Every time I unlock a door to a vacant foreclosure, I feel like I am on some sort of intriguing game show… “Junk, treasure, or clean?” (insert cheering crowd and catchy jingle). My heart palpates a little in anticipation, first and foremost hoping no vagrants or hazardous materials are inside, but also in wonderment if there will be any good finds!
The outside of the home may or may not give any sort of indication of the condition of the interior, and I have yet to be surprised by the clutter or collectibles left behind. What I’m really concerned about is the condition of the home itself, so removing all the belongings of the former occupants is important.
Before we do a trash out though, why not seek out any treasures that may have been left behind? After all, dealing with foreclosures isn’t always a grimy business!
In honor of the BiggerPockets Blog 8th Birthday, I’d like to share some of the best “gifts” I’ve gotten out of my foreclosures!
(As a disclaimer, the owners always confirmed that anything left behind would not be recovered. If you are unsure, remember that personal property does not typically convey with a home and you should always outline it in your contract. If in doubt, offer a Bill of Sale for personal property and bullet point the items for some nominal fee.)
How to Invest in Real Estate While Working a Full-Time Job
Many investors think that they need to quit their job to get started in real estate. Not true! Many investors successfully build large portfolios over the years while enjoying the stability of their full-time job. If that’s something you are interested in, then this investor’s story of how he built a real estate business while keeping his 9-5 might be helpful.
Top Foreclosure Finds:
- Brand new designer shoes (that happened to be my size, score!!)
- Mountain bikes
- Brand new drum set
- Brand new contempo dark wood Armoir
- Large floor mirror with real wood frame
- Brand new (nice smelling) perfumes/cologne
- Patio, dining, and living room furniture
- Plenty of decor, used later for staging items.
This also doesn’t include countless household items, either gently used or brand new.
This definitely beats the cat urine smelling, trash filled dilapidated homes we have to work with from time to time.
These items are great to use as staging materials, donate to local shelters, or sell if it’s a big ticket item (or give to someone that needs it). And hey, if every once in awhile there’s something in there you can keep as a gift to yourself, so be it. But otherwise, these are great “gifts” to give back to others!
What are some of the best “gifts” you’ve ever gotten out of a foreclosure or pre-foreclosure? What did you do with them?