Finding a Property
The most important part of this adventure is going to be which apartment we choose to buy. So on Sunday, we have an appointment with a real estate agent named Shevi in Lod. We’re going to discuss our plans with her and see what kind of feedback she can give us about what we’re intending.
The first bit of info she gave me was that most of the cheaper apartments in Lod are on the upper floors of apartment buildings without an elevator. That is a bit distressing since it says to me that they will be harder to sell as well as being cheaper even after we’ve renovated them. However, she did mention an area in Lod that is being developed for Chareidim (ultra-orthodox) which might mean that nearby apartments will increase in value. Especially nicely renovated ones. In any case, I hope that she can help us find what we are looking for. It may mean that we will have to revise our financial expectations, but maybe not.
Our hope is to make a profit (after expenses) of 100k on the first apartment. That may be a bit ambitious. I have seen apartments for sale for 450k without renovations and apartments for 700k-800k newly renovated. Shevi seemed doubtful about that. I hope that she can give us an accurate representation of the situation. This is probably the hardest part, not knowing who to trust.