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Lauren Category:
Current Grade: A-
Total Views: 399
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Posted on: 03/18/2008
Posted by: Lauren
Blog Points: 383
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It's been a while since I last logged on.  We've started to give seminars on our investment approach and that had the lovely side-affect of finding a new way to discover new territories - and actually get PAID to do it.  so now, at no cost to ourselves (massive profit, in fact), we have discovered and landed a new territory in Ohio - with 4 properties coming online since we first went there only a couple of months ago.  now we endeavour to setup our infrastructure in these towns, which as you know, is harder then finding the good deal!

Meanwhile, the mortgage crisis continues to offer us more opportunities at home in Mass, which has always been such a nightmare state in terms of it's lack of opportunities for the value investor.  And, I am buying a property to actually live in - for 50% market value. I have actually gotten a list from a bank (hard to find those!) that has alot of properties listed at 30% MV in Mass.  With all the projects going on, it's hard to find the time to do them all, but we are persevering! It's all going incredibly well.  We have 5 closings in the next 2 weeks across 3 states (woohoo).

And, we are gearing up for the spring tax auctions.  Last year we purchased 14 properties for approx 22k... now that counties are getting more online, we are not sure how this year's auction will play out, but we still hope to come away with at LEAST 8, hopefully more.

Hope you are having as much fun (and hopefully more sleep!)

 

Lauren

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Lauren
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Posted By: Lauren on 03/18/2008
Oh no, those are DEEDS.  Isn't it a beautiful thing?   And sadly no, they are not in Mass...I could give my right arm to find deals like that around here.  The mortgage crisis is making it easier to find some decent deals, but you'd be lucky to find a bank-owned property under 60% market value...   Ohio is virtually giving properties away, but after closer investigation, we steered clear of Cleveland b/c the neighborhoods were just too dodgy.  We've headed to Shaker Heights.  The tax auctions are in PA.
 
JohnCorey
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Posted By: JohnCorey on 03/18/2008
Lauren, When you said you purchased 14 properties for $22k are you saying you end up with the deeds or are you buying Tax Lien Certificates (TLCs)? Are the properties all in MA? John Corey