WOW ! , I just stole a foreclosed condo today for 40K !

Doug · Jan 31, 2012

It's almost like a typo and somebody forgot the "1" in front. I wish I could buy 2-3 more just like it !

I hate condos, said I'd never buy another one, but this one fits my needs to a Tee !

Dirt cheap and in a town of 300K + homes ( as average) in a very small town on the CT river in a town often mentioned as being one of the best small towns in America to live in, yadayadayada.

This is probably the best investment I've ever made ( plus I'm homeless). I'll have to toss in 5-10k to remodel it, so I'll be at 50k.

Condo fees, taxes, etc, should be around $425 a month.

If I'm not living there, I could rent this for like $600 a week to boaters in the high season ( say May, June, July, August) and rent it academically in the off season for like $7-800), or maybe $950 on a year round lease.

I had to buy this one at that price.

I'd like to link it, but I don't want to identify myself.

I'm Happy

hosnatcher · Jan 31, 2012

Nice!!! Post a link from Zillow of another condo in the community with the same floor plan so you can protect your identity.

LEYKIS101 · Jan 31, 2012

Sounds like a nice score, Doug.

Are you telling the wife? @)

ALSportsJunkie · Jan 31, 2012

Did you have a home inspection done?

If not, good luck!

Doug · Jan 31, 2012

ALSportsJunkie said:
Did you have a home inspection done?

If not, good luck!

I will have one done, offer just accepted today, should have a contract tomorrow, then inspection look over condo documents, etc, close about 2/15

Doug · Jan 31, 2012

hosnatcher said:
Nice!!! Post a link from Zillow of another condo in the community with the same floor plan so you can protect your identity.

there are 12 units here, only 2 are of this floorplan, so not doable, I can't even find any sales history on Zillow.

I know I could pull 12-15k rent on it with 5k in expenses and I think it's worth double what I paid for it with 8k of improvements.

Plus , I need a place to live in for now !

Doug · Jan 31, 2012

LEYKIS101 said:
Sounds like a nice score, Doug.

Are you telling the wife? @)

yeah, she knows

ALSportsJunkie · Jan 31, 2012

Doug said:
I will have one done, offer just accepted today, should have a contract tomorrow, then inspection look over condo documents, etc, close about 2/15

Sounds like you are on top of it - make sure you leave yourself room to negate the deal should the inspection turn up anything unexpected.

Doug · Jan 31, 2012

ALSportsJunkie said:
Sounds like you are on top of it - make sure you leave yourself room to negate the deal should the inspection turn up anything unexpected.

I can get out of it for any reason./ no reason but there is no room for negotiation...if I back out , it's done. This is a Fannie Mae/ HUD type of foreclosure.

I'm more concerned about the financial health of the homeowner's association than the structure of the place actually.

I plan to visit and talk to anybody I can find that lives there ( hopefully owners ), might just go door to door and chat, only 12 units so why not ?

kidman232 · Jan 31, 2012

quit being so paranoid lol and u dont have to tell us ur homeless in every other post.

TheRightSide · Jan 31, 2012

kidman232 said:
quit being so paranoid lol and u dont have to tell us ur homeless in every other post.

its not paranoid having concerns about the HOA. Wife is in the title business and she says this is a big big problem.

nice to see a positive post from Doug maybe things are looking up for him.....good luck

kidman232 · Feb 1, 2012

TheRightSide said:
its not paranoid having concerns about the HOA. Wife is in the title business and she says this is a big big problem.

nice to see a positive post from Doug maybe things are looking up for him.....good luck

never understood why people make posts with half a story or the details. if your going to post about it, do it right or dont do it. beating around the bush and what not does nobody any good. nobody is going to say post your full name, date of birth, ss # and what not. but saying you got such a great steal, but not wanting to post pictures of the unit or general layout kind of makes this post worthless.

i like doug, but if your afraid of identifying yourself or what not, i dont see any good that could come of this post, so why risk it at all and just keep a lid on your steal/purchase.

