Why You Have to Move Fast on Investment Property

by Anonymous

A couple of years ago a house down the street from mine was put up for sale. It was literally less than a block from my house.

I’m quite handy with remodeling, and can do everything from simple plumbing, to framing, to painting. It would have been an easy project since it was so close to home, and all the repairs this house needed were simply cosmetic.

I didn’t act fast enough since the loan would have really stretched me thin at the time. Every time I drove by for nearly a month, the house was still for sale. Until one day I noticed the for sale sign was gone and so were my hopes of buying my first “fix and flip” house.

Shortly after the house was sold, I saw a construction trailer parked in front. A quick fix-up that took them about a month and the house was back on the market for $40,000 more than it sold for originally. It sold again within weeks.

Every time I drive by I think “that’s the house I could have made $40,000 on.” Then tell myself the next one will be mine.