Posted by Shenesa on February 12, 2001 at 14:05:56:
I have come across a few ads in my paper like this one. Most of the time it is property that needs A LOT of work done to it.
The first thing that would run through my mind is how much $$$$ will it take to get this property in a live in condition. If rehabing is your thing and you can handle the $$$ that it would take to make it livable and its a good money maker, than GO FOR IT.
I have a story about a rehab that I looked at. The guy was another investor who picked up rehabs to resell. Well this particular house needed EVERYTHING and he was selling it for 22k, YEAH RIGHT! Anyway I offered him $8k for the house and he turned it down. Well, as I was in my car filling out paper work, one of the long time residence came up to me and gave me an ear full on the house and the plumbing. Come to find out, the house was invested with roaches,plumbing was so bad that it constantly backed up all the way to the street.
Do your homework and ask neighbors about the property.