TheRightSide · Feb 1, 2012

kidman232 said:
never understood why people make posts with half a story or the details. if your going to post about it, do it right or dont do it. beating around the bush and what not does nobody any good. nobody is going to say post your full name, date of birth, ss # and what not. but saying you got such a great steal, but not wanting to post pictures of the unit or general layout kind of makes this post worthless.

i like doug, but if your afraid of identifying yourself or what not, i dont see any good that could come of this post, so why risk it at all and just keep a lid on your steal/purchase.

why did you quoute me? LOL
HOA's are going broke. In Vegas the wife's company (3rd largest title company in the country) they will not touch any of those condo's

PatsFan1283 · Feb 1, 2012

Why are HOAs going broke?

taylor13 · Feb 1, 2012

kidman232 said:
quit being so paranoid lol and u dont have to tell us ur homeless in every other post.

How bout the guy that talks about living in a van by the river in every post.....I mean that was funny 20 years ago and all, pretty stupid now though

kidman232 · Feb 1, 2012

taylor13 said:
How bout the guy that talks about living in a van by the river in every post.....I mean that was funny 20 years ago and all, pretty stupid now though

if i lived in a van that had a view of a river, id probablu brag too

TheRightSide · Feb 1, 2012

PatsFan1283 said:
Why are HOAs going broke?

Just think of all the people that are losing the condo's to forclosure. Those people haave not paid thier fees in forever. As time goes on the HOA gets less and less money. What happens when the condo's need a new roof, or to repave the parking areas. Slowly but surely they go broke.

There are so many condo's in forclosure. Condo's were being built like crazy during the home buuilding boom and now its going busto.

Just think how Doug's neightbors feel that he just bought a condo for 100,000 less than what they owe on thier place........not a good feeling and not good for the economy.

Doug · Feb 1, 2012

The next thing that happens to places like this is that people buy them as rental units instead of living there themself. Renters tend to ruin stuff as they don't care as much as an owner would. I eventually plan to rent this out myself.

I used to live in a large condo complex ( 250+ units) in Groton, Ct, owned 2 units there. The place went to Hell with too many renters doing stupid shit like trying to wash a rug in the jacuzzi.

I sold a unit there for 134k in May of 2005, that exact same unit is now listed for about 73k and has been for sale for like a year, I could probably buy it back for 60k cash.

The place is largely a mix of Navy types and Pfizer employees and casino workers , both prefer to rent. you can get about $1200/ month rent there on a 1BR, 714 SF unit. I was planning to offer to buy it back if I didn't get this unit for 40k !

steaktartar · Feb 1, 2012

LEYKIS101 said:
Sounds like a nice score, Doug.

Are you telling the wife? @)

haha ........nice job doug

Doug · Feb 1, 2012

TheRightSide said:
Just think of all the people that are losing the condo's to forclosure. Those people haave not paid thier fees in forever. As time goes on the HOA gets less and less money. What happens when the condo's need a new roof, or to repave the parking areas. Slowly but surely they go broke.

There are so many condo's in forclosure. Condo's were being built like crazy during the home buuilding boom and now its going busto.

Just think how Doug's neightbors feel that he just bought a condo for 100,000 less than what they owe on thier place........not a good feeling and not good for the economy.

People at my last place are pissed at me ( I hear) for selling too cheaply. It was a 2br 2.5 bath...maybe 1350 sf I paid 160k or so in 2002, I listed at 240k to start, sold if for 190k and it took 15 months, several price drops and 3 realters to get it done. People there want like 180k for 1 br, 1.5 bath, well you ain't gonna get it !

155-160k and you will sell it.

My new place is only like 550 sf, but the location is excellent, it is a converted apartment really close to the river, has a waterview with the trees barren of leaves, easy $900/ month rental ( more in the summer) if I decide to go that way someday ?

The deal was just too good to turn down. People still have to live somewhere if they don't want / can't buy, so demand for rentals will always exist.

I figure about 10k in expenses to paint, carpet, remodel kitchen and bath, closing costs, inspection, attorney, etc