finding foreclosures?

[ducatiz]

subscribe to realtytrac.com

it is worth it.  anything going into foreclosure or short sale shows up.

if you are serious about buying a foreclosure, that is.  sometimes you can get to the owners or bank before the sale.  you may pay a little more but less than the market value.

we bought two properties using it, and renting both now with no more than 20k investment total after purchase.  both are mortgaged and pulling income.  we'll keep them for 7 years for the deprec then sell them.

being a slumlord is fun. 

[red baron]

Found a nicer sounding one I'm going to drive past on my way to work tonight
http://www.realtor.com/search/listingdetail.aspx?zp=53081&typ=4&sid=c028f80550b848f794d680fd41455b5b&lid=1101622039&lsn=6&srcnt=83#Detail

It is a foreclosure that was listed on Realtytrac last week. So apparently they dont' all get auctioned, but the banks deal with local sellers.


If it's a 2br up it would rent for around 300-450 depending on condition and all that. Realistically probably 350. which is more than the house payment. nuts right? I wouldn't want a renter if I did buy something like that. I'd probably see if it was feasible to knock open a doorway so i could convert it. Convert service over to 1 panel as well since the power company charges like .50/day for each service.

That is absolutly insane.


Why is property so cheap?

Is it that bad of a place to live?

[ducatiz]

That is absolutly insane.


Why is property so cheap?

Is it that bad of a place to live?

why don't you live in Sheboygan, Wisconsin?

property values vary WIDELY across the USA. 

[vwboomer]

That is absolutly insane.


Why is property so cheap?

Is it that bad of a place to live?

The yellow house is in a nice neighbor hood. 2 or 2.5 car garage.
being a foreclosure tho, the bank just wants to dump it I'm sure. and bear in mind, that it's probably trashed inside. Even if the owner didn't occupy it, the tenants probably didn't know they were getting the boot until the eviction notice showed up. And they probably didn't care what happened on the way out.  The screen door is missing from the front door (but it's there in the picture). there is half a sticker on the door - probably the eviction notice or something. The lower unit is larger, while the upper has a porch area on the back. I'm going to call monday to get a look at the inside.

Sheboygan, and Wisconsin in general, is pretty inexpensive compared to a lot of areas. Why? who knows. But I'm not complaining. Less crime (always on the rise tho) means lower insurance. Gas isn't terrible (3.86 this morning). As you saw housing is generally reasonable. The downside is the job market, which probably helps keep everything else lower.

I may yet subscribe to Realtytrac. I may even use the credit card in my name on my wife's account. ha. now that's funny!