" as he put it. He is suggesting we replace the whole furnace but, of course, I don't want to replace the whole furnace. Side note: I just did a search on http://www.flippinghomes.com/ and found that if the heat exchanger is cracked the furnace should be replaced... CRAP! So this will dig in to our profits by about $2.5k unless we can get one of our friends up to replace it. I know there is a government tax credit out there too that I just may take advantage of... IF I can. I always find that those credits don't apply to me : )

UUURRRHHH!!

On a brighter note, we did have a showing this morning. Will be interesting to hear what they have to say!

Will keep you all updated!! Have a good rest of the day.