Hot Bargain Property May 26th, 2008
Cheap Lender Owned Remodeler's Project in Great Neighborhood!
General: La Mesa, 3 Bedroom 1.75 Bathroom
What's Wrong With It: Yards are down to bare soil - need sod. Pool in backyard needs refinishing. Kitchen has been torn apart, and is not currently usable. Everything in the property is thirty years old, at least.
Why It Hasn't Sold: Currently unsightly, to say the least. Also, it may be an issue getting a conventional residential loan before the kitchen is fixed.
Who it's Not Appropriate For: Anyone who wants a turnkey place to live in. If you live in it, you're going to have to "rough it" for a while.
Selling Points: Good light, seems basically solid structurally.
Who Should be Interested: People willing to but some sweat into the property that will be repaid when it's finished.
Why it's a Bargain: Lender owned, and most people can't see that the property is in a state you'd have to take it to in order to remodel.
What I think I can get it for: $270,000.
Monthly Payment examples: I'm going to leave those off, this time, because we might not be able to get a residential loan at first.
Investment potential: If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $270,000 the property would be worth approximately $440,000.
To learn more: Agree that you'll use me as a buyer's agent if you buy it. If you don't like it or don't buy it, no obligation is incurred. If you're not working with someone who will go out and find properties like this, maybe you should consider working with me instead!
Dan Melson, Buyer's Agent
Action Realty Inc
9143 Mission Gorge Road, Suite A
Santee, CA 92071
619-449-0723 X 116
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