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.
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