A big disappointment on a 'find' with a possible bright ending...
I've been on an emotional roller coaster for the past week, and it all has ended with a big disappointment.
There is a foreclosure house that I've been watching for about 2 years, and the place is a real diamond in the rough. I know a little more about this property than the average house buyer, and thought I could rehab the house to live in while splitting off some of the land to reap a handsome profit.
I've been negotiating all week with the new owner, who happens to be a house flipper. The price is right, but the house needs way too much expensive repair work, and I simply cannot make the numbers work for us, and with what we have to work with. (Too many details to write out on this forum). In short, it simply isn't worth the risk/reward in our situation.
While we were utterly disappointed...there is a bright spot:
I hit it off with the owner of the house, and he is going to call us on the next house clean out. In fact, he shares an office with 3 other real estate brokers who have been hauling all that stuff that is left in the houses they buy to the dump.
It made me sick to watch the clean out crew trash so much good stuff...stuff that we actively buy at auctions and garage sales for resale at the flea market. While this isn't glamorous stuff, I could have easily made $100 from the pile of planters they had stacked on the dump trailer.
I'm still looking for a way to make the property work for us, and I hope that I can build a relationship with these house flippers for a new source of flea market junk!!!!
I've been on an emotional roller coaster for the past week, and it all has ended with a big disappointment.
There is a foreclosure house that I've been watching for about 2 years, and the place is a real diamond in the rough. I know a little more about this property than the average house buyer, and thought I could rehab the house to live in while splitting off some of the land to reap a handsome profit.
I've been negotiating all week with the new owner, who happens to be a house flipper. The price is right, but the house needs way too much expensive repair work, and I simply cannot make the numbers work for us, and with what we have to work with. (Too many details to write out on this forum). In short, it simply isn't worth the risk/reward in our situation.
While we were utterly disappointed...there is a bright spot:
I hit it off with the owner of the house, and he is going to call us on the next house clean out. In fact, he shares an office with 3 other real estate brokers who have been hauling all that stuff that is left in the houses they buy to the dump.
It made me sick to watch the clean out crew trash so much good stuff...stuff that we actively buy at auctions and garage sales for resale at the flea market. While this isn't glamorous stuff, I could have easily made $100 from the pile of planters they had stacked on the dump trailer.
I'm still looking for a way to make the property work for us, and I hope that I can build a relationship with these house flippers for a new source of flea market junk!!!!
