Every once in a lifetime, a good deal comes along that you know isn’t great, but you can’t walk away from it.
I was at an auction a couple of months ago.
They were selling everything, including the property. I loved old cooking utensils, so I went to the auction looking for a deal. The house had been abandoned about five years ago, when the family didn’t want it. The people who owned the house, died in a nursing home; abandoned like the house. There was no HVAC and the only thing that looked sound was the foundation. I spent almost $100 on old cooking used, and then I put a bid in on the house. The paper said there was very little property. I looked at my bank account and put in a silent bid for $1000 and I wanted everything that was left behind after the auction. Two hours later, I was called and told to bring the money within an hour, and I would be the owner of property and the house. When I saw the deed, it shocked me to realize I had just bought 1000 acres of farmland for only $1000. I brought my brother along to look at the house. He said there wasn’t traditional HVAC in the house, but there was an old coal furnace in the basement that looked like it was in good shape. There were also window air conditioning units. He couldn’t be sure until he could plug them, but he was sure the AC units would work. I asked what he thought it would cost to make the house liveable. He said it would cost a lot more than I paid for the 1000 acres, but less than a tenth of what the property was worth.