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 !!!
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
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.
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.
The house next door recently sold for $70,000 and Zillow.com says it's
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.
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