real estate/ fianancial ??(long post)

[FroggyinArk]

Ok just found out that a condemed property on our satreet has been foreclosed on and is being auctioned off the 24th, I am sure that i could go borrow enough money to buy the place, but not enoughto clean it up all at once, it has an abandoned trailer house and a run dowen 3 room house on it, along with three large storm damaged trees and a bunch of brush, it may or may not come with 2 abandoned cars, the owner has benn given to auction date to remove personal stuff

we know niether the trailer or the hoiuse are worth trying to salvage, and all but one of the trees will have to be removed completely. I would want the property mainly because i already own 3 of the 14 lots out right, am making payments on three more, which gives us half the street know we have first option on 1 other lot that would be between the abandoned one and my first three when the owner decides to sell , that would leave me with 6 of 7 lots on that side of the street and 3 on this side,

My delima is that drs are just now releasing me to work part time, and i have no jobs lined up to do at this time and no income on record. dw is trying to get on as a secretary at local radio station and i am out hustling work , but nothing is falling in place yet. I may even try and get a regular job at our local lumber yard''

would you try and go ahead and purchase the lots and clean them, to keep some one else from buying and attempting to make cheep rentals out of them, or should i just wait and hope it goes to someone that will try and improve them?

 

[Pop Daddy]

your right, long post

 

[FroggyinArk]

i warned ya pd

 

[EsmeraldaX]

I think if you think that in the long run this will be beneficial to you, you should go for it as long as it won't cause a drastic lifestyle change now.

 

[orvilleair]

Just a guess. If it is condemned, does that mean that the house is structurally unsafe? If so, then I don't see anyone trying to make a quick buy and renting it out riight away. They would have to make improvements.

If you buy, property taxes would increase, and would that put a burden on your income stream? The foreclosed house next to me has been auctioned twice (Feb and July) with no bids acceptable to the bank. Maybe the property on your street will have the same outcome. I would hold off for awhile.

 

[FroggyinArk]

this is the second time here too,, the lil house is run down but apparently almost livable, its currently occupied but the guys not apparently looking for much in a HOME, because we can see the missing shingles on the roof and the broken windows , i dont htink the taxes would be that big a deal, we get a homestead exemption to property tax on home and land,, thats diagonally across from property i already own, so i would just be consolidating the three into one set of land on the books,

the payment wouldnt be much different because i would be refiananceing all 8 lots into one parcel instead of keeping them broken in three sets,

i'll have to put all in one to be able to get enough to clear the junk off the 2 new lots and get them ready to use. oi honestly would probably just keep them mown and use part of it as a community garden spot for a veggie garden, i might consider building on them and then tearing down the existing house on this property i am in now, and putting my shop here, then keep grannys placeas a rental aftershes gone,, rightnow the plan is for usa to stay put till shes passed on and then move into her trailer, build a new house where we are now, and then put shop in where the trailer sits now.