So I bought my first investment property in September, a HUD house. I am going to post the whole thing after the rehab is done. However speaking with my contractor today,
I got some news.
But first, I was listening to podcast 103 I believe, where the interviewee mentioned he once bought a tax lien house but not all the property it sat on. The advice was read the legal description of the property, not just the address.
I thought “hmm, I didn’t do that”
Anyway, my lot is twice as large as I had expected. I can’t subdivide due to the utility right of way. I can however build a back drive way and additional parking for the property, which will make it a lot easier to rent.
Due your due diligence. I’ll always check out the plot map now. But, even a blind squirrel finds a nut now and then.
@Pat Jackson sure sounds like you lucked out there and the important thing is you understand this moving forward to your future deals. So much goes into a real estate deal and I am not even aware of the totality of it all yet being a newbie. Always good to be reminded of how things can hinge on something you hadn't considered and what the implications of that may be on both sides of the fence.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.