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Forums » Real Estate Deal Analysis and Advice » Seems to good to be true

Seems to good to be true Subscribe to Seems to good to be true

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This purchase seems like a pretty good deal.

Would it be possible to buy all 19 lots and then split them into different parcels?

Could each lot command a good price on ebay?

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=220509919523


Real Estate Investor · Denver, Colorado


You realize you're bidding on only one lot, right? And bidding a "monthly payment". So the actual cost for all 19 lots would be 19*50*the winning bid.

This is in the middle of freaking nowhere. I've never been there, but I've been to Mammoth lakes many times. The drive from Mojave to Mammoth Lakes is through some pretty desolate and isolated land. This is 100 miles deeper into nowhere.

Its already divided into 19 lots and they're being sold individually. Whatever price they bring in this auction is what they're worth.

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


Real Estate Investor · Chemnitz, Saxonia


$22,325 at this time for these Lots with $23.50 monthly payment per Lot and 1 day 4 hours left for bidding.
It´s to good to be true for the seller I think :).

-Uwe



Yeah - at $23.50 this auction seems to be getting a bunch of attention.

It is still only one big parcel though - you could do a parcel split and sell the 19 lots individually on ebay.


Real Estate Investor · Denver, Colorado


Originally posted by Kirk Thompson
It is still only one big parcel though - you could do a parcel split and sell the 19 lots individually on ebay.


Read the listing more carefully:

You are bidding on the monthly payment per lot for this property!


and

Your bid will determine the monthly payment and the down payment per lot.

The down payment will be two monthly payments.


and from the Q&A
Q: Good morning. I would be interested in placing a bid, but I do have a question. Can a person bid on a specific lot? I just want to be totally clear on that so I know what I'm doing sothere's no confusion on my part. I've been through Goldfield lots of times and LOVE that area! Thanks for your time and consideration. Have a great day......CONNI Nov-17-09
A: If you are the winning bidder, then you will able to pick from any of the 19 lots. You may pick just one if you like. You may select multiple lots so long as they are contiguous and you pick an equal amount from the east and west side. I will offer the remaining lots to the other bidders in order, so be sure to place a bid.


Emphasis mine. The seller IS selling the 19 lots individually on ebay.

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


Real Estate Investor · Chemnitz, Saxonia


Thats strange now!!

17 hours left and the bid is $31.00 per month and lot. $31 x 19 x 50= $29,450 wow.

-Uwe



It is will interesting to see where this one ends up. I think it is getting a lot of attention because this is not out in the middle of nowhere where you have to have a generator, solar, a well, and drive 80 miles to get to civilization.


Real Estate Investor · Chemnitz, Saxonia


12 hours to the end and it´s unbelievable $53.09 per Lot x 19 x 50 = $50,435 / LoL.

-Uwe


Real Estate Investor · Chemnitz, Saxonia


HaHa,

Last bid is $61.05 per lot, CRAZY, I guess some people misread this.
$61.05 x 19 x 50 = $57,997.50 for a parel in nowhere.

2006 my first aktivity in the US I bought a 5 acre parcel in Pecos/TX area near the I-20 for $2,100 and I own this today. I should do the same^^. $100,000 for this parcel after 4 years pretty nice :).

-Uwe


Real Estate Investor · Denver, Colorado


I think you're correct, Uwe. The listing is totally correct but totally misleading. It may be "in town", but its still in the middle of nowhere.

I love it when people say "buy real estate, they aren't making any more". You only have to look at places like this, or west Texas, or pretty much anywhere between LA and the bay area to know there's already plenty of land.

I've heard some guru talk about this auction method, though he was discussing it as a live event. Similar strategy, though without this deceptive "bid on the monthly payment" business. You don't even actually have to divide up with land. You draw a map, hold the auction, and make surveying off the individual parcels the responsibility of the buyers.

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


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