Re: cheap 1 bedroom worth it??? - Posted by Michael(KCMO)
Posted by Michael(KCMO) on May 10, 2007 at 23:18:17:
A one bedroom, huh? I just bought one of those - my first 1-bed. I don’t see many of them around. Of those that I do see, most of them are older. Mine is a '74.
It’ll probably be harder to sell than a 2-bed but I bought it for several reasons:
- Work needed is only one door & one window replaced, plus a few minor, minor things.
- I only paid $890 for it.
- I recently had an older ('76) crappy little 3-bed for sale. Wanted to blow it out quickly so I ran an ad for $5,950 financed. I got a GREAT response at that price point. I just closed the sale of that 3-bed this evening.
So I figure if I can blow this 1-bed out quickly for about $6,500 (it’s in better shape than the crappy 3-bed) at $500 dn & $200-250/month then it ought to be a pretty safe bet. Not the greatest deal in terms of total profit but quick, simple & stress-free.
If there’s no interest in a 1-bed I have a couple of options:
- It’s a front dining room which was being used as a bedroom by the seller I bought it from. It works fairly well for that and would be an easy enough concept to sell to a potential buyer,
- (and this was really the main point of my whole post, before I got distracted) It used to be a 2-bed. They took out 2 walls to make an extra large living room. If buyers REALLY have a problem w/ a 1-bed I’ll just put 2 walls and a door back in and, Presto!, it’s a 2 bedroom again and ought to move very quickly at that lower price point.
Bear in mind, this is in my pet park where I’ve been working for over 3 years now. I’m very familiar with the market in this park. If it were somewhere new I might not have bought a 1-bed.
Hope something in there helped,