HELLO there, I read with a mixture interest & uneasyness the posts re tax leins ,forclosures ect. Back in the late eightys i bourght a retail buisness for $130000 ,30000 of my own money[earnt thru real estate] &100000 borrowed from the bank. Then came the “recession we had to have” for all you younguns out there look it up under Paul Keating.Commercial int rates had cracked 20% and we couldnt make the payments .The bank gave us 24 hrs to pay the full amount [check you small print] wich of course we could not do .The bank held an auction &%100,000 of stock plant &equip went for $19;000 of wich the auctioneer took %5000 leaving $14,000 to pay a$100,000 debt.No problem for the bank just bring on a”morgagee auction” Now it would have made no difference to me i would have still come out of it in just my undies,but all the creditors[ mainly hard working australians struggling in small buisness] would have received more than 50 cents in the $ if the house could have been sold at market value . Proberly all i am trying to say is maybe 99% of the people behind the morgagee type sales are like most the people on this forum & Are just trying to get ahead.So before you activly seek out this type of property spare thought for the people behind it and the knock on effect it has to the others hanging on the food chain. There is an abundance of bargains out there if you have the right mind set. Must go now feeling quite weak now after reliving the past. bye for now. andy
With you all the way there Mr Hedge. It is nice to think about scoring properties undervalue but I also really enjoy solving peoples problems not ripping them off. It is a fine line and I know many will say that if people get themselves into trouble then they deserve what they get. Can’t say that sits well with me as I never wish ill on people as I would hope they wish no ill to me.
I have seen many people on different forums get all excited after reading Kiyosaki or Burley or De roos or a host of other authors and ask about deals as they are done in the USA. I have said it before and will say it again. I am glad that we do things differently here. Even if mortgagee auctions don’t always get top dollar at least they get what the market is willing to pay. The dog eat dog American system may seem full of opportunity but it is also very ruthless.
I like to invest in something that helps other. IF I can make a buck…even better. It is for this reason that I invest in houses and people and for this reason also I gave away share trading. As Stuatr O’Neill says…
p.s.
tenants don’t rent houses people do!
pp.s
if you do not like dealing with people…buy shares! Property is a peoples game.I like that thinking.
Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.” -David Brink
Hello AD
Ccngradulations on being a 3 red star moderator.
Not sure what it is but congrads anyway
regards AndyAD
I am with Mr Hedge in congratulating you 3 star man !!
Also, I whole-heartedly agree with your investing strategy. Why try and rip someone off ??
Good grief, there are a b’jillion (a very large number) of deals out there and they are all opportunities to create triple or even quadruple wins (Vendor, Purchaser, Agent & Tenant all walk away happy).
Just recently by doing a bit of creative negotiating we achieved it on a $51k rental house. All 4 parties walked away happy. It can be done !!
Also, we have bought a couple of mortgagee sale properties and have often wondered about the circumstances in which the bank foreclosed on the previous owner. I think that it is a sad thing when it happens.
One of my friends has a great saying “there but for the grace of God go I”
TTFN
the B [
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