New with Real Estate question

[panhead]

Hey John Galt !

Yeah, 50% would have been better, but I'm happy with the way it worked out anyway. The other piece of the story was that the bank had been asking a LOT more for the house for quite a while, thus the long vacancy. I offered a lowball initially, then there was a competing offer. Since my agent was the listing agent there was an 'incentive' for me to get the house, so I had some idea (!) what the offer was. I matched it and got the place due to some inane demands in the other offer (yes, I did see the other offer, after, of course). I needed a place to live, and the mortgage was cheaper than any rent I could get, plus the garage. Myself and a friend moved in, I right away left on business for two months, and by the time I returned I had new plumbing and a new bathroom ! One thing for sure though, I learned a lot in this process. I ain't scared, I'd buy another one !

regards,
-pan-

Hey Panhead........I ain't skeered neither!

John Galt

I bought my 1st rental house at age 20, retired at 53 after many more. It is a major headache dealing with rentals but in the long term the payoff is good. I have a property manager handle all now. If I sell one every other year I should be good to age 103. The actual income is not that much but the appreciation over 30 years has made us well off on paper at least.

[Adventuregirl]

Hi there!
Just sold a condo and then noticed that one in the same complex is going up for auction on Friday....anyone have any experience with buying property at auction? I made a nice little profit off the one just sold and have been bitten by the "multiple streams of income" bug....

Thanks!

Adventuregirl

[yelnad]

In my area, typically homes will auction for pretty close to what they would sell for anyway...unless they are up for Sheriff's or Tax sale...and then it all depends on the condition since you can't usually get into them to check them out.

Re. real estate auctions, my experience is like yelnad's.
Auctions end up about what the property would bring anyway. I am sure there are many exceptions. I only bought at auction once and made out fine, but I knew the property intimately.

John Galt