So, light rail will be finished here in Phoenix in Decemeber 2008. Since my house is located close to one of the future light rail stations at Indian School and Central I am hoping the neighborhood will improve a lot when light rail goes in. Currently my house is located in somewhat of a transitional neighborhood, but there are already signs it is improving. It kind of has a cool historic feel to it.
Already there are a whole bunch of new retail and condo developments going up along central and Indian School....I'm excited to check those out when they are completed!
Light rail had better succeed, if it doesn't...the city will have a lot of angry citizens to answer to! Regardless, I think that real estate investments in this general area are a really good idea right now, because even without light rail this area of the city is really developing. It won't be long before most of the run-down businesses on Indian School are bought up and rehabbed and it becomes like Camelback Road.
Sunday, July 15, 2007
Wednesday, July 4, 2007
Foreclosing on my lien for a house in Bisbee, AZ!
So I am starting to get really excited about a tax lien I have in Bisbee, Arizona.
It's an 800 Sq. Ft. house in Bisbee, built in 1924. I went to see it a couple of months ago and it's actually in decent shape. I also happened to run into the tenant renting the house when I went to find it!
She told me the owners live in Mexico and that the house needs a new septic tank and the water quality isn't that good because Phelps Dodge (who owns the land underneath the house as well as most of the land nearby through an old mining claim) won't replace the old lead pipes carrying water to the house and is basically letting any utilities deteriorate!
So the downside is that the lien is just on the house, not on the land and that the house needs a new septic tank, which would be about $3K here depending on a number of things.
I am able to foreclose on the lien in February of 2008, which is coming up pretty soon. Despite the house needing some maintenance and not having any land along with it, the tenant told me she is paying $450/Month!
That's not bad for an $800 lien! I think it's probably worth it to foreclose on the lien and take the house...maybe at some point I could buy the land from Phelps Dodge (which recently got bought out by some other natural resources company).
I brought my camera to take a pic of the house, but the thing was discovered to be broken!
It's an 800 Sq. Ft. house in Bisbee, built in 1924. I went to see it a couple of months ago and it's actually in decent shape. I also happened to run into the tenant renting the house when I went to find it!
She told me the owners live in Mexico and that the house needs a new septic tank and the water quality isn't that good because Phelps Dodge (who owns the land underneath the house as well as most of the land nearby through an old mining claim) won't replace the old lead pipes carrying water to the house and is basically letting any utilities deteriorate!
So the downside is that the lien is just on the house, not on the land and that the house needs a new septic tank, which would be about $3K here depending on a number of things.
I am able to foreclose on the lien in February of 2008, which is coming up pretty soon. Despite the house needing some maintenance and not having any land along with it, the tenant told me she is paying $450/Month!
That's not bad for an $800 lien! I think it's probably worth it to foreclose on the lien and take the house...maybe at some point I could buy the land from Phelps Dodge (which recently got bought out by some other natural resources company).
I brought my camera to take a pic of the house, but the thing was discovered to be broken!
Wednesday, June 27, 2007
Youthful Real Estate Investor is BACK!
During a brief spell of unemployment I decided to kill the blog to prevent google searches by overzealous prospective employers! Not that I have anything to hide, but you never know when someone may get the wrong idea. Now that I am making money again at gainful employment and doing well I have more free time to BLOG!
I also started another website: http://www.aztaxliensonline.com/. This website will be a completely FREE place to buy and sell Arizona Tax Liens on Real Estate! I am anticipating this could be huge after checking out the competition which charges $ for this and websites which vaguely resemble cheesy seminars. Mine will serve not only as a marketplace, but also as an information resource center complete with research, articles, legal statutes, and analysis!
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