Last night one of my searches popped up a HUD home in Tempe, a college suburb which is always a great rental market due to Arizona State University.
So I spend a few minutes running comps, and this home is listed at $50,000 below the market. Now I'm sure it needs some serious rehab, so I am meeting my contractor at the property later today, and plan to put in a bid depending on what we decide.
If it all works out, I will pay around $85,000 for this home, put $5,000 or so in it, and it should sell for $140,000 or a little less. After my buying commission and because I will list it, I have the potential to make around $45,000-$50,000 on this deal.
Why am I telling you this?
Because I want YOU to be an INVESTOR in the market. YOU have access to the MLS system, you have all the tools you could ever ask for, a network of people to help you (attorneys, contractors, title folks...)
If this deal works out (and I have done a bunch similar to it), I will get a "commission" as though I sold a million dollar home, except I didn't have to do any marketing to get the listing or buyer.
Your success is in YOUR hands, you can keep doing what you always do or you can try something different!
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