I Bought a House for $5

@Raven1 (577)
Australia
March 13, 2009 9:21pm CST
I can't believe it! I just bought a house for $5. There are tenants still in the house but the owner owed $200 in back-taxes that I have to pay at closing. So in total it's going to cost me $205 for a house that will earn me $400 per MONTH for as long as I own it! :)
3 people like this
9 responses
• Canada
14 Mar 09
Wow, how did you come across that sweet deal? I would love to do something like that, my life would be so much easier.
1 person likes this
@Raven1 (577)
• Australia
14 Mar 09
I found it on realtor.com It's an American property. I'm in Australia. The agent called me direct and then emailed me all the forms, loads of pics of the house inside and out. The rental agent emailed me copies of the rental records to show the tenants haven't missed a payment in two years. The sales agent sent me a copy of the council valuation to show me how much the property would be worth if it was being sold properly. I'm happy.
• Canada
14 Mar 09
I found one for $1, but no email contact info. I'd like to look into it, but I can't call long distance. The home was built in 1860 according to the page details. Very interesting and I'm going to keep looking for more.
1 person likes this
@Raven1 (577)
• Australia
14 Mar 09
Always remember that these properties are likely to have back-taxes owing on them, so be sure to check how much is owing because you'll have to pay for them in order to take possession of the house. Also double-check that you're able to find tenants for the property or else you'll be stuck paying taxes on it yourself.
@SomeCowgirl (32276)
• United States
3 Jul 09
Wow, that sounds pretty awesome. Of course I'd be sure that the house doesn't also need any major repairs that will cost you a lot but seeing as this is four months old, I'm guessing not. Well glad that you found such a great deal and one that will make you money in return!
1 person likes this
@Raven1 (577)
• Australia
5 Aug 09
So far it's going very well. The house isn't perfect and yes it needs some work, but the tenants are happy there and they haven't missed a payment yet. I'm happy with that :)
1 person likes this
@SomeCowgirl (32276)
• United States
6 Aug 09
Happy Tenants, In this Economy, is very good!
1 person likes this
14 Mar 09
Thats amazing , Bianca, well done. I really hope it is genuine and not some sort of scam to take $200 off you for nothing in return. I agree that property is an excellent way to make some money, and since house prices are well doen here in the Uk I am looking out for bargains
1 person likes this
@Raven1 (577)
• Australia
14 Mar 09
I did my homework on this before sending any money to anyone. I had a friend who lives in the US call the real estate agent and confirm the property. I've spoken to the rental agent myself who handles the tenants. I spoke to the Wayne County people in Michigan to confirm the amount of back-taxes owing. I would expect that anyone wanting to buy something like this does all the homework involved in researching exactly what you're buying. If you can be sure, then definitely go for it!
1 person likes this
@SomeCowgirl (32276)
• United States
3 Jul 09
Buying a home in another country or area, yea you'd better do your homework! Glad you did and I bet it had you on the edge of your seat just waiting for all the information! lol!
1 person likes this
@elsoft12 (1825)
• India
14 Mar 09
Well...Can you tell me if the same owner has another house for sale?
1 person likes this
@Raven1 (577)
• Australia
14 Mar 09
There are plenty still listed on the same website.
@elsoft12 (1825)
• India
14 Mar 09
Thats really nice to know that.Iam not sure what makes these houses sold for the price of a toffee.Are you sure it was a genuine deal.If it was,then its truely unbelievable.
1 person likes this
@mzz663 (2776)
• United States
7 Aug 09
Just out of curiosity, how much will your land taxes and homeowners insurance cost you?
1 person likes this
@Raven1 (577)
• Australia
8 Aug 09
Insurance on the property plus taxes are more than covered by the profit generated by the rental income paid by the tenants, so I still make more than enough profit to make this purchase worthwhile :)
• China
14 Mar 09
That's incredible! I am dreaming that I could have a house like this oneday. But I don't know when it will comes. Maybe God will hit you with a piece gold some day. Anyhow, congratulations!
1 person likes this
@Raven1 (577)
• Australia
14 Mar 09
OUch! If he hits me with a piece of gold that's going to hurt! I'd rather he just smiled down at me and offered me luck :)
@Canellita (12061)
• United States
6 Oct 09
Congratulations! That is truly an amazing deal that seems too good to be true. I'll bet many people passed on the opportunity for just that reason. Do you have any plans to visit the property in person?
1 person likes this
@Samanthavv (1401)
• United States
9 Apr 09
Wow! That's a crazy lucky deal! You're very lucky to have had your eyes peeled when you saw that! I would have jumped on an opportunity like that!
@newtondak (3952)
• United States
3 Jan 10
It would be my guess that the owner has other obligations on the house that you will be responsible for - such as a mortgage or other lien on the property. If something sounds too good to be true, there's probably something that isn't right about it.