FOUND: $642K and gold behind a water heater

Pittsburgh, Pennsylvania
General Real Estate Investing
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FOUND: $642K and gold behind a water heater

Jim K.
Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes

Hi, I recently bought a free-and-clear house at the local tax auction for $25K, When I claimed it, the former owner had left everything in place and it needed a cleanout. So my guys were down to the basement and looked behind the water heater. They found a cavity in the foundation with the cash mentioned in used twenty-dollar bills with random serial numbers wrapped in opaque plastic food wrap, and a sealed Home Depot Homer bucket behind it. The bucket was halfway filled with South African Krugerrands and American Eagle gold coins. On top of everything was a plastic sleeve with an old-timey baseball card in it of some dude named Joe Doyle. I'm just lucky my guys called me before they threw the bucket and the bundle away.

I have no expertise in this sort of thing and don't know how I should invest this unexpected windfall. Can anyone help me deal with this?

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Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
2y

@Jim K.

I am assuming that this was in either Cleveland, Ohio or Columbus, Ohio.  I would propose re-investing all of the proceeds in additional properties in Cleveland, Ohio or Columbus, Ohio, in which it seems like you are highly likely to secure additional windfalls, after which you will own the majority of properties in Cleveland, Ohio or Columbus, Ohio.


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  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    2y

    @Jim K.

    I am assuming that this was in either Cleveland, Ohio or Columbus, Ohio.  I would propose re-investing all of the proceeds in additional properties in Cleveland, Ohio or Columbus, Ohio, in which it seems like you are highly likely to secure additional windfalls, after which you will own the majority of properties in Cleveland, Ohio or Columbus, Ohio.


    12Reply
  • Michael Hansen
    Investor · Madison, AL · Member since 2020 · 40 posts · 26 votes
    2y

    I just googled the Joe Doyle baseball card.  The one I looked at was quoted to be worth 550k if it was grade VC-3.  I do not know what that means.  But you hit the jackpot.  Congratulations!

    2Reply
  • Wesley I.
    Investor · San Diego, CA · Member since 2019 · 286 posts · 135 votes
    2y

    @Jim K.

    See if you have coin appraisers in the area, go to at least a couple of them to get a better idea.

    For the baseball cards, you can go online and see how much they go for.

    Congratulations! My recent find was bags of half dollar coins in the attic.

    1Reply
  • Rick Albert
    Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
    2y

    That could be considered personal property and belong to the previous owner. I would get an attorney involved and ask about the ramifications of keeping it.

    7Reply
  • Jim K.
    OP
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    2y
    Quote from @Michael Hansen:

    I just googled the Joe Doyle baseball card.  The one I looked at was quoted to be worth 550k if it was grade VC-3.  I do not know what that means.  But you hit the jackpot.  Congratulations!


     Is it the one with both the guy's arms over his head?

    0Reply
  • Jim K.
    OP
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    2y
    Quote from @Wesley I.:

    @Jim K.

    See if you have coin appraisers in the area, go to at least a couple of them to get a better idea.

    For the baseball cards, you can go online and see how much they go for.

    Congratulations! My recent find was bags of half dollar coins in the attic.


    Thank you for your advice! Yeah, before this, all I'd ever found was a deck of playing cards with 52 sexual positions on the back.

    1Reply
  • Jim K.
    OP
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    2y
    Quote from @Rick Albert:

    That could be considered personal property and belong to the previous owner. I would get an attorney involved and ask about the ramifications of keeping it.

    The place was sold free-and-clear. That means whatever's there is mine, right? I mean, no one told me to go find the owner of the cat skeleton I found at the first place I ever bought at a tax auction.

    3Reply
  • Michael Hansen
    Investor · Madison, AL · Member since 2020 · 40 posts · 26 votes
    2y

    Yes, his arms are above his head.

    0Reply
  • Michael Hansen
    Investor · Madison, AL · Member since 2020 · 40 posts · 26 votes
    2y

    I do not know the answer for your last question.  I assume someone knows on these message boards.  I assume it is your property now.

    0Reply
  • Jim K.
    OP
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    2y
    Quote from @Michael Hansen:

    Yes, his arms are above his head.


    WOW!!!

    0Reply
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    2y

    Today's not April 1, is it?

    Podcast Guest on Show #243
    Skyline Properties
    View Page
    6Reply
  • Dan H.Pro Member
    Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
    2y

    I initially thought it was a joke.  

    If it is not a joke, marine the return on this investment. 

    Another reason to invest in RE   

    Congrats. 

    3Reply
  • Account Closed
    Rental Property Investor · New Braunfels, TX · Member since 2022 · 409 posts · 408 votes
    2y
    Quote from @Jim K.:


    I have no expertise in this sort of thing and don't know how I should invest this unexpected windfall. Can anyone help me deal with this?

