An update on our last deal
A couple of weeks ago, I told you all about a 3BR/1BA Colonial-style house that sat next to golf course.
Everything looked great this part of town is well sought after for well-built homes. But, as I did my due diligence, something became quite apparent… Unless I am going to either sell this house to Newlyweds & College Students or rent to Newlyweds & College Students, I will have a tough time making money off of this house.
My target audience or market has been severely cut back due to the fact that it has only 1 bathroom.
I could potentially by it on the cheap, pull the equity out within six months and just hope I get a renter or immediately put it back on the market. This lets me realize some pretty quick cash, but it also increases my liabilities while it sits unoccupied. In this housing market, that is something I am going to avoid.
After talking with my RE agent about the area and prospects for the house, I decided to just walk away from the deal.
This deal is officially closed.
On to the next one!
