Thinking Outside the Computer(box)
April 11th, 2007 by asianTom
Although most of my success has come from online, I am constantly looking for other business opportunities. One particular area is in real estate. Although the real estate market is very soft right now and experts expect it to get worst in the coming years I think there are still bargains if you approach it correctly.
An old neighbor of mine called me about a house on his street that just came up for sale, this was the perfect flip even in this market because it was the worst looking house in a very nice area. Unfortunately I was alittle too late to this game, it was sold in 2 days. The asking price was $525k it sold for $571. There were 9 offers on the home. I would offered asking price cash. Estimated cost to fix up the house is about $100k and potential profit would be 100-150k.
Here are some pics of the house:
If you buy the house,does it mean that you buy the land as well?I think a nice land is much more potential on cash than a house.Just a comment…
Hi Tom,
Thanks for the kind words but I think you are way past the stage of needing my help
You post here reminds me of my first first potential flip… I bought it but then ended up living in it while renovating… by the time I was done renovating, I didn’t have the heart to sell. But now, I rent it out…