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Posted by Kris Krieger on March 29, 2008, 5:33 pm
>
>>
>>> "Pat"> wrote
>>>> 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 !!!
>>>
>>> If you use some common sense and have a lucky nature.
>>> Get 1st, last and 3 months security, and use a 2 year lease.
>>> Me? I'd have an attorney draw it up.
>>> You know how the Vampire, er, Empire state is, you wealthy
>>> capitalist you. =D
>>>
>>
>> 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.
>
> Just got through reading the local paper online, took all of 10
> minutes cover to cover. LOL
I know why it too so long - you just *had* to read all the tractor ads!
<LOL! Back Atcha ;) >
> Noticed in the public announcement section quite a few sheriff sales
> going on in the next month of acreage with outbuildings on them.
> I'll presume these are foreclosures and I may have to take a closer
> look. I've never been to a sheriffs sale before, I think they referred
> to it as an auction, but they didn't mention how much money is
> involved. "Come on Maw, grab the checkbook and git in the truck, we're
> goin to the auction"! =D
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.
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