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  1. #1
    Join Date
    Dec 2005
    Posts
    9

    Buy real estate for only hundreds.

    Anyone ever hear of these government auctions that sell houses that were past due on taxes, for the price of whatever the delinquency was. Supposedly people buy these houses for like $500 bucks, then turn around and sell them for hundreds of thousands? Anyone try this out? Let me know, sounds too good to be true.
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  2. #2
    Join Date
    Jun 2006
    Posts
    3,120

    Re: Buy real estate for only hundreds.

    This is not true. You are not the only one who is going to government auctions. A lot of people do that kind of business professionally. Eventually, after bidding, price go up to 80-95% of real home value. Unless you know how to flip this house as it is, you will also have to renovate it. Some additional expenses here.

    So as you see if initial price could be $500, at the end you will have to invest some real money if you want to receive 10-20% profit. Off course this result is not typical. Some people get lucky and make 30-35% profit. Some do not make profit at all.

  3. #3
    Join Date
    Oct 2005
    Posts
    2,760

    Re: Buy real estate for only hundreds.

    There really are no secrets involved when it comes to govt auctions and the like. Don't bother buying the book! http://www.freefromscams.com/govtauctions.html
    has all the websites that list the homes and auctions, etc. As stated above they rarely go for the low prices promised. I have seen a few in other states that had low starting bids. You also need to have cash on hand when you are bidding for this type of property. They don't let you go and find financing when the auction is over :)

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