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Updated over 16 years ago, 05/25/2008

User Stats

102
Posts
9
Votes
Donald M.
  • Real Estate Investor
  • Boston, MA
9
Votes |
102
Posts

50% off Market Value?

Donald M.
  • Real Estate Investor
  • Boston, MA
Posted

I'm reading the book How to Find Hidden Real Estate Bargains by Robert Irwin and in the first chapter he mentions the possibility of buying a property at 50% off the market value.

I am moving to a very expensive big city and am looking for a place to purchase as a personal residence. In order for me to achieve my goal of homeownership, I am going to have to be very creative in finding an affordable place that is somewhat close to my place of work. I plan to look at homes close to foreclosing, foreclosed homes, tax deed auctions, and probably other areas. Is finding a place at 50% off reasonable? This number resonates with me not only because Irwin mentions it and states unequivocally that it is indeed possible, but also because I happened to read a stock market book a couple months ago by an author who describes his strategy of only buying stocks at 50% off the market value, and it will make a big difference to me in terms of quality of life and location because real estate is so expensive in this area. My strategy would be to double what I can afford and then focus on neighborhoods in those price ranges and then look for bargain opportunities. Am I going about this the right way? Any input appreciated!

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