Is this how people get rich off real estate?

[TSD]

http://realestate.yahoo.com/Illinois/Westmont/hamilton-ave:aeaf5fc0c86252af83839d4548a4c3;_ylt=AhQRdh7hckA5leXs.xo7a1oN47Qs



WTF?! There has got to be something horribly wrong with this house. A triple murder with un-removeable blood stains, poltergeists, demons, a history of alien abductions or damn near condemned, Im going to drive by this house tomorrow to see what it looks like. This fucking house is cheaper than my damn car and I would lower my monthy housing payment by 90%!

 

[BigPete]

Dude you should jump on that! Great location.



I know nothing about buying a foreclosure. Most likely you would have to live there and be the sole owner for X years and I am not sure if you have to come to the sale with 'cash'.



JAKO???

 

[the canadian dream]

I took PMX's and Stroms virginity in that house (check that..I Julies Caesared thier virginity). There are love stains all over the master bedroom and the hallways.



I wouldn't buy. But if you do..if you find my hose would you mind sending that back?

 

[jakobeast]

Chances are there is a ton of work needed. Mold remediation, no electric/plumbing, no walls, so on. Without seeing the inside myself, I couldn't tell you.



Had the wife look it up in the MLS, and she couldn't find it. It could have sold. Lemme know what you find when you drive by.

 

[TSD]

Chances are there is a ton of work needed. Mold remediation, no electric/plumbing, no walls, so on. Without seeing the inside myself, I couldn't tell you.



Had the wife look it up in the MLS, and she couldn't find it. It could have sold. Lemme know what you find when you drive by.

I drove by it this morning, theres no sign in front of it or anything, and it looks alright from outdoors for all intents and purposes. I just had to question it because there was a bank owned shit hole in the ghetto of joliet listed at 44k. I could not fathom how a house no matter how small, in a nice neighborhood could possibly be cheaper than that.



Regardless, there are alot of decent foreclosed homes, in nice areas that are barely north of 100k. I can't decide If Id feel slimy capitalizing on someones shattered dreams.

 

[MassHavoc]

With the median home cost for that zip code at 350k I would imagine that this site uses a script and someone left out a 0... probably closer to 190k.

 

[chasman]

I was thinking of buying some real estate in AZ. The Mesa area, man is it cheap.

 

[BigPete]

I was thinking of buying some real estate in AZ. The Mesa area, man is it cheap.

The southwest side of Phoenix is super cheap too. Thier buble burst a lot sooner than the national one because they built too many new houses and there was no demand. Then the job market out there started to devolve.



It is a nice place to live though. I enjoy the PHO area.

 

[howcho]

That picture reminded me of the "Sims" neighbourhood.

 

[MassHavoc]

I was thinking of buying some real estate in AZ. The Mesa area, man is it cheap.

About 125 miles further south and I hear land is really cheap... haha

 

[BigPete]

I drove by it this morning, theres no sign in front of it or anything, and it looks alright from outdoors for all intents and purposes. I just had to question it because there was a bank owned shit hole in the ghetto of joliet listed at 44k. I could not fathom how a house no matter how small, in a nice neighborhood could possibly be cheaper than that.



Regardless, there are alot of decent foreclosed homes, in nice areas that are barely north of 100k. I can't decide If Id feel slimy capitalizing on someones shattered dreams.

There is nothing wrong with flipping. If anything you are taking a jab at the bank who made a bad business decisions after someone had a bad personal situation levied on them (ie jobloss). That bank could have changed the rates to make the mortgage affordable but chose not too, I assume.

If the house really is only 19,000 then I imagine a developer came along and snatched it up so they could do a tear down and rebuild for a customer. There are still buyers out there, but most everyone is in a contingent-upon-sale situation like me. So the amount of real buyers is way down from a few years ago.

 

[BigPete]

About 125 miles further south and I hear land is really cheap... haha

Actually, if he stopped in Sierra Vista, there is a decent housing market there and Chas could put some of his old AF skills to work at Fort Huachuca. There are tons of defense firms testing UAVs out there all the time.

 

[Tater]

That picture reminded me of the "Sims" neighbourhood.

Ahhh, good call.

Thanks for the birthday photoshop too.

 

[howcho]

 

[jakobeast]

There is noting wrong with buying a foreclosed house. There are so many, and not all of them come with a sob story. There are a good chunk of folks that just walked away from the house. In some cases, it was an investment property they were renting. Then after the bubble burst, they realized they would have to sit on it for forever in order to get out what they put in. I have broken into several house and re keyed them with the neighbors watching and, after chatting with them, turns out the were the owners trying to make a buck.



And yes, depending on the condition of the house and how fast the bank wants to get rid of it, it could be a great move.

 

[TSD]

Lol the house I lived in during highschool and early college is available for rent! There was alot of street hockey played in that culdesac. (The interior didnt look anything like it does now they practically remodelled the whole house.) The basement shot looks pretty much the same though other than new carpet, before we carpeted it I drew shit all over the concrete including naked women with a Sharpie.





http://www.realtor.com/realestateandhomes-detail/410-Colony-Ct_Shorewood_IL_60404_M79794-81836?source=web&fb_source=message

 

[CaveMan]

TCD did someone drop you on y our head recently, you are ares the reciever never the giver