Just because you see an old rough looking piece of ground, don't assume it's a bad deal. You may find a "diamond in the rough."
For example, let's say you're in an area where lots cost an average of $40,000.00. You see an old rough looking lot the builders have passed over. In Georgia, we call this a Dog [pronounced "Dawg"] lot. You estimate that if you spent $15,000.00 you could turn that rough lot into a showplace. I'm talking about hauling in fill dirt, removing trash, building walls, etc. For your time and effort, you decide to pay yourself $5,000.00 (always get in the habit of paying yourself for your time and effort). When you subtract these figures from the average cost of $40,000.00, you come up with $20,000.00. As long as you can purchase that lot for $20,000.00 or less, you have a deal.
There have been fortunes made in real estate on this premise. Someone would go and buy, for a song, what nobody else wanted. They would improve the property and turn it into what everybody would pay their hard earned money for. Go find those diamonds in your own area.
Along this same line, I had a student who purchased a one acre lot for $80,000 that required a septic tank. She spent $20,000 running sewer to the property and was ฝากขายทาวน์เฮ้าส์ able to divide the lot into two half acre lots. She sold those lots for $75,000 each. That's a profit of $50,000 in less than 45 days.
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