Originally posted by Jr347
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Something I came across recently....forclosed lots in newer housing developments. Our neighborhood is all 1-3 acre lots, still relatively new, but the builder lost his ass and got foreclosed on the last remaining empty lots...the bank is now selling them all off at about 60% of comp, so my Dad and I decided to go in together and buy some of them to sit on for a year or two.
It got me to thinking, with all the foreclosures out there and especially hurting homebuilders....I'm sure there are other developers out there being foreclosed and/or at least ready to make a cash deal on some lots. The downside is that most banks ususally don't want to sell them individually, but instead look for a bulk offer from another investor or builder...we just got lucky to be able to buy 4 out of about 23 remaining.
The bottom line...property is never a bad investment as long as you do your homework.70' Chevelle RagTop
(Forever Under Construction)
"Opportunity is missed by most people because it is dressed in overalls and looks like work.”- Thomas A Edison
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Originally posted by Rreemo View PostSomething I came across recently....forclosed lots in newer housing developments. Our neighborhood is all 1-3 acre lots, still relatively new, but the builder lost his ass and got foreclosed on the last remaining empty lots...the bank is now selling them all off at about 60% of comp, so my Dad and I decided to go in together and buy some of them to sit on for a year or two.
It got me to thinking, with all the foreclosures out there and especially hurting homebuilders....I'm sure there are other developers out there being foreclosed and/or at least ready to make a cash deal on some lots. The downside is that most banks ususally don't want to sell them individually, but instead look for a bulk offer from another investor or builder...we just got lucky to be able to buy 4 out of about 23 remaining.
The bottom line...property is never a bad investment as long as you do your homework.
My family generally looks at duplexes, threeplexes, and fourplexes. In fact, there is a row of about 12 duplexes on a curve of the same road I live on that I am interested in grabbing up over the next 10-15 years. I'd love to have most my property in one place.
I am however, jelly of your acquisitions.Last edited by sc281; 03-24-2012, 01:48 PM.
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