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12-13-2006, 09:57 AM #1
Renter
- Join Date
- Dec 2006
- Posts
- 1
Need Creative Investment Ideas!
HI-
I am looking for some creative ideas for generating income from a residentual home. I have the oppurtunity to purchase a 4br 2ba home on 1/2 acre with a 3 stall garage just outside a city of about 60,000 people. The home currently appraises for $180,000 and I can purchase it for $130,000. I am not planning on living in the home, so I would like to rent it out. The rental market in my area, like most areas im guessing, is very soft. I estimate the payment to be around $1,200 a month and this type of home would normally rent for $900 - $1100.
Does anyone have any creative suggestions for making the $1300 a month I need to cover my expenses. My plans are to do the cosmetic work over the winter and put it back on the market this spring at a price of about $165,000 to $175,000. But I would like to cover the payments until I can sell it in about 6 months.
A Thank You in advance-
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12-14-2006, 01:18 PM #2
Moderator
- Join Date
- Feb 2005
- Location
- Auckland, New Zealand
- Posts
- 222
Can you put a minor dwelling or second house on the site? 1/2 is large and you would be able to get a good gain that way. You'll need to check with the local authorities and make sure it won't be out of place in that community.
It takes work but that's the name of the game
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