BiggerPockets

Almost everyone has been affected by the real estate market. Many have lost their homes. There are many foreclosed homes on the market that have been neglected. They are selling for drastically reduced prices!!!

My husband and I live next to a property that has been foreclosed. We have prepared blue prints and have obtained estimates for renovations. We estimate the cost of purchasing the property and renovations to be around $100K. Once the renovations are complete we estimate the property to be worth around $150K. In order to ensure a quick closing we estimate to sell the property for $130K. That’s a 30K return in a couple of months!! The property sits on two lots. My husband and I are willing to do all the work in exchange for the vacant lot. Also, we have a prospective buyer once the property is renovated. The buyer is eligible for the first time home buyer tax credit. Therefore the project would have to be completed no later than November 30, 2009.

My husband is a carpenter contractor with experience in excess of 10 years. I work for an attorney specializing in intellectual property, but also do real estate closings. I also obtained by paralegal degree in 2006. I have been working for my employer in excess of 8 years. I have unlimited access to legal counsel and representation. Also, my husband and I built our house from the ground up. We have accounts set up with all suppliers required to do such renovations. Also, we have worked with the county on several occasions in regard to permits, inspections, and certificates of occupancy.

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