Opportunity for salvage

[rmptr]

I just ran across this clip...

Seems like a good opportunity, and from what I've heard, there will be a few more coming up, soon enough.

Pretty much as an old car, the parts are worth more than the whole, in most cases.

These old houses may be worth quite a bit... just camp on the real estate value for 10yrs or so....

Fannie Mae, the largest U.S. mortgage finance company, couldn't find a buyer who would pay $6,900 for the three-bedroom house at 1916 Prospect St. in Flint, Michigan. So broker Raymond Megie, who is handling the foreclosure sale, advised cutting the price to $5,000.
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[davest]

great idea, as long as the taxes don't kill ya. Or you could take it apart and sell the lumber, trash the plaster and roofing,scrap the copper, steel, fittings etc. You would probly get more than enough to cover your outlay. Then the tax value goes down because it's a vacant lot. hmmmmm, maybe i should shut up.

 

[rmptr]

Yup, and one of the partners could write the whole thing off as bad investment on their taxes for a number of years...

There's plenty of ways to make money, if you have sufficient in the kitty to get off the ground.

Presently, it's only costing me a third, up front, to see me through a small venture. and I mean small.

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[swampgal]

You can always hit the court house weekly to check the tax sales and forclosures for the city and county, then be at the sale on auction day. Some really good buys, for salvage and treasure hunting the homes etc.
Then check http://www.bidselect.com (bank,government, va forclosures) easy to use and search.
http://trueautomation.com If it has your state and county listed, you can check tax rolls on the properties to see what the taxs are running.

I bought my place off bidselect, 5.19 acres , 3 bedroom 2 bath 2 yrs old water well $33,500.00 not a bad deal.