The 2,500 House Purchase!

[Darius Kellar]

Short Story 

On a late Saturday I was standing in my driveway when I got a notification email for a listing for sale which was 101 S. Sanford Pontiac MI of a 2,500.00 asking price. Yes lol, twenty five hundred dollars. During this time the market was hot for buyers and I knew that this would sell quick. Because I knew the area well I immediately knew this was a Great Deal and called my realtor to submit a contingent offer of 2,500 without even walking through.

Specs

The house needed some work. The Rehab alone was nearly 23K. Fast forward to now which is 4 years later. I just bought the lot next door for 255 dollars. The lot was so cheat because it was not build-able unless it was a joined parcel. So now my house sits on a triple lot. The ARV for the home is 80K to 90K.

The way I approach real estate in my market was to buy all properties near empty lots, Because I knew that eventually they will build next door which will really scale the rent up and value of my investments. 

I still believe there are gems out there even in a market like this.

Below is a link to the zillow. it is not updated at all. 

 https://www.zillow.com/homes/for_sale/24410986_zpid/42.672654,-83.201609,42.597639,-83.347521_rect/12_zm/1_fr/?view=public

I own from the edge of the driveway (far right) to the edge of the home next door. 

[Darius Kellar]

@Frank Geiger

Thanks.

Rent is currently 950 and tenant pays all the utilities.  During the time i was investing, I was a night janitor so getting loans to purchaser property was tuff.  Since the time that I bought this, Unity Park Construction built 32 new homes in the neighborhood in the price range of 179K as a revitalization project.