Full disclosure - I am a big believer of not buying $30k pigs. Against the sound advice of
@Ben Leybovich I like to dabble in low C class every once in a while. Usually a quick turn and then an owner finance to an investor or I'll rent it out until I get tired of the tenant class. During the hot summer months in AZ we like to escape to the mountains and in my boredom I will bid on properties at trustee sales. If the purchase price and risk is low then I'm fine buying site unseen. So I purchased a pig for $25k which would rent for around $650. Completely forgot about it until this morning and sent one of my handymen out to access the remodel. Here are the pics he sent back:
After wiping my tears I couldn't help but laugh. Note to self
DON'T buy site unseen.
DON'T buy pigs.
Find something better to do than buying random houses. Boredom has a price:)
You did forget, didn't you? You never mentioned this PIG to me...LOL
So what - needs roof, windows, HVAC, fixtures, paint in and out, water heater - that's $17,000-$20,000. And then there's strucural, plumbing, elevtric, kitchen, baths...
What - $65,000 all in? Whats it worth?
Yeah @Ben Leybovich I keep my addiction to myself:) Actually its not so bad. Roof and HVAC look ok and the fire was small and contained to the front room. I'm not going to mess with that remodel. Passed along the deal to an associate investor with a phone call, made my $1000 "wholesale" fee and moved on to the next. So I guess wholesaling isn't dead:) Its a $70k ARV so there is still some room. I thought that sign on the front was classic 1-800 DISASTER. Might as well say hey Schmuck, you just bought a PIG.
Moses is shaking his head right about now, sayin - I lead these schmucks out of the freakin desert and this is how they behave...trading pigs...it ain't kosher...should have left them in the freakin desert!
Originally posted by @Serge S. :
Richard Dunlop is that covered under Obamacare? I think this is a pre-existing condition is it not?
...The neighboring renters always seem to have a radar for vacant property. I have two homes left in this neighborhood and they have vandalism literally the day of move out...
I think it's covered...
Yeah, They see the UHAUL truck in the driveway. Come back the same night. It's not worth the effort to try to have a rental in a neighborhood like that.
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.