The Search For Property #2
April 18th, 2006 by Grant in: Real Estate
I’m getting closer to finding my second investment property. Today I went through a house that’s in the same area as my first one, and it has a ton of potential.
The foundation looked structurally sound, and I didn’t see any signs of mold or wood rot. There is a lot of work to do in the house, but nothing that’s out of my reach. The carpet is in terrible shape, but pulling up a corner revealed some nice hardwood floors.
The property is currently owned by a corporation, and given the work that needs to be done; they’re still asking a bit much for a house that isn’t even close to move-in condition. They’ve been coming down in price each month for the last few months, and it’s been on the market since the beginning of the year. I’ll let them squirm when they make their next mortgage payment, and if they bring the price down some more I might make a move.
In the mean time, I’ll line up a meeting with my banker to discuss finances…
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