Time has been flying by and new developments are on the horizon. We had an offer from an "investor" who proposed to buy us a house to fix up and sell. He would front the money for the initial purchase, we would do the necessary upgrades on our dime, and upon future sale of the house we would pay him a percentage of the profits. With this in mind we've been looking at properties in the higher price range, and one in particular stands out. It is going on auction tomorrow, and we are excited to see what happens.
That is the garage of the property in question. As you can maybe tell my T's expression it's pretty awesome.
Yes that is indeed a pool in the backyard. Since you can't see my expression, let me just tell you that my mouth is wide open in awe with a little drool that needs wiping.
The bidding starts at 50k. The house has an unfinished basement and needs your casual updates, paint, floor, appliances etc. Both T and I expect it to go beyond the price limit of our "investor." We are looking for a deal, and this probably won't be one, but since we never know where destiny will take us, we will see tomorrow if the pool is getting filled with champagne in celebration.
6 comments:
This will be interesting. You know what they say about having a pool don't you? It's like having a hole that you continually throw money in. But you've got a boat and some say the same about those.
well that sobers me up a bit!
Pools are cheap to operate. Investors scare me! DIY. If you have 50% of the purchase price the bank/ credit union will front the rest. What have they got to loose? Most people can't get loans because they have nothing to put in. Location, curb appeal,I always paint the walls white and replace all trim with chunky hardwood which I buy rough and mill.
People think it cost a mint, but we know better. It is the skill set you have that will give you a big edge.
Hi Colin, thanks again for your input. That's the way we are planning to go, white walls, nice big wood trim, safe and "normal". As to the investor part, yeah I wouldn't really go for it either, but this is a family member we trust so we will see what happens.
Your family must be a whole lot nicer than mine! I'd borrow from Romney first. Stick with it, opportunity shows up when you least expect it. Good luck
My family is way nicer then Romney!!!
It does complicate things no doubt, but it also helps then and us, so like everything else it would be a learning experience. Since this didn't pan out however, all options are open.
Post a Comment