Finnding A Good Deal On Property
I work in san diego, CA and find it hard to get any deals on fixer uppers, if I do find one and do the math on the cost of repairs the tally sheet is the same as the appraised value.....no room for profit. Where is the best place to go and earn a little sweat equity? :-o
Try for fixer uppers in bad neighbourhoods. Gentrification is a dirty word is ome places but hey, someone's gotta do it
Just an example to follow up linlin's suggestion.
We bought a fixer-upper in a bad neighborhood for 19,000. Since we do all the work ourselves, we remodeled it for 10,000. Rented for one year for $650/month. It appears that we could sell it for $60,000 - because homes in the Tampa area, especially 3BR/2BA, are NEVER anywhere near that low.
One tip - don't ever leave your tools at the house, even one time. We did that once, after always removing the tools religiously every night for two months. Well, we were watched - they knew what went in the house that morning, and what we didn't take out that night. Sure enough, the 2 tools we left were gone by the next morning.
so what you guys are saying is its not such a bad thing to fix-up a house in a bad neighborhood?
so what you guys are saying is its not such a bad thing to fix-up a house in a bad neighborhood?