    You missed your calling. Your name should be on this list:
    The 30+ Best Living Novelists & Fiction Authors Today
    3Reply
  • V.G JasonPro Member
    Investor · Member since 2022 · 3k+ posts · 3k+ votes
    2y

    If this is true, that's awesome. The fat tails always move the needles; it ain't your daily habits like cold ****ing showers and meditating to music. It's buying property and finding a a baseball card.

    Find a Sherry Magee or Honus Wagner card and you could bundle both for more than each separately. People, even in this economy, would give you a healthy penny for it. 

    1Reply
  • Jim K.
    OP
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    2y
    Quote from @JD Martin:

    Today's not April 1, is it

    Now what could possibly be sus about finding a big brick of twenties, a bucket of gold, and one of the world's ten rarest baseball cards in a Pittsburgh basement?

    9Reply
  • Jim K.
    OP
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    2y
    Quote from @Account Closed:
    Quote from @Jim K.:


    I have no expertise in this sort of thing and don't know how I should invest this unexpected windfall. Can anyone help me deal with this?

    You missed your calling. Your name should be on this list:
    The 30+ Best Living Novelists & Fiction Authors Today
    It's not that good a story, but thank you for the compliment.
    0Reply
  • Jim K.
    OP
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    2y
    Quote from @V.G Jason:

    If this is true, that's awesome. The fat tails always move the needles; it ain't your daily habits like cold ****ing showers and meditating to music. It's buying property and finding a a baseball card.

    Find a Sherry Magee or Honus Wagner card and you could bundle both for more than each separately. People, even in this economy, would give you a healthy penny for it. 


     If...

    0Reply
  • Chris John
    Member since 2020 · 671 posts · 937 votes
    2y

    @Jim K.

    That's crazy.  It totally reminds me of this one time this guy found 873K and a rusty glock in the kitchen walls of a house he bought at auction.

    Some guys have all the luck, I guess.

    1Reply
  • Jim K.
    OP
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    2y

    @Chris John

    What an obvious lying bastard. Glocks have polymer frames and don't rust.

    6Reply
  • Rick Albert
    Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
    2y
    Quote from @Jim K.:
    Quote from @Rick Albert:

    That could be considered personal property and belong to the previous owner. I would get an attorney involved and ask about the ramifications of keeping it.

    The place was sold free-and-clear. That means whatever's there is mine, right? I mean, no one told me to go find the owner of the cat skeleton I found at the first place I ever bought at a tax auction.


     That's a good question. The cat skeleton you can argue holds no material value. I would just double check. I would assume you are in the clear but you never know.

    1Reply
  • Jim K.
    OP
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    2y
    Quote from @Rick Albert:
    Quote from @Jim K.:
    Quote from @Rick Albert:

    That could be considered personal property and belong to the previous owner. I would get an attorney involved and ask about the ramifications of keeping it.

    The place was sold free-and-clear. That means whatever's there is mine, right? I mean, no one told me to go find the owner of the cat skeleton I found at the first place I ever bought at a tax auction.


     That's a good question. The cat skeleton you can argue holds no material value. I would just double check. I would assume you are in the clear but you never know.


    Thankfully, I have a top real estate litigator in my address book.

    1Reply
  • Karl B.
    Rental Property Investor · Erie, PA · Member since 2015 · 1k+ posts · 2k+ votes
    2y

    Is it a Joe Doyle T206 Piedmont? I collect tobacco cards so I am familiar (my first few rentals were partially paid for VIA my sports card wholesaling business). 

    A PSA 4 Doyle T206 Piedmont sells for around $600.

    1Reply
  • Sandy G.
    Member since 2023 · 50 posts · 50 votes
    2y

    Is this for real??  I keep waiting for the punchline...  I have a brother that is always telling me these stories and then they end up being a joke.  After falling for those for years, I am now a bit skeptical when I hear those "too good to be true" tales.  If this IS true, congratulations to you!  Best of luck with the baseball card.  Hope it is a rare find!  Cheers!

    2Reply
  • Lucia Rushton
    Realtor · Dallas - Fort Worth Metroplex, TX · Member since 2016 · 1k+ posts · 925 votes
    2y

    @Jim K. Good on you ! That is a win for the books !!!

    0Reply
  • Marcus Auerbach
    Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    2y

    That reminds me of the one time when I found a hard drive with 7500 Bitcoin in a trash pile. I don't like crypto, but I really needed a hard drive for my old laptop...

    My second best foreclosure find was actually a collection of vinyl records, it was worth enough money to take my crew out for pizza. At least that is what the collector told me.. 

    A friend of mine here in Milwaukee inherited a house from his dad and he asked me to take a look at the cracks in the basement walls. Could not see much because the basement is literally filled to the ceiling with model trains, VHS tapes and thousands of baseball cards. 

    The problem is he has no idea if any of them are worth anything and has now the impossible task of sifting through thousands of items, most of it probably trash, but how do you know without looking up each single one? 

    3Reply
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