Front
Acquired July 2004 / Sold August 2004
HOW I ACQUIRED THIS PROPERTY
This was a buy at the public auction. It's another case of bidding without seeing the home. It seemed like a very safe buy because the house was only 2-years old at the time. I knew I would not have to worry about the roof, AC, structure, plumbing, wiring, and the kind of problems inherent in older homes. I reasoned that paint, new flooring, and clean-up would be my only expenses.
I went to the house the next day and learned the owner had vacated. I quick call to the lock smith and I was in the house. I was excited to see the house was in very good shape with the exception of a broken dual pane window in the great room (some neighborhood vandals). The house even had a newer refrigerator, washer, and dryer.
BUT there was an initial problem: the tax records indicated a pool AND THERE WAS NO POOL. This kind of "freaked me out," if you will, because my comps were based on a pool worth between $7,500 to $10,000. God was looking out for me because none of the flooring had to be replaced and the walls needed only touch up paint. It was also a time when the market was starting to escalate and the value of the house was starting to rise. When all was said and done -- $10,000 profit.
THE FRONT
Desert landscaping made this relatively easy. Pulling weeds and trimming bushes was all that was needed.
