When Scot and I were looking at places a few weeks ago, we cruised a burn out. All of the demo was done. It was in a gated community of million plus dollar homes that are currently going for about 375000 to 435000 latest comp is Jan 09. It was listed at 99000 we estimated about 75000 to finish it. It sold for 159000. probably would have taken 4 months maybe 5 to finish. I'm thinkin' that's right around 100k profit if we could sell it for the lower $375000. Oh, and it had a really nice pool and spa and a triple Grecian fountain thing in the middle of the lawn in back, nice private courtyard in the front, and only one neighbor. I think it would have fetched a premium. I will be watching to see. I think I will cruise by there to speak with the contractor to see what the repair estimates are. It might be owner occ ??? So we will see if I can spot deals!
I've been doubting myself lately.
Another one I am waiting for is wichita falls, comps at 227000, listed for 127900, missing cabinets, holes in the walls, somebody kept stealing the lockbox itself. The beauty of this we found later is that the bank had bought all new cabinets in boxes in the garage. So, carpet, paint, drywall repair, cabinet install and snazzy fixtures maybe 15k add 7k for tops so 22k and a week to finish. About 55k profit. It might have sold for more, I think it closes on the 20th.
There's a few I am watching in Las Vegas to see if my numbers are good.
I'm kinda pissed about the deal I had hijacked. I had it under contract for 147,000. I saw 3 homes that were going to close that would have bumped the price up. In other words 3 stupid comps to prove my numbers. It needed ZERO, nothin', nada, zip, zilch! If I had done an appraisal at acquisition the value would have been 190000. but since these other homes were pending, by the time I sold mine the comps would have shown the value at 213000 easily! Hindsight eh? And the REO agent that I had built rapport with won't speak to me....beautiful! I think if my money guy would have actually seen it, it would have been a slam dunk. Coulda, Shoulda, Woulda, that's piss poor thinkin' eh? What would Harv say??? Sometimes it's difficult not to be sore about something that would have changed the game for ya.
I'm trying to do more visualization so that all these trips to Vegas will be fruitful.
And a special Thank you to JP over at REItips for reprinting this ----> http://reitips.com/mls-access-without-license/
And a reminder for everyone to say "Thank you" when needed, where needed. It goes a long way.
