Don't need a calculator for this deal.....

[David Krulac]

Went to a sale yesterday where there were 181 properties available for sale.  The whole sale of 181 properties only took about 2.5 hours.  I was all cash and they encouraged people to pay immediately after each property was struck down, but they did allow full payment for about 15 minutes after the sale.

There were about 120 bidders for the 181 properties, and one bidder bought 21 properties, so some bidders went home empty handed.

One bidder bought a property, where the property was occupied by a Section 8 tenant paying $850 a month.  The bidder had gotten access to the property by the tenant, who figured that one of the three prospective bidders that knocked on her door was going to be her new landlord.  The property was in decent condition, they tenant had lived there for the past 3 years, like the property and wanted to stay.  Plus with Section 8 there are yearly inspections which help keep the condition in check.  The biding started at $1,000 and the final bid was $6,000 for a free and clear property with no redemption rights.  The yearly gross rent is $10,200, there is no vacancy and the purchase price was $6,000.

No calculator required!