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34 years ago, after a failed attempt to move out of state, my mother-in-law saw an ad in the paper for a 10'x50' Colonial Biscayne trailer for $2,000. Just the amount my new wife and I had available! Wanting to leave the in-laws as quickly as possible and ignoring the fact that it was pink and white, inside and out, we bought it. We were young and didn't know the true meaning of location, location, location. That trailer was in a park on land that the government needed to make a water retention area. Within two years we were bought out for a total amount of $6,000.
It's funny, when the government gives you money, they also have to approve of the next property you buy. Why you ask? They really don't want you to buy in an area they want in the future nor do they want you buying in a floodplain. I didn't care what their rules were, I wanted out of my in-laws again. We went to a realtor and bought the first distressed property we saw. It was listed as having 2 driveways, 3 bedrooms and a big backyard. We were still young and hadn't remembered there were no interior doors or there was a room with no windows and a 5' high opening to enter it. Someone named Wally definitely lived there, as his name was everywhere and the makeshift sledge hammer we found left it's telltale signs on everything. We bought for $25,000 and sold for $70,000.
That was how we started. We now live in a home on 3 acres that were bought on foreclosure for the same amount we sold "Wally's" house. We just sold the shack we had up on the Chain of Lakes and are older and tired. We now have time to share what we found out through all the trials and errors of rehabbing.
Dreaming of becoming a flipper e-mail us at Duxalot@gmail.com. We'd love to hear from you.
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Posted by doubledipper on 2008-05-12 15:45:48 | Rating: | Views: 45
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