attended my firsat Trustee sale.

[Steve Cerami]

Wow, I think someone took a beating on this one. The condo I was interested on bidding for is located practically next to one I already own. Drug addicts for tenants it is abandoned and a complete wreck. I guestimated 25K to 30k in renovation costs and rent it making 9 to 10% on my investment. I was hoping to get it for 70k but was ready to go up to 80.

It OPENED AT $115k!! and the two seemingly very experienced bidders road it up to over 119k. The exact floor plan (move in ready) in this complex just sold for 130k. Did I mention that the HOA has a lean on it for approximately 7k!

Maybe the REO is the way to go on the next one.