This week I closed another profitable investment grade property with a client.
The previous owner of this property borrowed $87,000 against the home. It is currently a 5 Bed and 2 and 1/3rd bath configuration. This home boasts the only 1/3rd bath I have ever seen. It has a closet that was converted to a shower and a toilet...hmmm.
The property came on the market back in March of 2009 at a retail price of $94,900. The home was definitely not in retail condition and so gradually over time the price was lowered. In December of 2009 I placed an offer on the home for $53,000 when the price was reduced to that point as a short sale. However, the bank that was approving the short sale declined the offer. In February, the agent called me back and said the bank would approve $53,900. I notified one of my clients and we made that work. After 90 days in the the short sale approval mill, we finally received authorization to close.
I estimate this home will be worth $110K-$115K post fixup. It will look great and make a handsome profit when completed. Stay tuned...
This will make 3 remodels on this street in a very short time frame. Very cool.
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