The Vultures are Starting to Circle

[DimPrawn]

Talking of property auctions i watched a TV programme a week or so back where a guy bought a shell of a house in Manchester for £15K cash.

Went in with a broom, swept up and boarded up the windows.

Put it back on auction and it went for nearly £30K.

£15k profit for doing nothing in one sale in one month.

That's smart.

[Rebecca Loos]

I have 2 mortgages and I don't care, me.
With all these repos, lots of potential renters on the market... yum yum

[hyperD]

£15k profit for doing nothing in one sale in one month.

That's almost as good as doing a direct .NET contract!

[AtW]

Talking of property auctions i watched a TV programme a week or so back where a guy bought a shell of a house in Manchester for £15K cash.

This must be the house where axe murderer lived or one of those american families with gimps.

House and 15 or even 30 grand in one sentence simply does not compute.

[The Late, Great JC]

This must be the house where axe murderer lived or one of those american families with gimps.

House and 15 or even 30 grand in one sentence simply does not compute.

Well if you say it, it must be true! FFS, you're almost as bad as MB when he prattles on about the subject he knows feck all about, cars! Mind you AtW, you come a close second on that one too!

[DimPrawn]

The house was a shell. Lived in by squatters and druggies in the worst gangland areas of Manchester. But someone was willing to part with nearly £30K to own it. Easy money for the guy.

Moral of the story. Go to auctions and bid for anything that looks very cheap. Then stick it back in another auction and hope some mug pays over the odds.

Result, instant no effort profit. A bit like .NET contracts really.

[boredsenseless]

That's almost as good as doing a direct .NET contract!

Hold on a minute I have to dispute this...

At least he used a broom! So in a month he at least managed one useful act!

[threaded]

AtW: it is possible. Someone I know bought two side by side repos for 30k the pair, it had been a B&B that failed. Split it back into two houses, converted one into 3 apartments and sold each appartment off for 150k. They are currently sitting on the other house as they don't like giving Gordon too much tax in one year...

[~Craig~]

some of these 15k houses are in 'abandoned' areas that are likely to be redeveloped in the future. You buy for 15K at auction and 6 months later the council buys it off you for significantly more, just so they can knock 'em all down.

[DimPrawn]

Yes and just by sticking it back in auction every few months with a reserve of what you paid for it there's a good chance you'll make good money when some mug desparate to get on the property ladder (or shute depending on what you think house prices will do) pays double for it.

Got to be worth speculating.