All Forum Posts by: Erica Redcross

One word: FEAR.  I've looked at tons of houses, and I let fear of the unknown stop me from making an offer.  I take a marble with me to look at the properties, and if the marble rolls like crazy, I say deuces and I'm out of there.  I know other people are buying these properties and making them work (I see them going under contract days after I look at them), but I just can't bring myself to buy a property with foundation issues or sloped floors.  I looked at a house that had pressed board floor joists (floor in kitchen had major marble-roll) and it scared the bejeezus out of me.  I couldn't get out of there fast enough, despite the fact that the house is in a highly desirable area.  I've had better luck finding other properties to look at that don't appear to have flooring issues, and I even made an offer on one, only to find out that it's under conservatorship and could take forever to get a response to my offer.  The next one I'm interested in buying? I find out that it's a secret short sale.  Wonk, wonk....  I looked at one a couple of weeks ago that was a great option, but I took too long to run the numbers and within a day of me looking at it, someone else put in under contract.  Lesson learned.  I'm analyzing another property right now that will need quite a bit of work, but it's in a great location.  The other houses around it are newer, in better condition and worth a lot more money.  I'm thinking that if I do it right, it will sell for about $50k less than the next lowest price home on the street and I can still make a profit, but that's only if I can buy it for about $20-$30k under asking price.  The house reeks of cat urine (money for me!) and needs total gut of kitchen and bathroom.  Any thoughts or suggestions?

Congratulations Neo, that's very exciting!  What are you planning to do with the property?  I'm a newbie investor in central CT and looking for my first deal as well.  I would love to hear your ideas and follow your progress.