(July 12, 2018 at 11:59 am)Khemikal Wrote: If you found a place with a market value of 1.2mil and it was in foreclosure @300k....it would be hilariously easy to get a bank to extend you the credit...and you;d still be paying the same loan. Its just hard to arrange because they go so quick, quicker than loan officers tend to work.
I did something similar here. I bought 3600ft2 and two acres for 25k outright, and then got a loan to cover the adjacent agricultural properties also in foreclosure.
Yeah, I ain't paying the taxes on something like that in Massachusetts. Foreclosure auctions out here are a pain in the nuts too. I lack the patience and the tolerance of risk.
Our house isn't a mansion by any stretch. It's a middle-class family home in a rural area. It's got old-school charm and good bones. It's valued at more than we're paying for it, and we can grow into it. We'll see how it goes. If we can't afford to adopt kids still, we will rethink our position. Tibs needs kids.
