Final Real Estate Deals of 2009

In the final days of 2009 there were some really great deals to be made, but as all things time sensative go, you can't be everywhere at once.  Here we highlight some properties acquired, offer some money saving tips and disclose some missed opportunities.
                                            
In our final weeks of 2009 real estate investing here are a few tidbits of what we obtained in our little market area of Citrus County Florida.
                                                            
Contacted by local realtor which we have done business with for almost 6 years who was estatic about a property in Citrus Springs which was being held in trust.  Took a look, 2006 block built 3400sqft under roof, 4 bedroom 3 bath 3 car. We paid $91,600 and the home needs less than $10,000 in repairs.  Property is assessed at $190,000 with area comps showing possible resell at $156,000. 
                                                            
The repairs consist of: 
                   
appliances  which we will purchase out of box or scratch and dent at Lowe's.  They typically put these out on the same day every week.  Once they are out on the floor we typically ask the store manager for additional discounts due to purchasing an entire set of appliances.  You can also play ping-pong with Lowe's and Home Depot since they typically despise each other.  "Here is a comp or same model at Home Depot with the price, look at the pic on my phone.  We were just there and the store manager John Marcus said we could purchase it today for -----, I thought you offered a better price guarantee?  We purchase a lot of appliances from your store and are buying an entire set of kitchen appliances."  The third option is to search the newspaper or Craigslist.  
                                                            
paint in 3 interior rooms.  We look for Home Depot mis tint paint which is usually located in the front of the store.  The paint is deeply discounted and used as an undercoat to cover up ugly deep room colors.  If the room is exceptionally dark, it may take multiple coats.  So, mix the mis tints together before painting.  If you paint one wall with one mis tint and then another with a different mis tint color then your final coat will look uneven.     
                                                            
kitchen cabinets 2 of the base cabinets and 2 overhead cabinets need replacing.  We normally go straight to the nearest Lowe's, get a price and then make our way to Home Depot to barter for a lesser price on the cabinets.  In this instance, we located a sticker in one of the cabinets and contacted the local manufacturer directly.  By only replacing the cabinets necessary, it will save about 60% of the price of replacing them all.  Since the home was built by Maronda the cabinet builder had an inhouse supply.  
                                                            
exterior ac unit from the newspaper we purchased a unit 2 years old for about 30% of the new price.
                                                 
                                                                   
                                                            Deal 2
1987 block built, 2bed 1 bath 2 car 1700sqft under roof,  on 1 acre.  By searching the county records we found this gem was bank owned, did a drive by and found the yard unkept and by peering in windows it seemed the property needed some work.  A call to the realtor and the property was purchased for $36,000. The property needed less than $10,000 in repairs and we have a contract for $75,500 when we finish with the house.  
                                                  
Repairs needed:
carpet which we buy in bulk from Dalton Georgia manufacturer, 

well pump which we had to purchase at retail price,

interior and exterior paint used mis tints,

slight roof repair utilized the local day labor,

12 sheets of interior drywall.
                                                  
We ripped down and removed the drywall and applied the texture and paint.  We hired day labor to hang and tape.  By conducting much of the work ourselves and utilizing day labor we saved about 60% of the cost of hiring a contractor.   
                                                  
Where to find day labor?  Search/take out an add in the local newspaper or advertise your small jobs on Craigslist. 
                                                  
"Day Labor Needed, 12 sheets drywall, hang and finish.  Dunnellon, cash paid when finished.  Materials already on site.  Many other jobs available.  Call----"
                                                 
                                                  Deal 3
Tax Deed, corner lot $2,000.  Very nice property surrounded by homes, paved road frontage, all utilities available.  Property in the area reselling at $5-$6,000.  We will likely hold this property until the prices go up.  Before the big boom days these lots were selling in the $8-10,000 range and during the bubble these lots were selling at the tax deed auction for $25,000-$32,000- ouch for those who purchased at that price. 
                                                 
                                                  MISSED OPPORTUNITY:
18 buildable 1 acre lots-$3,200 per parcel with paved road frontage, utilities available possible resell at $7,500 per acre 
                                                  
 7acre buildable parcel, "client purchased at tax deed sale" for $6,700  possible resell at 300% ROI. 
                                                  
2005 3/2 pool home block built for $34,000 needed $5-$8k in repairs possible resell at $62,000.  
                                                  
Don't cry over spilled milk and never ponder on missed opportunities, strive to better utilize those around you and take advantage of opportunities you find.