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Investing in Foreclosures in the US

  • 26-07-2010 1:22pm
    #1
    musicformedia
    Registered Users, Registered Users 2 Posts: 181 ✭✭


    Hi guys,

    What are your thoughts on investing in foreclosure properties in the US? I found a few properties like this:

    http://www.property2.americandreaminvestments.net/

    €22k including purchasing fees for a 5 bed house in Syracuse (granted not the best neighbourhood in New York). Currently being let for €340 per month (after bills/taxes/expenses such as letting agency). At 340 a month, you'd have a 20k loan paid off in 5 years.

    As with all things "if it seems to good to be true, then it is", but I'm curious on people's thoughts here.

    Is it really that much of a "dodgy" thing to buy into for 20k?

    EDIT: Sorry, its actually not a foreclosure house - its just that price.


Comments

  • #2
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    if its too good to be true it usually is.

    14% return annually ? If that were good an investment. it would have been gone 5 mins after it went for sale.


  • #3
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    How much are the property taxes? Property taxes are a big issue in down-at-heel neighbourhoods in the US. The law of 'eminent domain' also adds some spice for the non-local.

    You need to know quite a lot to get involved in this.


  • #4
    danbohan
    Closed Accounts Posts: 1,914 ✭✭✭danbohan


    musicformedia wrote: »
    Hi guys,

    What are your thoughts on investing in foreclosure properties in the US? I found a few properties like this:

    http://www.property2.americandreaminvestments.net/

    €22k including purchasing fees for a 5 bed house in Syracuse (granted not the best neighbourhood in New York). Currently being let for €340 per month (after bills/taxes/expenses such as letting agency). At 340 a month, you'd have a 20k loan paid off in 5 years.

    As with all things "if it seems to good to be true, then it is", but I'm curious on people's thoughts here.

    Is it really that much of a "dodgy" thing to buy into for 20k?

    EDIT: Sorry, its actually not a foreclosure house - its just that price.


    you have not factored in the $800 per month you will have to pay the two heavys to collect the rent ?, their is good value in foreclosures at the moment but something about this just does not smell right


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