Experiences of a REI (NY style)

My successes and failures as I attempt to build my wealth through real estate investing.

Sunday, March 19, 2006

Possible Deal #1

This house is a three bedroom, one bathroom house. It is located on a fairly busy street in a neighborhood that appears to be turning around. The houses right around it are in the process, or already have been rehabbed. The property itself has very out dated floors (yellow vinyl throughout), and walls (board looking sheets). The kitchen needs to be up dated along with the bathroom. All in all this house just needs some cosmetic upgrades, and will be ready for the market. I estimate the upgrades to be around $8,000 - $10,000 on the high side.

Possible Deal #2

This house was being sold at auction. My father and I unfortunately missed the walk through period to see what might have needed repairs, so we walked into the auction kind of blindly. (Note to self, don't do that again) From my dads drive of the place it looked in fair condition from the outside. It was a four bedroom, one bathroom house. It ended up selling at auction for $25,000. Not really sure why we did not bid on this one, but then again we walked in blind, which I believe is the main reason for not bidding it out a little higher.

Possible Deal #3

This house was right up the street from where I currently live. It is a three bedroom one bathroom house. From the outside it looked like it needed a lot of work, not to mention that it wasn't in the best house area. It was surrounded by small commercial properties. It was another auction deal, that ended up being sold before the auction period for $18,000.

Possible Deal #4

This house had four bedrooms, one and a half bathrooms. The siding was new, and there seemed to be a few, but not many repairs needed. I believe it also had a problem with the foundation that they repaired before the auction and would need to be repaid through the bid price. This house also was an auction house that ended up being sold before the auction took place for $38,400.

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