The Woodson Road Project

In addition to photography, I also have a (part time) interest in flipping Real Estate.  Flipping, is a term used to indicate a quick purchase and resale of property.  This little 2 bedroom house on Woodson Road in my area looked like the perfect candidate.  I met with the Owner, who is a professional investor. He indicated that he had long ago paid off the house, and was taking his time disposing of it, because he didn't need the money.  He had dropped the price down to $19,000 cash, which is what got my attention.  So, I took the pictures you see, with the intention of posting them on the web, and to some investors I know.  The hope was to generate some interest, quickly write up a contract price for $21,500 to my Buyer. Then do a double close where I would pay the Seller $19,000, and pocket the difference of  $2,500.  Unfortunately (or so I thought) someone else had access to immediate cash, and actually got the house for around $17,000.  You win some, you lose some.  I've since learned that there may be some zoning issues that I wasn't aware of.  The new Owner did begin to make some rehab efforts, but the work has stopped.  The little house has been in a state of dis-repair for several months now, so it appears that the one that I didn't get, didn't get me. With the economy being as bad as it is, I think real estate is one of the few vehicles that still offers the little guy (that's probably most of us) an opportunity to make some good money in small chunks.