Updated almost 11 years ago on . Most recent reply
I'm fairly new to BP.... I'm under way now!
I have goals with my Investment Properties, I'd like to buy and hold at least 10 properties so that when I retire, I'll have that income, but don't really aspire to own hundreds of properties.
That said, late last year I ran across some vacant lots on the Land Bank (Post Tax Sale subdivision lots) at an incredible price. The lots were very hard to fit type narrow lots with easements running back and forth through them (4 lots). BUT, my day job (currently) is designing new homes, so before I bought them, I drew out a couple of possible floor plans to see if I could fit decent houses on these lots, and did! SO, I bought the lots and have started construction on my first "rent house". It will be brand new of course, but because I was able to get the lots at $.10 on the $1, I couldn't pass them up! I saved roughly $20k on each lot and am building the house(s) for roughly $55 p.s.f.
The first one is almost finished and is GORGEOUS! I can see the beginnings of "the light at the end of the tunnel!
I look forward to doing the other houses and now that I know the ropes... well, sort of, I hope to do more of this in the near future!
Janne