In today’s post, Julie Broad of RevNYou tells us how a reality check has made her over $100,000 . . .
The best real estate investors can spot opportunities where others just see problems. They can see past bad décor and overgrown yards. They see trends emerging and can get ahead of them to make money before most people realize the trend is here.
Sometimes experienced real estate investors miss really obvious opportunities.
I know, because I almost missed out on a deal that’s made us $100,000 and counting!
I’m talking about a little house that looked more like a tool shed than a dwelling. It’s just a 600 square foot wood structure that sits on a concrete slab – there’s no basement and no garage.
When my husband took me to see the property, I had visions of constant repairs and never-ending tenant troubles. I really couldn’t imagine living there and figured it was a waste of time to even think about buying it.
But my husband told me to do a reality check – because there were a lot of reasons to like the deal. That area, and specifically within a block of this property, is being totally redeveloped with mixed use properties. We were going to be able to pick the property up without using any of our money, and it was one of the cheapest properties we’d ever seen listed in the City.