puls1234 0 Report post Posted December 18, 2003 Though I have not yet found tenant buyers for my 2 cooperative assignments yesterday I did get a bit of good news. I got a bank owned home(otherwise known as a REO) for $10,388. It got appraised for $43,000. So in essence just added $32,000 to the net worth! I plan on renting to own this home after I close on it not just rent it. I will make the t/b 100% responsible for maintenance. Will let you know when one of my 2 cooperative assignments fall also. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted December 18, 2003 Congrats, Pete! How'd you find the deal? Was it a cash purchase? Share this post Link to post Share on other sites
puls1234 0 Report post Posted December 19, 2003 Yes, it was a cash purchase. I have many realtors out there constantly notifying me of any bank foreclosures. That is how I found it. Share this post Link to post Share on other sites
verbatim 1 Report post Posted December 24, 2003 10k is great. ... did the home need any repairs? what are the details? Verb Share this post Link to post Share on other sites
puls1234 0 Report post Posted December 24, 2003 Home needs, new doorbell, paint inside, new carpet. That is it! It will cost me 3k dollars but I will not be paying for it out of my pocket, I will get it from the construction loan. Share this post Link to post Share on other sites
