Odds-n-Ends

Bandit Signs
I got up at 5:00am this morning and put out eight bandit signs in my farm area. The good thing about my farm area is that there are very few major arteries in-and-out of the general area, so I can put up signs in the "funnels" leading in-and-out. Hopefully, I'll get some leads (or at least some calls).

Possible REO
I found an REO property located not too far from where I live yesterday. On the way home from work, I swung by it to see what it looked like. It appeared to be in "fair" condition. The information was vague, but upon visual inspection, it appears to be a 3/2 SFR with about 1500-2000sf. It was built in 1974, though, so I'm sure it'll need some repairs. It was purchased in 1999 for $159k, and the bank has it listed for $134k. It was tax assessed this year at $214k, so that alone tells me there's significant equity in the deal. Even so, I emailed the listing agent and asked if there were any known problems and/or any title issues. I also asked him if the bank would take $85k for it "as-is", just to see what happens.

The property itself isn't all the great, however, it sits on over 2 acres of land in a growing section. It also has a huge outbuilding/workshop on the property. And, according to the plat maps, the land is already subdivided into four sections. Therefore, I could buy it, sell the property and the land the property sits on, and still hold another 2-3 sections, which I can either develop on myself or sell individually (or in a package).

If it turns out the bank will unload for a cheap price, I may make a call to the zoning board to see if I can convert it from residential to multi-family commerical, and see what options I have for putting a several duplexes, 4-plexes, or 8-plexes there. Judging by the homes in the immediate area and the crap the owners have on their land, I'm thinking it's probably zoned unrestricted right now.