Re: Neighborhood Foreclosure - Posted by Terry(MGA)
Posted by Terry(MGA) on June 21, 1999 at 06:24:31:
I want to thank all of you for the quick reply to my post… I guess I kinda jumped the gun a bit…Yes, Joe, your dead-on I “overlooked” the little fact that after it is posted in the paper I cannot make an offer to the bank! I got the name of the owner but it appears he has skipped town and I have not been able to find him so I guess I will have to take my chances at the auction.
May I ask what might be a good plan of attack at the auction?
Since I posted this message I have located another property I’m interested in. It is a 3 fam house. It has a 2/1 and two 1/1, the exterior is in fair condition, and it sits on a large city lot (small town). The two 1/1 need rehabbing in my opinion but are currently rented with long term renters and so is the 2/1. the income gross is 795 per month. They are asking 59.9 for the property. I plan to offer 30k for it as-is. The property will cover all cost and some improvments with a positive cash flow left over. I guess my concern is buying something that needs a bit of work. It is a 1940 era house, brick/frame single level. But I must admit, the income is appealing…
What do you think?