Every so often, it’s important to give an example of what’s going on in the day-to-day marketplace in our area.
A repeat client, Corbin, had heard of some of the great deals in our marketplace recently, and he wanted in on the action. He called me to get an update on any “reasonable” bargains in his local marketplace.
We set up a search, using some unique criteria which I have established for determining which properties on the market really are “bargains”.
Corbin reviewed the list, and found a foreclosed property which fit his needs perfectly. We went to see it, and found it in reasonably good shape (for a foreclosure).
So here’s the details – Corbin buys a property for $150,000 which has an appraised value – even in our current market – of over $220,000. Think about that! He has just picked up a cool $70,000 in equity – all for a little paint and carpet. He’s getting a great home, at a fabulous price.
What are you waiting for?
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2 comments:
Vance,
I don't think we hear enough about acquiring equity. Most of the time people talk about increasing their income or saving more of their income, but the very wealthy talk of increasing and growing their equity. Nice post on,IMHO,a key to long term wealth
Sean,
Thank you. There are quite a few sweetheart deals out there, we just need to find them and point them out to our clients. In five years, many of our clients will look back on these times and thank us.
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