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Probably not much..

Posted by Ward-CA- on May 30, 2002 at 12:56 AM

In Reply to: Foreclosures : what can be done posted by Bigv on May 29, 2002 at 8:57 PM

: Most of the active people of this forum seems like they are from the West Coast. I am from the East Coast. We have a huge amount of people that are going to be foreclosed on in about a week. Most of the the people had there mortgage only for a year. So we could be looking at a $200,000 house that someone is willing to hand over to you the next day because he can't handle the payments. Is there anyone on this forum know of a benefit by obtaining the property? This may be a trade secret. I don't know. I would be even willing to hand a small compensation for the answer. To much money to be made, why not spread it around. Could you do a section 8 on it? How much would section 8 cover on a house that cost that much? Surly there is someway to benefit from those type of situations.

: Thinking Cap???????
=========================
Bigv,

If there's no equity in these houses then you probably wouldn't break even renting them out. Your outgo equals the principal and interest payments on the 1st, property taxes, insurance, repairs allowance, etc.

I have no idea what's you local appreciation factor, or if you even have a positive or measureable appreciation. But if your local real estate is like ours, it's going up about 12% to 15% per year, fast enough to make it worth while to feed for a year or so.

If not then don't bother.

Hope this helps.


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