My wife and I were originally looking for a smaller house on a couple of acres that will accomadate our boats, campers, and other toys. And actually, we were finding homes that suited our needs, but were just not right. A realtor called us back with a new listing (her's) a couple of days after we explored open houses.
2700 ft on 10 acres, 2 half acre ponds, deer, turkey, atv riding. The exterior needs a roof and siding but, the interior is cleaner than any rehab project we have ever seen. In fact, you could move right into it now. It is extremely dated; however it is not tore up like we are accustomed to seeing in projects.
I am not experienced in comping land. Using county appraisals and what comps I can find I place the ARV between $300k and $350k. I have the rehab at $60k. To make the wife happy it is closer to $80k.
It was listed at $185K. It has been on the market at $500k before. I have it under contract for $130,000!!!!!
It will close in a couple of weeks. We are putting the current residence up for sale. When it sells and all of the smoke clears, besides living in a place I have never dreamed of, we will have reduced the monthly budget by $300 per month. Also, we will have enough cash left over from equity in our current home to pay off our vehicles and put an additional $1100 per month in the bank.
I am conserveative enough to know not to be counting chickens in the eggs. But, I am pumped. This is one of those deals you see on TV and proves the business is viable. We have even considered flipping it after a couple of years for an additional $100 grand or more in the bank.
Thanks BP nation for shareing the knowledge. Without it, we would have just bought another ready made retail house and wondered how we were going to make it to retirement. I hope Jeff Brown (Bald Guy) sees this post. This ain't nothing like he and I have discussed.
Fantastic find Don! Congrats on this deal, is outside Little Rock? Forget trying to assess the value of the additional land....you did good! If it had been listed at 500K it's not next to the city dump! Good luck....
Wow! BigTime congrats, Don! I am so very happy for you and your wife. Sounds like you found the perfect situation. It's this sorta post that makes my day. Jeff
Thanks for sharing and inspiring! Can't wait for my turn.
Thanks to all
Bill, it is in west Pulaski County about 9 miles from I 430 down Col Glenn.
Way to go Don. That is what you call applying what you have learned in the real world!
Well done Don! Looks like this could be a big boost for you!
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