House #3: The Playboy Mansion

House #3 is now under contract to purchase.  It’s an REO property located less than 2 miles away from House #2.  I actually looked at this property a couple of months ago, but did not pursue it because upon first look it appeared to be a pretty big project and the numbers would not support an offer anywhere near asking price. But the bank recently dropped the price and I went back to take a closer look. I decided to make an offer at the full reduced price. As expected, numerous offers came in on the property and it went to highest and best. I ran the numbers and raised my offer price by 3K. Over a week went by with no feedback so I assumed another buyer got the property, but the agent emailed my agent saying the bank would accept my offer as long as I’d remove the 3 day inspection contingency. (Apparently the asset manager was new and interpreted the inspection contingency to mean I was going to ask the bank to make repairs).

I met my contractor at the property to determine a repair budget and it turns out the house will not need 2 major expense items I had allotted for in my budget. First, the roof is in satisfactory shape. Second, and most importantly, the house will not need all new siding. The back of the house has rotten siding , but the damage is isolated to the back. So we’ll replace the siding where needed and just paint the rest of the exterior which will save thousands of $$$.

This one got its name because the previous owners left behind 3 things in the entire house.

  1. An Igloo electric cooler
  2. A crate full of vintage vinyl LP’s
  3. A crate full of Playboy magazines. 

Have fun trying to draw a connection between those 3 items!

There is no deed restriction on this one so I want to close ASAP so we can get it rehabbed and on the market before colder weather starts rolling in.   I’ll get some before pics posted soon.

Update:  Link to Before Photos And Details For House #3

Link to All Posts Filed Under House #3

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