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GT Bulmer wrote:Hi, Barbara:
It would be tempting to take advantage of such an opportunity. But prospective investors should think ahead and draw up a plan before doing it.
I would look at:
- the condition of the house: if structurally it is about to crumble into the ground, then all you are buying is the lot. Or if it needs major reconditioning, is the cheap price still worth it?
- the location: is it in a depressed part of town where homes and properties are largely derelict and vacant, and squatting and vandalism are predominant? Will you be able to keep an eye on it to prevent vandalism? It could be a concern unless you are going to move in.
- the purchase requirements: sometimes, the deal is that you HAVE to renovate within a certain period of time, or you HAVE to move in and live there for a period of time.
Just a ew things to think about.
JimmyDave wrote:Investors with their long term planing always be looking forward for such cheap investment projects. This is not a bad idea I think. One can take initiative on it and can earn handsome amount by doing small investment.
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