Sounds crazy, but it is legitimate.
I came across an ad that stated the house is free, but it needs to be moved. If you can move it you can have it. So, I went to take a look at it and figured it would probably be best suited for fire fighting practice, it wasn't. The house is actually nicer than the house I am living in.
Here is what I have figured out so far.
Building movers $20K
Acreage 1.6ac lot $10K
Utility hook ups $10K
Foundation for house $10K
Misc. repairs after move 5K
Closing costs for construction loan $5K
This house on a small acreage should easily sell for $100 - 110K. Am I missing something or is this an investment worth pursuing? If it didn't sell, I could rent it out for somewhere in the $800/mo range.
I bet there's a house already for sale in the same area as your theoretical acreage, for $60k. Just sayin'. A lot of things need to go just right in your scenario, and it would only take one of those things to not go right for the whole idea to fail.
That sort of challenge should perhaps be left to those who are already experienced in every aspect?
On the other hand, if you worked out such a property would end up being worth $150k+ and rent out for $1000/m, maybe THEN get out your magnifying glass to look at the numbers more closely? Cheers...
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