Patience can payoff big time...

[Darrell Lee]

I first looked at a Rutland, Vt 7br/2ba 3,100s.f. 1/4 acre corner lot, slate roof Victorian home with all it's original architectural features intact about 7-8 months ago I first bid on it. It was a bank reo auction deal and my stop limit back then was about $57k, they wanted over $71k which I refused. Every couple of months, I'd look at it as they lowered their reserve price, I'd lower my bid price. I bid $44k, rejected. I bid $41k rejected. I bid $35k rejected. Then finally they put it on the market for $33k and I offered $29k and surprise! They accepted the offer!

http://on.fb.me/1RpkBdl

Typical bank reo, not financeable so only cash buyers. So obviously I was stoked to get the house at such a bargain. I think it is assessed for around $141k and previously sold for $145 in 2004. I plan to update the kitchen and add a master en suite and a 2nd upstairs bath sacrificing 2 bedrooms making it into a 5br 3.5ba home. Probably $30-40k in renovation and remodeling costs, I think that should bring the house up to the $175k value.

http://www.zillow.com/homedetails/375-West-St-Rutl...

Your thoughts?