Warehouse in a black town? Buerste?

He failed to notice that *and* what a center-click is for. On his computer day and night, yet can't navigate a page of thumbnails, but makes time to advertise his deficiencies. Oh well, at least he has that 1000gb of roadkill recipes and conspiracy theories. :-)

Wayne

Actually I used a wrong term to describe it. It is a factory building.

Have you actually investigated the zoning for the building to see what type of manufacturing may be done there? At least here in Oregon, that is a problem.

Paul

Paul, I think that I will submit a bid. I obtained a cashiers check for a 10% deposit that would accompany the bid. I have not actually submitted it though.

They lowered taxes due to vacancy to 23k per year.

The vacancy rate, just based on looking at building on the same street, is not that huge. Not nearly as bad as in Addison, where it looks like a neutron bomb went off.

I could probably make 3k per month from that building by just selling equipment part time, but this is not what I really want to do at this point.

It is a no reserve auction. Would they not always compete with me in any situation?

Yes, but this is a situation where locals have a particular advantage, in a sometimes arcane commercial real estate market.

BIG BIG SNIP

Hey Iggy,

If this is the same building you were asking about in early posts, it is not a "No Reserve". It has a starting minimum bid of $200,000.

Good luck with it by the way. From

Brian Lawson

Where?

Gunner

I am the Sword of my Family and the Shield of my Nation. If sent, I will crush everything you have built, burn everything you love, and kill every one of you. (Hebrew quote)

Think about ebay. Starting bid may be $1 but the reserve is $1000.

And here, there is no reserve, or, the reserve is the starting bid.

Of course, they also "reserve the right to reject any bid" and "subject to lender approval", so the "no reserve" is more of a figure of speech than a real binding statement.

On top of the picture page.

Indeed. Unfortunately in the black community in the US...1 in 4 black males has a Felony Record..ie..they have been tried and convicted of a Felony..which is a crime for which they can be held for more than one year in a county jail.

In fact..while blacks only make up about 12-13% of America, they make up a bit more than 50% of our prison population. This of course is followed by Hispanics, then whites with asians being dead last.

Its not a big secret, just a very nasty fact of life.

My lady friend..a charming and georgious black lady..who is conservative..notes that of her 4 brothers...2 of them are convicted and currently incarcerated..the other 2 are civic stars, one being in the military (or go to jail...some 20 yrs ago) and the other is a lawyer in corporate law.

Leftwing education and civic outlook is not..not..not a good thing when applied to blacks. After LBJs Great Society...their culture went right into the toilet.

Gunner

I am the Sword of my Family and the Shield of my Nation. If sent, I will crush everything you have built, burn everything you love, and kill every one of you. (Hebrew quote)

Hmmm, they should try to emulate Addison, TX which is a booming commercial / retail city.

$3k/mo would still be a loss, with your $2k/mo+ property taxes, $1k/mo insurance, and likely $500/mo+ utilities.

I am not sure if I want to think too much about why this is so, right now I need to figure out if I should submit the bid or not.

The bird's eye view of this place can be seen here:

The Group Picture Page..or the individual Picture page?

You need one on the Individual Picture page. When one clicks on a photo to view it..lets say the first OmniTurn photo..and you would like to view the rest of the omniTurn photos..having the ability to click and view the next, and the next and the next would be Swell. Having to hit back, pick the next picture, double click it..wait...view, hit back, double click..wait... tends to become tedious.

Gunner

I am the Sword of my Family and the Shield of my Nation. If sent, I will crush everything you have built, burn everything you love, and kill every one of you. (Hebrew quote)

Ok, here are my last thoughts on this:

- If you do buy this property, you will own it and as a result, be paying taxes, insurance, utilities, maintenance, etc. on it for some time. You will not be able to sell it and get your money back in six months if you decide it was a mistake.

- The current owner has not been able to find a new tenant for what, a year? Despite your ability to offer very low rent, do you really think you'll have an easier time finding a tenant or tenants?

- The current owner has not been able to sell the property in the normal commercial real estate market either, and is thus selling at auction? There would seem to be a reason that one of the large commercial real estate management companies hasn't already purchased the place.

- I may be overly cautious, and perhaps that's why I'm poor since I don't take big risks, but you really need to be careful on something like this or you might find yourself taking a heavy loss.

- I have a large piece of investment property in a very nice area I'm looking to sell if you are interested. It doesn't have rental potential since it's undeveloped, however it has extremely low taxes (~$200/yr) and is in an area that is pretty well guaranteed to continue to increase in value.

It is at the top of the individual picture pages..

Yah..it does.

Iggy..how far into that grove of trees does your property line extend?

Gunner

I am the Sword of my Family and the Shield of my Nation. If sent, I will crush everything you have built, burn everything you love, and kill every one of you. (Hebrew quote)