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I bought a local house in 2004 that suffered a failed furnace in deep winter (with great damage) for $17k. I put another $10k into it for repairs, and rented it
by chasil 3y ago
I bought a local house in 2004 that suffered a failed furnace in deep winter (with great damage) for $17k. I put another $10k into it for repairs, and rented it.
I started getting postcards around 2012: "I/we want to buy your house." I have a pile of them. None of them offered more than $20k.
I had pandemic tenant problems; they didn't pay during the last six months, and the damage was substantial. I repaired the damage, then sold it on contract for $60k; I'm done with rental property.
I'm still getting calls and postcards.
- deleted 3y ago[deleted]
- kennethrc 3y agoYou need to fix your keyboard, your current one is dropping "0"s (... kidding, but where is this?!)
- sgerenser 3y agoAlmost anywhere in the rust belt has houses like this (well under $100k, at least back in the early 2000s). Typically they’re in rough areas of town and it’s difficult to rent them to anyone but section 8 tenants (government program that covers much or all of the rent for low income tenants).
- chasil 3y agoThe home in question is very near Augustana College in Rock Island, Illinois. I do a two mile walk through campus every day, schedule permitting. I did not drop any zeros. Salary.com rated this as one of the least expensive places to live in the U.S. a few times. I drive over the Mississippi twice a day, to and from work. We have the second largest airport in Illinois, but lost our budget airline (Airtran), so I use O'Hare or Midway now.
- switchbak 3y ago60k? Shoot, that wouldn't buy an outhouse out here in BC.
- chasil 3y agoAnd I am thinking of retiring to Latin America to escape both winter and taxation.