Here we go, agaaaaaaaaaaaaainnnnnn, agaaaaaaaaaaaaainnnnnn!
***UPDATE***
After doing some digging we learned that a company purchased this house for $97,000. We upped our highest-and-best offer to $90,000. We were very close to getting this one. At $97,000, the buyer should be able to make money on this flip, if they chose to flip it and not hold onto it.
We’ll keep you updated on when/if it comes back on the market for resale.***
In a prior post and episode we discussed our first ‘flip’ house. The renovation costs are $25,000, with a list price of $119,900. Great news, the list price has just reduced 10K to $109,900! We are getting closer to our offer price of $80,000. We submitted our offer on October 28th. Our offer is ‘good’ until November 4th. We haven’t heard any news, we’ll keep the Ren-Menions up-to-date as much as we can.
Here again is our breakdown:
| List price- |
$109,900 |
| |
|
| Offer- |
$80,000 |
| Repair- |
$25,000 |
| Realtor- |
$10,000 |
| Carry/Closing Cost- |
$10,000 |
| |
|
| Total Investment: |
$122,000 |
| |
|
| Sale Price: |
$145,000-$160,000 |
| |
|
| Total Profit: |
$23,000- $38,000 |
This is our 101st post! We missed celebrating the 100th post, so here we go.
“The measurement is taken in a swimsuit, preferably 2-piece for women, speedo type for men. (Don’t worry, we have them available if you don’t have one!)” – (Quote from the location for our bod pod testing) —W…T…F?
We have scheduled our bod pod testing on Wednesday, look for the results in the next episode they should be priceless (TV-MA, we are sure if we have to squeeze our fat asses into one pair of speedos).
On the Ren Auto Group front, (yes we still own it), Craig, our car salesman, sold four cars last week, during a blizzard!
We will be getting very serious in the upcoming weeks in dealing with our information product.
Last be not least, we can’t thank everyone enough for coming out and supporting us at the Ohio meet-up with Adam Baker and Annie Sorensen. We really had a blast and we will try to have another meet-up, in the very near future.
Grant and Alan sit down and speak with Annie Sorensen and Adam Baker about New Year’s Resolutions, business plans and more!
Runtime: 26:57
A quick rundown of the episode:
• Welcome to Episode 41.
• A sit-down interview with Annie Sorensen and Adam Baker.
We hope all of our Ren Menions had a great holiday break. We did…family, friends, fun it was great!
On to today’s subject…What did the Ren Men learn in 2010? We learned starting a used car business may sound easy, but is hard work. Starting a great used car business, must be tremendously hard work (we wouldn’t know).
Here are some of our results from 2010: we purchased 26 houses (just over two per month) compared to 27 in 2009, not a big reduction. We have 15 of our 22 boxer machines placed, compared to all 22 placed in 2009. This is a big reduction, we need to look at our vending business, pronto. We produced zero information products compared to zero information products in 2009, right on pace!
What is upcoming for 2011? We are planning a kick-ass RV trip of some kind (we have had a Ren Menion approach us about being our tour manager and promoting us rock band style, we’ll get you guys some details, very soon). We are shooting for purchasing three homes per month, 36 in total for the year. We plan on finding 10 new, Annie Sorensens, Adam Bakers and Pat Flynns. You will see many more book reviews.
What have we accomplished during the break? Actually a few things. Our Ren Food Service is no longer. Grant sold our eight smoothie machines for nearly $6,000 and we recaptured some money from our initial 30K investment. We learned a valuable lesson, the Ren Men will not be in the beverage business (maybe, you just never know). Alan read two books over the break, the reviews will be coming up shortly. We have Adam Baker, consulting with us, today, on our information products/RV trip/life in general (we are hoping to capture video, but we don’t know if it will work out).
Thanks again, Ren Menions, let us know your New Year’s Resolutions.