Posted by Ronald * Starr(in no CA) on July 09, 2002 at 23:31:02:
Scott E-----------------
Thanks for you kind words and thoughts. I think of you often and wonder how you are doing. I have recently sent out a bunch of postcard to out of area house owners in my county. I’m gearing up to send out more. Want to make a good deal, with enough money to quit the day job.
Good InvestingRon Starr***
Update Saga of “Oh-Oh” Tax Sales Buys - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on July 09, 2002 at 21:00:52:
I posted this update to the orginal story about my two tax sales buys in OK. The original can be found by putting “134” into the search engine at the top of the main bulletinboard forum of CREONLINE.COM forum. If you have already read that, you can continue here.
This morning I talked to my property managers about the tax sales properties mentioned in the main post, called “Oh-oh”. The house East of OKC has a rental applicant. The manager will have to negotiate with the section 8 housing people in the Oklahoma Housing Authority about the rental amount. She is asking $795/mo, but knows that the market rents in the area might not support that. She has to get some market-rate rent comparables for the Housing Authority. Whe will get what she can, guessing around $700 now.
The Lawton property manager has not been able to see the property very well that I bought by mistake in Lawton. He wants to hire somebody to clean away the brush first. But he guessed that it might be worth a little over $20K. He says it is a two-story house, probably a three or four bedroom, is his guess. I hope it is worth what he guesses, as I paid about $2,800 for it. I’ll provide an update when I know more.
Good InvestingRon Starr
What’s next on “As Ron’s world turns” - Posted by Bill (NY)
Posted by Bill (NY) on July 11, 2002 at 06:45:00:
Hey Ron
Thanks for the continuing update on your tax buys. How about including your feelings as you go along? More soap opera like anyway;-)
Bill(NY)
Re: Update of “Oh-Oh” Tax Sales - Posted by JFinke KC
Posted by JFinke KC on July 10, 2002 at 13:42:16:
Ron,
Although I am sorry to hear of your mistake, I’m sure you will be able to turn this lemon into lemonade.
More than anything, I just wanted to thank you for posting this story. I’m of the opinion that mistakes can be better learning experiences than successes. I wish more people would post this type of message. I’m thinking about posting a story on why not to trust your tenants, but still trying to figure out how to word it (and battling the embarassment of being so completely stupid).
It takes a brave person to admit their mistakes on a public forum and, as always, I commend you. Please let us know how it turns out.
Good Luck,
JFinke KC
How’s your mojo, Ron? - Posted by ScottE
Posted by ScottE on July 09, 2002 at 22:05:02:
Hey Ron,
Sorry to hear about the mix-up in properties. It sounds like you may come out fine, though. I’ll keep my fingers crossed for you!
Scott
Oh-Oh–New Update, as the Realty Turns - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on July 11, 2002 at 14:26:53:
Bill–(NY)----------------
You understand us sensitive CA men, don’t you?
Yes, I heard, with dismay, this morning’s estimate to clean out the brush and trees: $650. Ouch, Oh no. “Well that’s probably as cheap as you will get it done. He’ll take out all the stumps in the front yard. And remove the tree that fell over the house.” What!, sharp intake of breath, sinking feeling. Images of much money being extended to get a property into position to be a rental. Dismay.
Sigh.
Well, the happy thought. This is the first time this has happened to me, buying a property other than the one I thought I was buying.
Oh, wait, no. There was the vacant parcel up in Nevada County, CA, quite a few years ago. John Beck and I bought it together at the tax auction. It was very difficult to find, on some twisty, turny dirt roads. So, misreading the map, I saw a different parcel entirely. But the final outcome was ok. After holding it a year or two we sold it for something like three times what we paid for it. Later, I went to see it and there was a new house built on it.
Thanks for the editorial guidance.
Good InvestingRon Starr**