'Cheap as chips' property on market for $25k

[essence]

No, that is not a misprint!!

Dec 18, 2012

This Greymouth house is on the market for $25,000.

A "cheap as chips" old villa for sale in Greymouth, at only $25,000 is attracting interest, but as yet no one is prepared to have a crack at the major renovation project.

Source

If one wants to live in Greymouth, this is a great deal!!

[Shane D]

Maori Leasehold Land. I wouldn't take it for $1

Shane

[cube]

Would a freehold 4-bed leaky home in Albany be better value at $100,000 - seem to be plenty of those around at the moment.

[Shane D]

Would a freehold 4-bed leaky home in Albany be better value at $100,000 - seem to be plenty of those around at the moment.

Cube, that sounds like better investment.

Funnily enough I talked to a couple of investors recently that specialize in buying these leaky homes from home owners. A lot of these leaky home owners are very emotional and at their wits end and just want out of the situation. This is a recipe for these investor to swoop in and pick up stupid low priced deals. They then re-clad the houses get council sign off and sell the houses for average $100,000 profit.

A new investor specialization that is proving VERY profitable for experienced, level headed investors.

Shane

[Keys]

This is a recipe for these investor to swoop in and pick up stupid low priced deals.

Vultures swoop don't they?

A new investor specialization that is proving VERY profitable for experienced, level headed investors. Shane

And rightly so. They take the risks, put their experience and cash behind the venture.

I await the protestations from owners who realize several months down the track what they actually did.

[Shane D]

Keys...agree with you 100%. The biggest profits in property investing come from solving problems that other people couldn't see a solution to.

Shane