for example here in toronto the market is in a bubble. ppl are buying and selling like MAD. and the prices of houses are soooo fuckin inflatted. houses that were $200 000 5 years ago are selling for 400 000 thou today. and ppl are selling like MAD and guess what people are buying them too even tho the price is so inflateed. wanna know why? cause it smore affordable today to buy a house then it was 5 years ago when the price was so low. intrest rates back then were 16% today intrest rates are at 2% so everyone thinks they can afford these half a million dollar homes on their salary. most of the people buying too are immigrants who dont kno any better.


so im at home saving my money. cause i know one thing, the market is in a bubble. next year or the year after its gonna comin crashing back down, intrest rates are gonna fly through the roof, and these same people who have been buying and selling this whole time are gonna go broke and have their houses takin away form them because they cant afford the 16% intrest rate. and...thats where i come in and start buying. when everyone thinks im a fuckin psycho for doing it. im gonna buy a fe whouses and rent them out and pay the intrest rate out of my own pocket. because i know once again in 5 years that market is gonna bubble back up again and thats when i sell.

VIVID, WE'RE NOT TALKIGN ABOUT THE SAME THING DO YOU GET IT?!?!?!

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quote:

Originally posted by Lepanto VIVID, WE'RE NOT TALKIGN ABOUT THE SAME THING DO YOU GET IT?!?!?!

and then thats when i sell. cause the monkeyts fly at midnight. sometiumes i like a large cup of tea before bed time because thats the way i always have liked it. sometimes tho some hot choclate is good too but only on special occasions. and u wanna know why???? because hot coca gets me wired. yup thats right hot cocoa keeps wired on edge. speaking of edges i was reminisicing the other day abt wrestling. razor ramon. the razors edge. wow he was a charatcer i remember he once showed up drunk to the ring and the venue was this place in florida with a swimming pool around it. funny story too abt florida, i wasonce in florida with my friends and we rented out this lil villa sort of thing. and it TOO had a swimming pool so yeah we went swiiming and we splashed and we dived and we did lines. but the best part was, we did like 120 mph the whole way there AND WE"RE FORM TORONTO! we bought ourselves this nifty lil police radar detector. oh man we did that trip so quick.that also reminds me of this time i went to washington in rod ricos car. wow that was a fun time. we stopped off in buck fuck no where to getgas and food and as we were leaving from paying i hear in the background "welcome to john elways quarterback" and bam flashback to when i was a kid and i used to play that same game! so naturally ihad to play it. man i spend like 10 bucks on that machine before i was dragged away. it broke back some serious childhood memories. good times. so where was I YES! real estate. buy low sell high.

how wired are you right now

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LOL @ Vivid

quote:

Originally posted by Lepanto my friend is getting into buying up land by lots from forclosed homes or lots. he's talking auctions where they say lots for as cheap as 200 bucks opening bids. he checked out some of the areas as well and they aren't too bad. i wanted to know if anyone has experience in dealing with stuff like this because me and him want to buy some of it up and sell it to real estate companies like century 21 or fillmore because they sell land like this for roughly 20,000+.

Is it just land or is there a house on this land as well?
If it is just land you do have to be careful of certain things even if it is going for a cheap amount. You have to make sure that you are able to build on it if it is just land. I was just out with my parents this weekend and they found an amazing piece of land. Turns out it was on a conservation area and you can never build on it so who would pay 125,000$ for a piece of land you can't do anything with? Or what if you build on it and your house sinks? (this has happend)

Also when dealing with foreclosures it is for more reasons then them just not paying taxes. If there was a mortgage on the land it could be from them not paying that as well. Before buying it look into everything about it first and find out as much info about the property as you can. Your best bet would be to call the city or township and get info from them and hire a lawyer. Most importantly if they did lose the property due to not paying taxes. How much were those taxes a year? Also if you are bidding on this I am sure it isn't just going to be 200-1500$ that you lose. Other people will be there bidding as well so be sure before you do anything cuz if it is a good property you will be paying more than that for it cuz property just isn't that cheap. Even with foreclosures they still have to sell it for what it is worth or if there was any kind of mortgage on it, they have to sell it to get at least the proceeds lost back from it. I think that it is a little too good to be true to be honest cuz if they are auctioning it off at 200$, there has got to be something up with it.

Good Luck to you and your friend. And make sure you don't jump into anything with properties like this. (unless it has a house already on it then you are a little safer )

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quote:

Originally posted by magikb Your best bet would be to call the city or township and get info from them and hire a lawyer.

Best advice in this thread.

You have to be very careful that the title/deed of the property is registered properly and transferred to you properly. I've heard of several cases where the documentation for title transfer wasn't done properly and the family started living in the house only to realize later that the house/property didn't belong to them!!!

In these scenarios where the property is very cheap, or "too good to be true" it's because of shady people involved that will defraud you like that.

BE FUCKING CAREFUL!!!

ok i get be careful lol.

i've seen some lots of land for avg of 1,000 and they aren't bad and something i'd get. half an acre by the delaware river. anyways, yeah my friend knows how to figure out from the township agencies if the land is doable or not. most often you can't build on it because of the sewage in the town or so.

but if i can't build on it i'll rent it out to trailers and RVs

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