Let me first start by saying that finding and buying a piece of shit house is hard, like really hard. We've been looking for about a year and a half and finally found the "diamond in the rough". Luckily, our realtor kicks ass and has more patience than a virgin. If you want to buy a house to flip and don't have a patient, funny, cut-to-the-chase-already realtor, go find one. So, this bank-owned beauty was a bit of a hassle. Bank-owned homes suck because the bank owns it...so they don't really give a shit about you, the house, the timeline, your budget...super fun, right?
Something that us "newbies" didn't know was that when you get a home loan with a construction loan wrapped in it with the same lender you have to have a detailed construction bid BEFORE they can do an appraisal. The appraiser brings the bid and gives an appraisal of what it WILL be worth once the work is done. This information is extremely useful in deciding if the entire project will even be worth it financially, but at this point everyone has already worked so hard. You've already written a bid, you're already in mutual acceptance, you've already paid for an inspection, your lender and realtor have killed themselves running comps and numbers for you, you've already been in touch with a contractor and they've already brought in all their subs to give estimates...and they work weekdays so you've probably taken time off work for these things to happen. You're in it already, it would be silly to back out now! Thankfully, our appraisal came in over what we needed it to for this to make sense and we found a contractor that is almost as patient as our realtor...almost.
This blog will follow all of our ups and downs. The next post will be all the before pictures. Enjoy the ride.
So, now the house!
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| Sunrise House (before) |
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| Sunrise House (after a little yard demo) |
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