Does anyone know where I can find information on the properties being auctioned off in riverside?  I assume one can find the best prices at the auctions at the courthouse.  Ideally I want to buy a SFR in Riverside for under $75K.  Do you think this is possible?
Thanks for your help.

There certainly have been many houses in Riverside sold (both at auction and on the MLS) for less than $75k.  Usually they are small, old, in poor shape, have unpermitted modifications, in a bad neighborhood, right by the freeway or railroad tracks, or several/all of the above.  If you buy at auction you need cash on the spot with no contigencies.

Nothing like a beautiful “Auction” home in Fontucky.
Just think what you could buy these days with $ 75,000.
It may not have any plumbing or landscape. But what the heck.
At least the streets are paved. Well kind of. Thats why you own a pickup anyway.

Yes, I would be paying cash, but do you know where I can find information on the properties being auctioned off in riverside though?

Rents are higher than sale prices out here, so, despite everything I said, it’s quite possible that these types of house can be rented out for a good profit.

At least in theory.

financeguy - 19 October 2009 01:08 PM

Yes, I would be paying cash, but do you know where I can find information on the properties being auctioned off in riverside though?

You can find that info in this thread, and in this thread.

Geotpf - 19 October 2009 01:13 PM

Rents are higher than sale prices out here, so, despite everything I said, it’s quite possible that these types of house can be rented out for a good profit.

At least in theory.

Geotph

I think you may want to experience that yourself before you make the statement. The guy that I work with has an
“Income” home in Fontucky. Its paid off. But its been through hell with the last 3 renters.
Un Paid Rents. Then it sat empty for a couple months. The 10 year old water heater was stolen and a bunch
of the plumbing removed for the copper. He had to remove cars and a couple tons of trash.
Now he has it rented again at a super low rent. And again. The new tenants with good credit are behind in the rent after 6 months.

bltserv - 19 October 2009 02:11 PM

Geotpf - 19 October 2009 01:13 PM

Rents are higher than sale prices out here, so, despite everything I said, it’s quite possible that these types of house can be rented out for a good profit.

At least in theory.

Geotph

I think you may want to experience that yourself before you make the statement. The guy that I work with has an
“Income” home in Fontucky. Its paid off. But its been through hell with the last 3 renters.
Un Paid Rents. Then it sat empty for a couple months. The 10 year old water heater was stolen and a bunch
of the plumbing removed for the copper. He had to remove cars and a couple tons of trash.
Now he has it rented again at a super low rent. And again. The new tenants with good credit are behind in the rent after 6 months.

I don’t disagree-hence the “At least in theory” line at the end.  If everything goes perfectly, there’s lots of profit to be made.  Even if things go slightly less than perfect, it could be profitable.  However, in the real world, things can go significantly less than perfect.