Mortgage market going to heck

The house behind me was foreclosed upon and went for auction today (bank auction, not tax auction). Guess who picked it up for pretty reasonably !!!! Gee, maybe I'll start liking all of this mortgage debacle. I think there's some money to be made. At $600 per month (for a 3 bedroom house), I can make money !!!
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

Yup.
I'd consdiered that with the place next door - single story and relatively inexpensive place, on the largest lot in the development (why the original purchasers chose that is a mystery to me, and the lot is an eeysore, mostly bare except for weeds, which the new owners at least mow every so often, and a few scraggly plantings in th edront that the builder had originally put in). Maine problem is that I rented for many years, and saw first-hand how awful a lot of renters are, and I simply wouldn't want to deal with the aggravation...
OTOH, I've known 2 people who di that and did make money, an done who eventually became a bit of a mini-land-baron so to speak, with a number of rental properties, and did quite well for himself financially.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

I know why it too so long - you just *had* to read all the tractor ads! <LOL! Back Atcha ;) >

I know nothing about them , aside from that stuff gets auctioned off sometimes due to repossession, and sometimes because it's seized property (i.e. "ill-gotten booty" so to speak seized from drug dealers and others who obtained it using the proceeds of criminal activity)
Keep the "criminal activity" bit in mind - one or more of those "outbuildings" might have been used as a meth lab, an dmight contain unpleasant residuals - I've no idea whether the properties ahve to be cleaned out befroe sale. Caveat Emptor.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
Pat wrote:

Congratulations! May its value increase and help your family
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload
++ wrote:

Thank you.
The house next door recently sold for $70,000 and Zillow.com says it's worth $69,000
This house, Zillow.com estimates is worth $47,500. If that's the case, I more or less make $17,000 on the day it closes (the glass IS half full).
Weirdly enough, it shows my house to be worth about $74,000 and being the 2nd most valuable house on the block -- which I don't believe.
Add pictures here
<% if( /^image/.test(type) ){ %>
<% } %>
<%-name%>
Add image file
Upload

HomeOwnersHub.com is a website for homeowners and building and maintenance pros. It is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.