• Welcome to AppraisersForum.com, the premier online community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Okay, so tell me again why lots can't be worthless?

Status
Not open for further replies.
Terrel L. Shields said:
.... He went to St. Louis, eventually investing in downtown buildings that he bought for back taxes or sometimes simply given to him. He held them for 10 - 15 years and sold them as the area regenerated. His "worthless" investments made him wealthy.....
Click to expand...
Back in the early 1970's I knew a guy working in his father's R.E. business.
"You want to buy a couple of square blocks just North of where you're working for $1,000??"
I passed of course. :shrug:
Now a few hundred $200,000 homes are sitting there.
 
I think it's from the same school of thought that advocates that the Cost Approach must always be slightly higher than the Sales Comparison Approach.
 
Walter Kirk said:
This is nothing new. During the 1980's I purchased several houses and vacant lots in Camden, N.J. from HUD for $50. or $100. in sealed bid sales. Since I was the broker as well as the buyer HUD paid me a $200. minimum sales commission on each property.
Click to expand...


and.......? what happened to the properties Walter?

( for those that don't know Camden NJ is as bad as it gets, like Detroit)
 
I sent this link to Drudge when it was posted here, and I just noticed that he added it on the Drudge Report.
 
Keep whistling that tune...those who do not learn from history are doomed to repeat it. Detroit is like the ugly mole on your back...you never have to look at, but one day it will get cancer and then you'll remember it. We are not pretty here, and we have our failures. However historically the condition of Detroit is a great leading indicator of the country's overall health...we are a symptom of the problem.

When we are boom here, the country will boom for awhile, when we are bust...hold onto your hats because it is going to get bad. Its really bad here...90% of my REOs in the city have bloodstains on the carpeting and walls. Almost all of them are usually the only ones not burnt on the block...guess what happens the following week.
 
Hey I liked the taxes. Only $3900 for a year and this gives you a neighborhood where everything that is not nailed down will be stolen. It is always nice to see the tax dollars at work.


I own two properties, the one I live in here in OH is 3 wooded acres with a 2200 sqft house, built in 1992. My property in Iowa is 13.5 acres with a 900 sqft house, built in 1975. I could walk away from both properties for 3 months and the houses would be just like I left them. I pay a total of $3700 a year in property taxes.
 
TEL2002 said:
Hey I liked the taxes. Only $3900 for a year and this gives you a neighborhood where everything that is not nailed down will be stolen. It is always nice to see the tax dollars at work.


I own two properties, the one I live in here in OH is 3 wooded acres with a 2200 sqft house, built in 1992. My property in Iowa is 13.5 acres with a 900 sqft house, built in 1975. I could walk away from both properties for 3 months and the houses would be just like I left them. I pay a total of $3700 a year in property taxes.
Click to expand...

So, the bottom line is: You are renting both properties from the Government. Don't pay rent and you get evicted! :rof::rof::rof:
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com
Back
Top