Investment opportunity headed for demolition
Kansas City, Missouri, does not lack for sad-looking houses. So when the city orders one of them to be demolished, you can be certain it’s a real dump.
Go Invest Wisely, the subject of this week’s Martin column, owns a house in the Northeast that’s slated for demolition. The Utah-based company bought the Cypress Avenue house in the summer of 2008 for $6,125.
A player in the “bulk foreclosure” business, Go Invest Wisely buys homes on the cheap in the hopes of renting them or selling them to another investor. But only a bulldozer would see the potential in some of these places.
The Cypress house was a nuisance before Go Invest Wisely added it to its collection. A few weeks before Go Invest Wisely made the purchase, the city hired a contractor to board up its front door.