I attended a house tour for investors last Sunday, led by Win3 Reality. Some of the houses were in rough areas I would not consider investing in. Other houses were in moderately good areas and fairly nice areas of Tucson. Of course, prices went up as you get into the nicer areas. Prices ranged from $144,900 to $193,00, but we were informed that the homeowners would probably take lower offers.
What impressed me the most was the technique that Win3 promotes to buy houses on bigger lots, and use the extra land to build a second rental house on the property. I have focused exclusively on fixing up houses and renting them out, but this technique opens up new possibilities worth thinking about. As long as I’m buying a property anyway, I might as well consider buying one that I can build a second house on.
In addition, Win3 has a whole infrastructure set up, with hard money lenders, a construction company that will build the cookie-cutter home just the size for your lot, and classes on how to handle all contingencies.
I will look into this more.
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