Reply to: The Vultures are Starting to Circle

[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.

[~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.

[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...

[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!

[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.

[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!

[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.

[hyperD]

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

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

[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

[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.

[BlasterBates]

Wait unti Gordon Brown gets those 60 grand shacks built.

[hyperD]

Lots of opportunities in housing auctions at the moment! Expect full flow in a few years time as this sort of thing lags behind house prices.

The most worrying thing is the comparitive ease that people can (and are being encouraged) to declare themselves bankrupt. These are rising at virtually an exponential rate.

There comes a time when the banks are going to get their fingers burnt and will start to withdraw the ability of lending money. Their own fault, but I cannot help but think that a growing momentum of insolvancy can only drag everyone elses financial worth down with it.

[Lucifer Box]

I feel a sneer coming on. What's a mortgage? What's personal debt?

These things are alien to me.

My sentiments exactly. Recessions are a disaster for some and an opportunity for others.

[xoggoth]

Indeed. I Paid off my mortgage years ago being a boring over-cautious person, but I daresay there will a major knock on effect on the economy. Not as though its is doing that great as it is.

Bright side, maybe at least one of my offspring will be able to afford his own place.

[DimPrawn]

I feel a sneer coming on. What's a mortgage? What's personal debt?

These things are alien to me.