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Re: ot make money in real estate
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Posted by Mike (WA) on July 31, 2007 at 08:09:53 from (69.10.197.227):
In Reply to: Re: ot make money in real estate posted by CDR on July 31, 2007 at 06:28:05:
Believe it or not, it actually happens- Partner and I bought a house on the courthouse steps for $36,000, put $50,000 into it, and sold for $185,000. Problem is, those deals are just too few and far between, because there are so many people "in the game" these days. Tax sales- forget it! People are swarming over those things, and quickly bid the prices up (on the rare occasion someone doesn't strike a deal before the sale with the defaulting owner). Ditto foreclosures- too many buyers, and too few deals that aren't already financed to the hilt, leaving little if any profit potential. I keep following foreclosures locally, on the hope of "lightning striking twice", but its a lot of work (you have to do a title search on every one, to make sure of what your position will be if you buy), and discouraging. Partner and I thought we had another one the other day- but some lady we didn't know kept bidding against us, until we got to our limit, and she ended up with the house. Turns out she had never even seen the house, and didn't come to buy it- but my buddy and I are sitting there in our lawyer suits, and she figured we had done our homework, and she couldn't go wrong getting it for $100 more than we were willing to pay. No suits next time- I'm wearing my overalls!
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