How to make $60K in 4 days.

[SoCalDem]

My friend's next-door neighbors split up a few months ago.. He left, and she was still at the house, supervising the finishing of the pool-spa.. she put out a For sale sign in the yard $109,000.00, the day she finally moved out...last week....

It's a 4 bedroom, professionally landscaped, wrought-iron fenced, corner lot with a brand new pool-spa/patio..(no one ever swam in that pool, or used the spa)..the house has new bamboo flooring, fresh paint, and 2 baths..

A new sign appeared the day the old one was taken down, and my friend met the new neighbors (they already moved in)..they paid $169,00.00 and were thrilled with the bargain..

There are GREAT deals to be found..

[thunder rising]

1. So quick, lets go get interest only loans and flip houses!!!!

Think that's an original idea?

[SoCalDem]

4. cash transactions..both

:)

[bunnies]

2. The buyer paid $60k more than the asking price?

Your friends new neighbors need their heads checked. Seriously.

[SoCalDem]

3. re-read it.. one guy bought it for 109, and sold it 4 days later for 169

:)

[bunnies]

5. ahhhhh. I see! :)

:dunce: <--- me

[SoCalDem]

6. My friend asked the original owner why she was selling for so little

she said they paid 89k for it 14 years ago, and she just wanted OUT..so they would each pocket $10K, and not have to drag it out..

[Sherman A1]

7. It's part of finishing up the divorce thing

I was the one that stayed in the house, while she left. We put it up for sale, but no takers (this was back in the 1990's) and I just waited her out. Eventually I got the house, she got some settlement and later I got to take her back to court to recover a year's worth of child support that she had been collecting rather inappropriately.

[On the Road]

8. I Have Hesitated to Post This

because so many people are in economic difficulty now.

But if you have any resources and a steady income, it is a fantastic time to buy foreclosures. If you have waited to buy a house through the real estate bubble like I did, not wanting to pay too much, this is the time to get a house.

Look at REOs, real estate auctions, real estate club message boards, or even sometimes Craigslist. There are some steals out there, especially if you don't mind some renovation. Financing can be done with hard money if you have difficulty getting a mortgage.

I bought a $160k house in West Baltimore on a very nice street for $79k. Closing on similar one next week. They both need flooring, painting, a little trim and a few appliances but otherwise are in pretty good shape. There is a big 6BR house worth $200k selling for $59k, but it needs work and it's too much to take on.

The houses won't sell for full price, but there's no need. $20-25k net for each one would go a long way toward debt relief this year.

[SoCalDem]

9. My son and his bride are planning to buy this summer.. They have been saving like fiends

and have about $45K saved..they have no car payments or credit debt, so they should get themselves set up quite nicely..and they understand how that first house can set the pace for the rest of your life..

They paid for their own fancy wedding, and planned it to the last detail, and paid for stuff as they went, so they did not amass wedding-debt...same for their honeymoon,..

He shared a house with 3 guys ..paid $250 a month each and she lived at home to save money..they are savers, and should do nicely..fingers crossed

[Kittycat]

10. The housing market is reaching desperation here for some sellers.

Our neighborhood is a bit pricier, but we're in the CHI suburbs. One house has been on the market for around a year now. The owners were transferred to Germany. They paid $428 for it not even 4 years ago. Right now it's down to $298 $275 :(. There's another house sitting on two wooded acres in a country-styled neighborhood (all lots are a minim 1 acre, most larger). It originally went up late last summer for $525. It's down to $329,500, and it unbelievable gorgeous inside. New custom kitchen, bathrooms, built-ins - it's beautiful. If I thought I could sell my home right now, I would just to have the beauty and peace out there. But as it stands, I'd have to take a huge hit selling my place too - despite that we've done some pretty great things here as well.

[ProgressiveProfessor]

11. Its even better in California

The problems with buying very cheap houses in many states is that the tax appraisal has nothing to do with the selling price. A $50K house may get taxed as it it was $150K house in most areas.

In CA with Prop 13, buying at the bottom also protects your taxes for the foreseeable future. There are reports of people who are selling their homes and then buying them back to establish new tax baselines. If you own it outright its quite feasible, all it takes are recording fees.

[vadawg]

12. Yup i got a real nice vacation home in West Virginia and some nice views too

though my wife is laughing her ass of at me for buying a mountain vacation home, when our primary home is in the mountains and her investment properties are also in mountain communities. Doh