StacieJG Registered User
Posts: 4
(3/15/04 1:02 pm)
House in Vestavia Hills
I went around to some open houses (don't worry, I don't have any delusions that this is typically a good way to pick up investment properties) just basically beginning to educate myself on the market.
One of them I looked at was a house at 2224 Great Rock Road. I get the impression that it is being sold because he's behind on payments & is threatened with foreclosure. I don't have much to ground that assessment with, but it's just the feeling I have.
Anyway...this house is definitely "something else"...it's owned by an artist (according to a neighbor) and he's really (shall we say) put his artistic flair into the house. I didn't get a chance to see the inside or the back, but the front was "interesting". He's taken what looks like a nice contemporary style house & put corrugated metal on part of the roof, part of the front...and put colored shapes attached to the house. It definitely stands out in the neighborhood. A neighbor said that he really hopes that whoever buys it will "do something with it" (his words).
I don't know how much he owes the bank, but it was listed in the paper at $179,900. It has 3 bedrooms & 2.5 baths. It has stuff like a media room, studio, outdoor spa (according to the ad in the paper).
Just thought I'd give you all a heads-up in case it sparks an interest. We're still in the learning phase and aren't ready to begin to pitch deals yet.
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THANK YOU FOR YOUR TIME AND CONSIDERATION.
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Jay Compton Registered User
Posts: 104
(3/16/04 4:04 pm)
More info
Stacie,
It looks like this property might work for someone...Not me, but maybe someone....He borrowed $136k on the house in 12/01....It has a $160k tax value on it...With that being said, he probably owes at least $130k on it. To me, that's not enough equity to call it a real deal.
Please keep in mind, the figures I stated above are all public information and an approximation. I'm not listing anything on this board that can't be found in our local courthouse.
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