Diary of a Realtor Turned Rehabber

Dear Diary,

My passion has always been old houses that need love and turning them into something beautiful or returning them to their one time splendor or better.  I've always worked very closely with some of my clients to find just the right property in need of some tlc and then helped them through the process so that the end product is something that someone would want to buy. 

The market has been a little slow lately for us and financing a little harder for some of my clients as has been initiative even though there are some great deals to be had. 

My friend, Betsy, and I decided to join forces and buy a house to fix up ourselves.  We have been scouring the mls and wholesale sources for months looking for just the right deal.  We've had several target properties go to multiple contracts.  Then last Wednesday morning the perfect property presented itself.  We were the first to see if when it came back on the market and wrote the contract right away.  It was perfect.  Too perfect!!  It's walking distance to two Universities, a hospital and downtown and in a great neighborhood where all the houses are in great shape (this is definitely the worst house in the neighborhood). 

Now, it's time to dust off my work boots and get busy putting this gem back together so that it's beautiful again.  I am so excited to have another project to work on.  My boots and tool belt have been calling to me.  Settlement is two weeks from today. 

The house was built around the 1920's and is the only duplex on the street.  All the others are single family detached homes.  Some of the homes date as far back as 1865 and at the end of the street is the historic A.U.M.P. Church that was founded in 1870 and is still going strong today.  The homes on the street are modest Victorian style homes with lovely front porches and some corbel windows in the dormers of the third floors. 

I finished my scope of work yesterday with the draws worked out.  I have hired my sub contractors already and I'm working on the changes for the floor plan to make it flow better.  Most of the materials are on site already to complete the job so I don't have to buy much except the kitchen and bathroom fixtures.  Tomorrow I'm heading to the Southern Sales Auction to look for items that we'll need to finish the job.  This trip is more for research than to buy, I'll wait until next months auction to actually buy materials. 

I really believe that now is the best time to buy.  Interest rates are super low and the inventory is high - so there are lots of choices for home owners.  This home would have been a perfect candidate for a FHA 203K loan for a potential home owner.  The numbers work amazingly and the whole neighborhood is made up mostly of homeowners who take real pride in their homes and in their community.

We should be able to complete this project by the end of June and have it ready to sell for the summer market. 

Betsy and I have a contract in on another property too.  It's a much smaller deal and doesn't need as much work and we can be out of that one in a couple weeks.  We are just waiting for the bank to look at our contract, which should be by next week.  We can do both of these at the same time and have the other one back on the market quickly and priced well to sell quickly so we can move on to the next one. 

I'll definitely keep you posted on our progress.

If you are thinking of buying or selling a home give me a call today and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling.  If you are considering buying a home, there is no better time than now to buy.  The tax savings and wealth building a lone is worth the plunge into todays market.

During 2009 Advance Realty Anne Arundel Inc is waving administrative fees active duty military, retired military and the families of fallen military, as well as policemen, firemen and emt's.  If you enter into a contract by the New Year's eve Advance Realty Anne Arundel Inc. will waive the admin fee at settlement.  This is a $350 savings.  If you are thinking about buying or selling a home give Advance Realty Anne Arundel a call and receive full service real estate assistance from an experienced agent.  Our office is open 7 days a week and we can be reached at 410-761-1550.

June Piper-Brandon, Broker - Advance Realty Anne Arundel Inc.