How would you buy this? Best creative purchase scenario wins pt2!

[David Dey]

Welcome to the 2nd annual Hunger Games!! (Meaning that we all are hungry for success... There will be no killing here)

Due to the success of the first game and multiple requests for a round 2, well... Here we go!!

Again, here's the game: I'm going to give you a real life scenario from one of my deals and see how you would purchase it. Best scenario as determined by votes wins the coveted Super-Duper Supreme Real Investor Grand Poobah award!! (I don't think @Joshua Dorkin has gotten on this yet so there is a backlog but that makes it all the more valuable)

If you want I'll tell you at the end how I did buy it. Very likely your scenario will be better, But just like the lottery the only chance at winning happens if you play.

So here goes... Using a foreclosure search like the one @Tangie Cousins offers at foreclosuresdaily (no I am not at all associated with her service but I'm giving you specifics of what I use for your benefit), I stumble across this gem. (Am I being facetious? You decide)

This property was a built in 1925 4 bedroom frame "Florida cracker" house, with a 2 story garage duplex on the same lot. (Apparently, this was a popular thing for this area which was a stop off point between Tampa and Orlando. People would build the apt first and live in it while they built the main house, then when they moved into the "big house" they would rent out the units to travelers going through town. A personal motel, if you will)

Well, this property had been derilect for awhile, and was now in foreclosure. There was a 49k seller financed mortgage that was now in foreclosure.

The property had amassed over 77k in code enforcement liens at $100 per day and growing to the point the city had voted and passed the recommendation to demolish the structure and was going through the process.

Also the owner was in chapter 13 bankruptcy.

The only positive is that it passed my tax assessed test. If the mtg amount listed in the foreclosure complaint was less than the assessed value, then I would personally knock on the door as this almost always guaranteed good equity.

One more wrinkle, good or bad, you decide. The D.O.T. is planning a highway bypass right through the middle of town. This property is right in the path of progress.

So is this a deal? And if so, how should we proceed?

Annnnnd Go!!

P.S. Ok, since we all know that part of making good strategy is asking questions, feel free to ask any questions and I will try to give you all the details... And again, if I don't remember... I'll fake it!!

P.S.S.  Remember, most votes wins, so please read through all the submissions and vote for the ones you like!!!  Show them some love!!

P.S.S.S. Anymore s's and it may start sounding vulgar..  But more importantly, big shout out to @Terry Free who is the inspiration for this fun thread.

Hope you have fun!!

@Brian Gibbons @Brian Saeger @Joe Fairless @Wes Eaves @Charlie Fitzgerald @Normay Borgelin @Robert G. @Benjamin Pekarek @Dessiree Fermin @Mark Elliott @Jay Hinrichs @Account Closed 

Hey you guys, please chime in... Or at least vote for your favorite idea!!