would you? or does it come with bad mojo.
Not sure about the bad mojo, but a friend of mine bid on one and discovered the previous owners had trashed it so badly that it needed to be condemned. Bank wording hung him with it. Every bit of copper wire and pipe gone, supports smashed out so that floors were falling down, water damage everywhere, human waste everywhere. A nightmare.
2 Likes
thats unfortunate for your friend. i was thinking i would like to pay a private seller, surely the bank has enough money already. but if i find a good deal, i would be tempted to bid.
NEVER buy a home that has not been properly inspected and make sure that you’ve got a lawyer looking at paperwork to protect you from monetary and legal harm. It’s an upfront expense, but can help you keep the shirt on your back later.
4 Likes
I bought a bank owned home in 2009. It was a foreclosure. I paid just over $200,000 for it and it was worth $250,000.
I updated and now it’s a rental. I owe $191,000 on it and my house note is $963 a month. I get $1625 a month for rent and if I sold it today I would ask $295,000.
So I could make about $100,000 on it.
Not a bad investment.
3 Likes
glad it worked out for you. do you have a property manager? or can you take care of it yourself? is it close to you?
my brother owned a couple houses he was renting, one in north carolina and the other in georgia, but he sold them both a couple years ago. he owned them from his time in the military, they were in nice suburbs close to army bases. i think when he bought his retirement home in phoenix, arizona, he didnt want to be responsible for them anymore.
I have a property manager. I lost my ass on a house in California though. Had to short sell it.
2 Likes
OT I’ve been looking at buying my late grandfather’s house and my aunty his cottage. The house needs some work but it has a garage which I would love cause I’m into fixing my own vehicles. Before I moved into the apartment I’m in now I was trying to get my parents to build a garage as I was still living with them. They said they would but when it came to an end they could agree to what exactly to build and what it would really cost. But now their talking about helping me buy my grandpa’s house and I’d only need like a 50k 15 year mortgage. So excited hope it pans out! So your looking to buy???
1 Like
yeah in a few years im going to move out. either a house or condo somewhere. i would like a house but don’t want all the maintenance. so not sure, it wont be for 5 to 7 years, and not at all if i don’t start working soon.
i found some depressed housing markets in michigan i can afford, or maybe a condo in north carolina, either asheville or wilmington.
i really want a house with a fenced in backyard… i almost have enough saved for a downpayment but i don’t get enough in ssdi to be able to afford all the bills and payments combined. i would need to be working.
worst case scenario is i own my 2bed 2 bath trailer here in 7 years, but i want to move. as there isn’t much here for me.
I know it sounds rough but maybe that would be the motivation to go to work and stick with it? You are certainly looking at a lot of different communities. Do you have friends or family in all of them? What about services etc? I said I was gonna move out for like 3 1/2 years and eventually I just got hostile and demanded it. Was on the housing list all those years and they did nothing for me. Very little subsidized housing for single young men. Condos usually have condo fees tho and from what I know most condos are like a bought outright kinda thing correct me if I’m wrong.
1 Like
Chordy is that you??
2 Likes
no i don’t have family or friends in those places. i was also considering florida to live close to family, but i think it’s a bit hot for me there, would be nice in the winter though.
i wanted a location by the beach or in the mountains. right now, the city that im looking at in michigan is on lake huron, with a small river running through it. population 33,000. wilmington and asheville have a bit more people, so that is one thing i don’t like about those places.
i would have to get connected with services yes. so don’t know how that is going to go. i think it would provide me the motivation to keep working.
Not sure. Especially cause I’ve never bought a home. Definitely not if you can’t see the inside
1 Like
well like @shutterbug said. I know when people are gonna lose their home they can totally trash it.
2 Likes
Don’t most people who do that end up flipping the house?
I’d be scared of the previous owners (the ones who got foreclosed on) showing up angry 
1 Like
When I was first looking for houses they showed me some.
But Bank owned homes are treated like poo and have underlying problems that are hidden.
Expect to spend extra bucks to fix them.
That’s why they are a deal or the owner would have sold it first.
1 Like
One of my dreams is to invest in an ETF like Vanguard S&P 500 and then rent out a couple homes and live off the income. I worry about property owners rights and it’s evident right now they are losing them with people not paying rent and staying in the house. You have to do a lot of things but it’s risk like everything in life. I don’t know much, but I’d imagine you would look into their credit history, do a background check, get a property manager, etc.
You have to have money to make money that’s why I want to get a BA in math or teach myself something. It’s hard teaching yourself a skill and be excellent at it with no motivation and with cognitive and motivational issues, but I guess it can be done. Normies do it all the time.
1 Like
Yup, that’s a big risk. Putting holes in walls and flooding the house. Also gotta worry about liability like owning a trampoline.
3 Likes
I rented out my townhouse when I bought a house.
Went fine for years until you meet that one person that screws up everything.
2 Likes
My cousin bought a foreclosure home at auction, but he and my other cousins knew how to fix it up themselves, so it saved a ton on labor costs. There were ten of them working long days to make it nice.
3 Likes