Dallas-Fort Worth Real Estate Investor Club

Should I bother with a 1 bedroom 1 bathroom cottage?

  • 07 Jul 2012 10:22 PM
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    Message # 1000339
    Michael Mixon
    I found a 1 bed 1 bath "cabin" near Lake Lewisville in my farm area.  I'm thinking this would be to difficult for me to move as my first investment property due to the fact that not many people will be looking for such a house.  I'm probably going to make contact anyways, if for no other reason than to expand my experience interviewing sellers.

    If I think I can make the deal work, should I pursue this?  Is there anything different about estimating a selling price on such a specific kind of property?  

    Also, if I do make contact, and think there may be room for a profit in the deal, but still feel unsure about my own skills, how likely would it be that another investor would be interested in purchasing it wholesale from me?  I'm sure if I could locate that one buyer who's looking for a lake house, it wouldn't be a big deal at all.  But such a buyer would definitely be in the minority of the population.

    Thanks in advance for all your wisdom.
  • 09 Jul 2012 8:22 AM
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    Reply # 1002356 on 1000339
    Jesus Galaviz

    If you can get it cheap enough, it's a deal.  A property like that would be a good rental or owner finance candidate.  If you can find another investor who is looking for these kinds of properties, he/she would buy it from you.

    There are probably similar properties near this one, so if you can find out who owns the other properties, you may be able to find a buyer there.  You can also spend some time in the neighborhood and ask people you see what kinds of events and people are present there.  That will give you some idea about who would market property to the consumers who would have an interest in that location.
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