I found a place that is being foreclosed. It is about a mile from the school I presently go to. it is a single family home two story which i would like to turn into and efficiency (upstairs) and a 2 bedroom apt. it also had a HUGE workshop in the back that was used for car repair that I think with some creativity could be turned into 3 Units. It needs a little work but i have spoken with my dad, (who has spent his life hobbing by rebuilding and fixing houses) and he is willing to help me with this project. That would be 5 units on one property with a ton of Parking.
What i guess i am asking is would this be worth it and any other points you guys could give to help me in the right direction. I am not looking to get rich instantly but am looking to get started now.
Here are some links to the place
* and a copy of his Email with property tax.
This is a foreclosed property and we are still waiting on the bank to set a price. We have done several BPO’s and last one came in at $122,000, but the bank could go higher or lower than that. Most likely they would not go lower. I am guessing that we will from the bank within 7-10 days on a price that they want to go with and I will let you know more then.
The latest information that I have on Property taxes and assessments are:
Assessment Year: 2008
Prev Land Assessment: $41,100.00
Land Assessment: $49,300.00
Prev Impr Assessment: $108,800.00
Prev Tot Assessment: $149,900.00
Tot Assessment: $155,900.00
Assessment Increase %: 4.00 %
Land Percentage: 31.62 %
Assessment Area: 51
Net Taxes (Inc Lottery Credit, Spec & Other): $2,843.18
Lottery Credit: $101.79
Total Specials: $0.00
Other Taxes: $0.00
Please feel free to contact me if you have any further questions or if you would like to see the property.
* I'm just wondering if there is any thing i am missing or what my next move should be. Thank you for any input.