One of my financial goals for 2009 was to purchase an additional investment property. After yesterday, I may just be one step closer.
I've been searching for additional properties for months. Due to the poor housing market, there are thousands of properties available for deep, deep discounts. There are numerous properties in the Atlanta area that can be purchased for less than $10,000. Most of them require a lot of work. The one's that don't require a lot of work are getting snapped up quickly. I finally found one close to home for a great price and it does not need a lot of work.
Here's what it looks like: Here are the details:
- Listed for $24,500. Bank Owned.
- 2 bedrooms, 2.5 baths. Built in 1988. Brick front.
- Originally sold for $112,000 back in September 2005.
- I would estimate it needs roughly $2000 in repairs.
- Estimated market value - $89,000
- Next door to a YMCA, close to shopping, close to the interstate and on the bus line.
- Rents in the area are $650-850.
My agent put in an offer to the bank of $22,000 plus closing costs, a $3500 carpet allowance (I plan to have it cleaned before I replace it) and a home warranty.