UPDATES (2/24/2011)
- Closing tomorrow on a loan for another build project.
- 1165 Ridgeway complete. Listing went live today.
- Three lots acquired and ready for development.
- 2709 Lyons – SOLD 7/13/2011 [New Construction]
- Georgetown, TX property closed on 1/28/2011 – [Fix and Flip]
After a long development period, 1165 Ridgeway is complete. We ended up spending more than we wanted to, but the end result is an amazing property. The retaining walls and decks on that place are incredible. It also has a 2 car garage which is very unusual for the area. It was one benefit of the slope of that property. Prices remain steady, so I think we’ll get a fair price for it.
The East Austin house on 2709 Lyons Rd. is now sold. Overall the transaction was very smooth and we got a good price for it. I think the buyer even got a bit of a deal, as most of the houses in that market are selling for a little more than we let it go for. We received the offer the day my daughter was born, so I was in a particularly good mood and took the offer. This deal has really proved to me that these work and we’ll be looking to do another one soon. I’ve made several good friends and investing partners out of this exercise and my aim is to help them all be successful.
Finally glad to have the Georgetown property sold. It looked really nice when we sold it, and it’s great not to have to deal with that owner anymore. I now have a new bar for painful real estate transactions, so no matter how bad any of my next deals go, I can take comfort that they aren’t anywhere near as stressful as Georgetown. The best part is that we even made money on it.
