That's What I'm Talking About

As of 5:45 this afternoon, the seller accepted our offer on house #2 on Walmsley. This is good news as now we can get down to business...that is of course once my general contractor takes a spin through and gives me some estimates on repairs and such. We need to get a pretty good idea of a few things in order to formulate our master plan:

1) How much it will cost to get the house back in excellent condition
2) How long it will take to complete the repairs
3) How much we can expect to make on it when we sell

Our generic set of goals is as follows:

1) < $25,000
2) 6 months
3) > 100%

Respectively. These goals aren't too far fetched, especially given the current dirt cheap prices on trashed properties in the area and the pre-Katrina New Orleans housing bubble pricing. Prior to August 30, the local market was defying the national trends and was written up in several national papers for being so unique. This could definitely work to our advantage when the market rebounds in the future.

I am personally of the opinion that there will be a fairly sizable rebound over the summer as demand escalates when people start moving back to start the 2006-2007 school year fresh. This is what we are banking on for this property...a target sale date sometime in June or July. Only time will tell, but we are one step closer to our goal tonight.