The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: taekvideo on February 05, 2014, 09:53:48 PM
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It's a foreclosure and should be closing in a couple weeks.
Both excited and nervous about it hah
Sale price: $60,000
Square feet: 1750
Year: 1900
Bed: 4
Bath: 2
Lot: 8000 sf
Way more space than I need right now but I plan on renting out the extra rooms.
Plumbing/electrical/roof/furnace/etc are all recently updated and in great shape. The inspector didn't find any major problems, just a couple minor/cosmetic things I can easily fix myself.
It's in my Iowa hometown, a mid-sized 40k population town with low crime rates and good schools.
Located in an older neighborhood 2 blocks from the public library near downtown (I work as an online math tutor and plan on starting in-person freelance tutoring, so having the library to do that at will be helpful).
Also 2 miles from an Aldi, and the same distance to my parents' place.
It was last sold for $110k in 2007 (and the credit union's appraiser put it at $80k now), so I think I'm getting a great deal :)
What do you guys think?
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Wow, sounds like a great deal! How do you tutor online?
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Wow, sounds like a great deal! How do you tutor online?
Through tutor.com
It's a wonderful job but the pay isn't the greatest... certainly not worthy of my master's degree =\
I could still retire in my 40's even if that's all I did, so it's a great baseline.. but I'm going to try out some freelancing (tutoring and computer repair) and hopefully hit FI a lot earlier.
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Wow, that sounds ideal!
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Sounds like a deal with all the upgrades. The real way to compare is with comparable comps as well as to how well the whole area/market is doing.