Nashville real estate investor Dr. Phil Speer has turned a Sylvan Park rehab around making $85,000 in the deal.
There are several important things to note here.
I know the vid is over a year old, but rehabbers are still doing these deals, and will continue to do these types of rehabs even in "bad real estate markets".
Why?
Because a good rehab is based on sound business. Speer takes you through in the vid and points out important details on how he did the house and why certain things are important such as the kitchen and an additional bathroom. But that's not the main thrust here.
What's important is that Speer paid close attention to real estate investing Rule #1. Buy the worst house in the best neighborhood.
I can testify that Sylvan Park was an excellent place to invest because about half of our properties are located there, near Speer's rehab, in fact.
It's excellent because of- LOCATION.
That's because it's near Vanderbilt University, one of the best schools in the country, which brings in lots of new buyers and tenants. Vanderbilt is one of the biggest employers in the state and is close to a lot of the action going into downtown.
And it passes the Starbuck's test, which means you probably need to move on now to greener pastures because the area is getting too good. Once the coffee houses start to appear, the neighborhood is getting sophisticated enough to bring in high prices for selling-not buying.
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