The life and times of an Arizona Investor

This will be my personal journal to document my failures and successes during my real estate experiences in Arizona. All stories, thoughts, and successes will be documented..

Thursday, June 23, 2005

Offer #8 House in the barrio..

I was talking to one of my brokers yesterday and he told me , "You know when the market is in a real estate bubble when you have investors fishing in trouble neighborhoods to fix them up and sell at high prices!"

This was funny because I was going to one of these properties when I was on the phone with him!!! lol.. Bottomline, if the numbers work, your risk is low.

I brought one of my buddies over to this one because it has a large lot and you may be able to build another house! After talking numbers, it would be tight because to build a 1080 sqft house is about 80k, and we probably couldn't sell it for over 100k because of the area. He does this in the nice areas and make tons of cash.

The rehab on the existing house is simply amazing. I estimate you have to replace 80% of the drywall, and you can't keep anything in the house. Everything has to go!

The guy offering this is trying to wholesale, and got it from door knocking from a preforeclosure list. Umm... That's what I do!

Anyway, he's asking for 80k, if I can buy it for 65k, the numbers work.

Do I have a chance? We'll see.
|| Bginvestor, 7:03 AM

1 Comments:

How does your buddy build houses? Does he have a contractor that gives him a good price, or does he contract the work himself? I wonder--how much would he normally make building houses in empty lots? I've been thinking about doing that very thing here. My partner could be the general contractor, if we could free him from his day job. I've even thought about buying a bunch of empty lots and bringing in manufactured homes (not trailers), if I could get them at a good price.
Blogger Trisha#1, at 8:31 AM  

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