Quote:
Originally Posted by berettafan
Small rancher was purchased for $125k 2yrs ago. Bank recently took it back and listed it for $100k (probably was listed for more before we saw it). A sharp realtor friend sends out emails with bank owned property listings and this was in one of them.
It happens to be across the street from a rental property my partner and I (business partner you sick bastards) own and is nearly identical. We happily paid $92k for the other home about 3yrs ago.
Long story short this place (3br/1ba) is in better shape and we got it for $75k.
Un-freaking-believable! The bank took $50k less than they were owed!!!! On a $125k house!
Our bank is getting a touch sensitive to the no-money-down gig but the other house just appraised for $99k so the numbers should be fine. If these deals keep showing up though we may need to find someone with some cash to put up and share the fun. This is a shame as these places are a college plan for our kids and splitting things 3 ways would be tough. Of course the flip side is if the house sits empty for 3 months there are two of us to carry it. And rent WILL cover the entire note and probably even a touch more.
Funny thing about todays economy though, our realtor who probably owns $10m in investment properties and does it right (cash flow works, etc) says to me 'Hey, if it all goes to **** you can always live here!'. Sign of the times i guess. Nobody was thinking like that a few years ago.
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Take a moment to think about the family that use to live there, but lost their dream house because of the economy.
After the civil war there was a term for people like you
Carpetbagger.