real estate

**allrelative** · 02-08-2010 08:32 PM

There is a city in USA which I lived in from 2003 to 2006 that has about 5000 historic and vacant homes for sale for as little as $1. Maximum one will pay for the entire home and property is $1,500. The city requires you to renovate the home in 18 months. Once the home is made nice again, the State and Fed. gov will reimburse you 45% of every dollar you spent except for the landscaping costs. Some of the homes have antiques in them. Most of the homes are all brick and two stories. They are about 100 + years old. I bought and sold 10 of them. Some I simply flipped and some I renovated using local crews. I averaged over $100,000 NET profit on each home except the ones I flipped. Anyone can qualify to buy the home. You can buy a maximum of 4 homes at one time. This particular city property values have NOT diminished but have stayed stable. The city has been doing this for 30 years. Not many people know about this. Each month they publish a new list of the homes and for $10 you can buy a key so that you can go inside and inspect each house. Renovation costs will vary from a few thousand dollars to $60,000. There are 'hard money lenders' who will loan you the money for renovation. They will charge 15% interest. Most require you to renovate and resell the home within 6 months.

what do you guys think about that?

**Bodge4** · 02-08-2010 09:23 PM

Sounds good to me. Are you just telling us about it, or are you offering something?

I had a property management biz for three years, did a bunch of flips and renovated hundreds of units.

**allrelative** · 02-08-2010 10:00 PM

looking for partner if this deal is legit.
still researching

have you heard of such an area?

**Bodge4** · 02-08-2010 10:06 PM

There was just a tax auction in a city near me houses went for $2000, lots $100. I missed it by hours.

This is possible though it is a little hard to believe, especially the 45% back.

**DerekS** · 02-09-2010 10:42 AM

Originally Posted by allrelative

There is a city in USA which I lived in from 2003 to 2006 that has about 5000 historic and vacant homes for sale for as little as $1. Maximum one will pay for the entire home and property is $1,500. The city requires you to renovate the home in 18 months. Once the home is made nice again, the State and Fed. gov will reimburse you 45% of every dollar you spent except for the landscaping costs. Some of the homes have antiques in them. Most of the homes are all brick and two stories. They are about 100 + years old. I bought and sold 10 of them. Some I simply flipped and some I renovated using local crews. I averaged over $100,000 NET profit on each home except the ones I flipped. Anyone can qualify to buy the home. You can buy a maximum of 4 homes at one time. This particular city property values have NOT diminished but have stayed stable. The city has been doing this for 30 years. Not many people know about this. Each month they publish a new list of the homes and for $10 you can buy a key so that you can go inside and inspect each house. Renovation costs will vary from a few thousand dollars to $60,000. There are 'hard money lenders' who will loan you the money for renovation. They will charge 15% interest. Most require you to renovate and resell the home within 6 months.

what do you guys think about that?

I call total BS. For starters, no local or state government will pay flippers to flip houses. No area without depressed values is made a revitalization area, let alone made an area where the government will actually pay for your rehab costs. Not even Baltimore and Detroit are doing this stuff. No $1 house requires a few thousand dollars in rehab costs. None of this adds up.

So, in short, I call BS. Please prove me wrong, because if this is real, I've got cash to invest. If you're real, show us.

**DerekS** · 02-13-2010 09:29 AM

Any updates? Like I said before, it seems like BS. If you've done your research and think it could be real, post or PM me so we can talk details.

**Bodge4** · 02-13-2010 11:32 AM

The gov money is BS, I check Hud.gov all the time and they never have anything even close to what is described.

**allrelative** · 02-13-2010 10:39 PM

you guys were right.
it was to good to be true.
I was speaking to a guy about salvaging shipwrecks. then he randomly threw this proposal out, so i wanted to get your opinion on it.

no dice

you guys seem to know about such deals... have any up your sleeves?

**DerekS** · 02-15-2010 08:01 AM

Originally Posted by allrelative

you guys were right.
it was to good to be true.
I was speaking to a guy about salvaging shipwrecks. then he randomly threw this proposal out, so i wanted to get your opinion on it.

no dice

you guys seem to know about such deals... have any up your sleeves?

Well there was your first clue. Anyone who starts off a conversation involving salvaging shipwrecks and then switches gears to a real estate scam probably really lives in his mom's basement and is broke.

I can help you invest in real estate in Baltimore, as I know the ins and outs of the local market. I'm sure Bodge can help you in all the markets that he's experienced with.

RE investing isn't rocket science- it just takes experience, research, access to capital/contractors/etc (ie a network), and some balls. Just keep in mind that you've got to spend money to make money in this business (to an extent.) There are guys that are masters of leverage, but in the end, there is no way to take $1k and turn it into $100k inside of a year.