Latest HUD deal

[Jon Klaus]

I sometimes read posts about how to buy HUD foreclosures and how to bid. Here are the numbers on one I just contracted today.

3-2 DW mobile home on one acre
Tax value -- $67K
Original HUD asking price -- $50K (June 2009)
Later dropped to $40K
Someone contracted it at ??
Fell out of contract and was relisted at $30K (Dec 2009)
Passed bid deadline with no contract
I bid $20,350 last week and contracted for that price today.
Needs @ $7K to make perfect.
Should rent for $800

I have a bigger one on the same street rented for $950