Bought some more land - 5.7 acres
drobs
Member Posts: 22,620 ✭✭✭✭
Raw land around here is going for $5k per acre.
Read in the paper that there was a court house auction going on yesterday for a Foreclosure and County Property Tax Lien. Showed up an hour early and peeked at the plat map go to get an idea where it's located. Then went and learned how much taxes were owed on it - 5 years totaling $890.
Showed up for the auction. The bank said the owner passed away and they they contacted his son who said he didn't want anything to do with it. A lawyer for a local law firm on the square led the auction. The bank started the auction at $4500. It was 14F outside and there were only 2 of us bidding on the land.
I won the final bid at $7400.
The Law Firm wanted cash but wold give me till Monday. I keep a small account at the same local bank for checks I receive. Talking with the bank the fastest way to get cash would be to do a cash advance on my 2 credit cards. A wire transfer would be possible from the bigger banks I use, but could get delayed. I did a cash advance on my credit cards.
Then I found myself walking back and forth from the Law Office to the Court House. I got the Deed and registered it with the county. Monday I'll hear back on the taxes.
The property is located about 30 minutes from my house. The neighborhood isn't the nicest one. There are a couple well maintained homes but then there are run down trailers. The property comes with a trailer plus lots of crap - trash from the overhead view. There looks to be a pond in the back of the property. The overhead view shows a couple vehicles.
I'm heading there today to explore the trailer / property. Bringing a friend with me who is a Reserve Deputy for the County. As far as I know, the property is empty. This could be an interesting treasure hunt.
I haven't decide what to do with it yet other than clearing all the trash off the land. May flip it or hold on to it.
This is my 3rd property.
TLDR - bought a meth lab on 5.7 acres.
Comments
Many of a god deal have been had by just doing what you did.
Word of caution, be sure to do a title search and title insurance. Not too much money and would be well spent.
Never know the past history of the property.
Congrats, bought a few properties thru the yrs the same way. I highly doubt anyone is on the property because the sheriff or county official usually removes them prior to the county sale. In SC the former owner has 1 yr to reclaim the property and pay outlandish interest to the bidder that tacks on the property to redeem it. Now the back debts... get an attorney to do a quiet title should there be any liens. The liens are automatically removed off of the property. They were not yours buying it and the former lien holders problem . Last property I purchased had a 110K lien on it. It was removed and I got a clean marketable title and it is now in my LLC
If you get the meth lab running again you might get a better return on your money.
And I thought living in NJ was tough🤣
Should've asked the law firm handling the sale, "just who loiters around with $7500 cash in their pocket with todays forfeiture law's" on the books ?.....😠. It sounds like you got a good snag, congratulations 👍️
"Never do wrong to make a friend----or to keep one".....Robert E. Lee
Congratulations, drobs. I would have been all over that, too. We just sold a 7/8th acre lot that joins National Forest for $17,000. We bought it 15 years ago for $5000 and back taxes. It had a burned down house and a lot of other junk on it.
There's an old run down house across the road from that lot that has a creek behind it. We're waiting for the owner to get desperate to sell. I'll clean it up and flip it, hopefully.
I have pics and video in this thread:
You shouldn't need an account to view it there.
That's a good looking site.....new to me but I'm always late, thanks for posting 👍️
"Never do wrong to make a friend----or to keep one".....Robert E. Lee
Thanks for the pics & videos. Really fun to watch. There's a lot of good junk there. Pick what you want. Then either call an auction co. to sell the rest or call a center for the needy & they can pick it up. Split the metal $$ with a scrapper & a dumpster for what's left. Any way you do it, it's a good deal. Thanks again for the sights.
I like the auction company / call center idea. I was thinking yard sale but basically giving most of it away. I might haul the sheet metal roofing over here. Could be useful for a future barn.