Last weekend my friend and I went to Gulf Shores, Alabama to look at foreclosed vacation condos. We found a potential buy. It is a 2br/2ba for 169K. I am currently crunching the numbers, but it looks like if we can get them to accept 125K we will buy.
My friend and I are planning to pay cash. I am getting my half from a HELOC that I am currently opening. I believe I can carry the cost for about six months. It is a risk, but I believe we can put it up for sale below market and still make a good profit.
My next post will have the breakdown of the numbers.
The Condo Search - Part One
October 20th, 2007 at 03:35 am
October 20th, 2007 at 01:36 pm 1192887397
October 21st, 2007 at 03:13 am 1192936434