House #3 SOLD! Financial Recap

I finally closed on the sale of The Playboy Mansion today.   Closing was over 2 months from when we went under contract, and here’s why.  First, the buyer and/or lender wouldn’t budge on needing such a long time to close (Over 7 weeks from contract date to original close date).  Then, less than 24 hours before closing, the lender decides they want another appraisal and a detailed list of repairs with receipts.  I thought about walking away from the deal at that point, but it was a full price offer, I don’t have a mortgage payment on this one, and I was happy to help this deserving family out so I was willing to wait a couple of extra weeks.  However, I doubt I will ever accept another offer using this mortgage lender again.

The buyer ended up asking for nothing after her inspection.  That’s right, no addendums.  But, I went ahead and completed the few items I had planned to do all along, the main ones being placing a plastic vapor barrier in the crawlspace and insulating the floor above the crawlspace. 

The only thing I did during this rehab that I didn’t originally count on was I ended up replacing most of the windows because they were failed.  (And catch a quite impressive miserable case of poison oak after cutting down a dead tree from the front yard, but that’s another story… maybe this should have been the poison oak house!)   I didn’t notice the windows were failed until we had the utilities turned on after I purchased the house.  This was an extra $3,134.47 but the deal was still quite a success as you’ll see below. 

I’ll take a  $19+K profit on a $104K house any time as it’s hard to do much better at that price point.  Here’s a look at the financial recap.  The Gift Card item you see is from a restaurant gift card I bought and gave to the buyer and told her to thank her son for his service and take him out to eat when he returns home in 2 weeks.

Lazy Water Financial analysis

 


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