We need the small local investor!
I wrote up an offer this past week for a small investor to buy a foreclosed single family home in a suburb of Rochester. As I was working with it, I realized how much the neighborhood needs this “small investor!”
I had sold a home in this neighborhood a few years earlier and I was familiar with the values of the homes. At $70,000, this home was selling for $50,000 under what the average values are for this neighborhood. This small investor was going to clean, paint, carpet and repair this home, then put it back on the market for a price that would match the values of the neighborhood. In other words, flip it, a word that refers to process of buying a home, fixing it up quickly and selling it for a profit.
Nobody out there is giving these guys any assistance! Nobody is making it easy for them. They are using their cash and hard work! They are taking all the risks! The end results are a house is restored to its neighborhood value. Hopefully they will end up with a profit to make it all worthwhile too!
Think about it, who else is doing something like this with no government involvement? Next time you see one of these guys, give them a thumbs up! We need the small local investor now more than ever! Our neighborhoods need them. The economy needs them!