Wow, this will be the fourth post in a single day, a new record. Well, this one has to do with Ferret Real Estate and my next property. While I love the fact that Ronnie Mud is giving Prius and Condi a hassle for their payment, I still have to keep good relations with them. A while back, Prius told me that there was a property they will have the listing for that I may be interested in. I know she’s an idiot and all, but she was right: I am interested.
This is a 6 unit building, Prospective Property Delta #1 (or PPD #1). I haven’t been inside the place because they still haven’t got the listing yet, but one can clearly see the place needs work. It has some trailer trash tenants in there right now, but the potential is great. A large part of its potential has to do with this:
See that building on the left? That’s my property Charlie. PPD #1 is right around the corner from property Charlie. If I bought PPD #1, I would own that entire corner. I mean, look at the size of that lot! I remember parking my car there and just thinking of all the possibilities for that lot. I could pave the entire empty lot and turn it into 10 parking spaces for both buildings. I can fence it in and even put those really cool looking light posts at each corner. Can one imagine how awesome that would be?? It would be like playing Monopoly and owning a corner of the board! (I’m 12-0 lifetime in Monopoly, btw)
The chance to play Monopoly in real life makes this a very desirable property for me. Because it needs work, I don’t think anyone will buy it and that gives me an advantage. I spoke to Ronnie Mud about it during my final walkthrough, and he said the owner is 92 years old and a friend of his. This gives me another advantage. Ronnie also mentioned that the owner might be looking for a higher price since his lot is big, but I’m going to let him test out the market to see just how much a “big lot” is worth when the property on it will need at least $20,000 for interior repairs alone. The investors of today are looking for the quick deal that can make quick bucks because the housing market is still unstable. It’s the reason why property Charlie was on the market for so long. Investors like me who can clearly see potential in properties like this aren’t on the market right now, so I have a very good chance of getting this property at a discount.
I have yet to see the inside of it, but it’s safe to say that PPD #1 is the clear favorite for my next property. So I'll have to keep good relations with the beasts of Ferret Real Estate until my business with PPD #1 is concluded. If priced right, this property can make me at least $2,200 per month, and that one corner can end up making me $3500-$4000 with the income from the two buildings. Definitely a clear favorite.
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| PPD #1 |
This is a 6 unit building, Prospective Property Delta #1 (or PPD #1). I haven’t been inside the place because they still haven’t got the listing yet, but one can clearly see the place needs work. It has some trailer trash tenants in there right now, but the potential is great. A large part of its potential has to do with this:
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| PPD #1 on the right, Charlie on the left |
The chance to play Monopoly in real life makes this a very desirable property for me. Because it needs work, I don’t think anyone will buy it and that gives me an advantage. I spoke to Ronnie Mud about it during my final walkthrough, and he said the owner is 92 years old and a friend of his. This gives me another advantage. Ronnie also mentioned that the owner might be looking for a higher price since his lot is big, but I’m going to let him test out the market to see just how much a “big lot” is worth when the property on it will need at least $20,000 for interior repairs alone. The investors of today are looking for the quick deal that can make quick bucks because the housing market is still unstable. It’s the reason why property Charlie was on the market for so long. Investors like me who can clearly see potential in properties like this aren’t on the market right now, so I have a very good chance of getting this property at a discount.
I have yet to see the inside of it, but it’s safe to say that PPD #1 is the clear favorite for my next property. So I'll have to keep good relations with the beasts of Ferret Real Estate until my business with PPD #1 is concluded. If priced right, this property can make me at least $2,200 per month, and that one corner can end up making me $3500-$4000 with the income from the two buildings. Definitely a clear favorite.
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