The good, the bad and the ugly.
We start phase two and my mortgage free small farm plan.
The sole purpose of this phase house is to flip it.
Buy a house. Purchase it at a rock bottom price, or as close as I can to a rock bottom price. Live there, prettify it, sell it with a profit.
Doing so quickly. Maybe harder to do in real life.
I don't expect to make major money doing this, so it may take me a few flip houses to get to where I want to be.
Phase two homes must meet certain criterias.
Have good bones, clean, decent location, manageable landscaping and preferably three bedrooms.
Also important is my crew. Over this past year, I have built up relationships with trades people to help me achieve all the phases I maybe going through until I can reach my goal.
They are handyman, painter, plumber, electrician, lawyer and real estate agent.
This week I took one day out and viewed 4 homes.
Three were no's and one was a contender. A nice home, something to consider and compare to homes I will be viewing over the next little while.
Let's look at the first three homes that I declined.
Got excited about this 3 bedroom rancher. Priced at $109,000
Unfortunately part of the roof decayed, water got in, damaged the inside and had intense mould.
I don't do large mould problems.
House # 2. $49,000
Nice price, good location, needed work, but in the end I walked away from it.
However, there was just something about it that was right.
It would make for a good investment property if all fixed up. Still don't think I would live there, but the consideration is there to purchase for an investment property. Just a thought anyway.
Have a look, you can see the potential.