All those in favor - say "Aye" - Posted by Mark

Posted by Mark on July 22, 2001 at 11:32:25:

Hello Mary,

Thanks for your post -new news- I got 'em!!!

My original bid was declined, so I gave in and offered the full 25K. They accepted. We start the process this week, and because it is foreclosed/bank owned property, closing will be soon if not sooner.

About a half block up the same street, a singlewide on a smaller lot, sold for 56K two months ago. All that’s needed for repairs would be some exterior paint, a new set of entrance steps, a few pieces of trim and an appliance or two. Apparently, one of the homes does not have a central heat and air unit (ouch!), and some floorcovering. But I kind of have an inside track on the floorcovering issue. (See the thread: “Wet carpet” on this board). All in all, I suspect I may have to fork over 3K, tops, to bring them up to sterling condition.

What I didn’t discover until yesterday, on the survey map they gave me, was the abundance of additional space to add yet another home or two!

I expect that rehabbed, just the TWO homes, would market-out retail at a minimum of 90K, and putting another home on the land would make it worth even more, depending on the age/size of the additional one.

Hey !!! This investing stuff if fun!!!

To the largest degree, I must pass the credit to this site. It has been THE largest source of inspiration to me. You know what I mean—all the posts and advice given freely—openly available to those who would use it.

BTW - As a recap.
1)- There was a sign in the dirt with a number on it.
2)- I called that number.
3)- Someone talked to me.
4)- I talked back.
5)- They said “sign here”.
6)- I signed “there”.
7)- They are going to give me some keys.

To better understand my situation, it may be critical to know that my credit is improving somewhat but not good…there appears to be some flexability on the qualifying criteria when it is a repo/foreclosure. And even more than that, just as a lark, I offered to put a little money down in order to get a lower interest rate/lower monthly payment…but that was only after they approved me for 100% of the deal! Cool, huh?


All those in favor - say “Aye” - Posted by Mark

Posted by Mark on July 17, 2001 at 17:55:43:

I had an interesting meeting today with the some bank personnel. They met me at a property which they had to forclose on and it has two small doublewidees on it (the parcel is just under an acre). They faxed me the appraisal which they had done and one of the two homes did not merit any worth in the appraiser’s asessment (but we rehabber’s know different - right?). The bank is now taking bids on the property and will award it to the one which comes closest to THEIR thinking of the worth.

Appraisal - $25K

Doesn’t this sound like the kind of deal that I should jump on, even if I have to bid the full 25K?

Input anyone?


Re: All those in favor - say “Aye” - Posted by mary

Posted by mary on July 20, 2001 at 07:41:27:


How much will they be worth after you rehab them? and how much repairs will they need? If you see some profits there, then jump on it. Good luck