Today I finally reached the agent for a property my partner and I looked at yesterday in St. Petersburg. It had been on the market 3 days and looked perfect. It was a bank owned that needed an AC, flooring, dry wall and some cabinet and counter work in the kitchen. It also had an above ground pool and deck that needed to be taken away. List price: $79,900. According to the comps, based on square footage, in market condition it should get $170+ and for a quick sale could have been sold at $155. It's a 4/2/1 and would need about $20k in repairs.
Unfortunately, you have to move very quickly when you find these deals. We had lost out before we began. By the time we looked at the house, there had been seven offers and the bank had agreed to one of them. Normally I would have talked to the agent before going out to the property, but because it was a holiday weekend, the agent was out of town and could not be reached right away.
If you're thinking about buying a cheap home in an area that will make you some money or be a fairly safe investment, you will have to move quickly. Investing is not an emotional purchase. Oh well, where's the next one? If you would like to get involved or just buy yourself a home, call me at 727-459-5460.
By the way, check me out on Twitter at http://www.twitter.com/budcooke. If you want to generate more traffic for your business and you use Twitter, try ViralFloowers at http://viralfollowers.com/BudCooke/vu/. They will help grow your followers exponentially.
Bud Cooke, GRI, e-PRO®, Charles Rutenberg Realty, Inc. Serving Pinellas County, Florida and the Gulf Beaches
Visit us at http://www.Selling-Pinellas.com, & http://www.BudCooke.com. Write to Bud@BudCooke.com or call at 727-459-5460.