What criteria do you use to decide if property would be profitable in the future?
I can see the potential for houses (I see them “perfect” not the way they are now) but I’m having trouble with “land”.
I passed by this property the other day (2+ acres!!!). The lot is narrow but deep. House built in 1940s (so it has plaster walls!!), 2 bedrooms, one bath & a basement. One owner but the property collected STUFF. There is an outbuilding or 2. One side of the property is a new “ick” subdivision. The otherside has a small house on acreage & horses. Across the street is another larger house w/acreage & forest preserve.
I know soil contamination is a possibility (junky cars & maybe appliances too?) but lots of the stuff has already been hauled away (2 BIG dumpsters!). The narrow & deep property could be a problem, correct? I’m thinking of the acreage right now ( I am a gardener) but maybe selling for profit in my waning years <g>.
What other things am I missing?
Giant red-eyed bugs soon to emerge…22 MAY!! In the meantime, I’m consoling myself w/Red Admirals.
Replies
Good morning plantlust.
For your information,
This post, in response to your question, will bump the thread through the 'recent discussion' listing again which will increase it's viewing.
Perhaps it will catch someone's attention that can help you with advice.
Cheers
-Thoreau's Walden
When flipping, you make your money when you buy the house. You just can't collect it till you sell.
So, the most important factor in the profitability, is the purchase price and terms. The second might be financing, taxes and insurance costs, depending on your ability to pay cash or not. Or it might be your ability to estimate the renovation costs, combined with your luck in not running into "unforseen" problems.
Support our Troops. Bring them home. Now. And pray that at least some of the buildings in the green zone have flat roofs, with a stairway.
How many feet of frontage? In what economic direction is the area headed? How fast? Is the little horse operation likely to get sold to a developer, leaving you squeezed between two similar subdivisions? IMO, road frontage is the big question when other things are uncertain. It's importance to future value cannot be underestimated.
bump
be whatt'er you doin'?Not that all architectural ornament is to be neglected even in the rudest periods; but let our houses first be lined with beauty, where they come in contact with our lives, like the tenement of the shellfish, and not overlaid with it. But, alas! I have been inside one or two of them, and know what they are lined with. -Thoreau's Walden