The other day I saw something from afar that I have never seen before. It was a rental house that goes for only $35 a month. We tried to get a little closer to get a better picture, but the "driveway" had too many large potholes for the small SUV I was riding in. Thinking about it, the house rents per month for less than I would have paid ti rent this SUV for a day. My local contact was afraid to walk up. Don't know why.
The house is part of a large court case that I am working on. Eventually I will need to sell it, probably at auction. Luckily, we also have large tracts of acreage.
What is a $35/mo rental worth?
Do you have questions about distressed assets, receivership or bankruptcy sales, auctions? Email me at rfk@gryphonusa.com and I'll try to answer it in an upcoming post.
Richard F. Kruse is the President of Columbus, Ohio based Gryphon USA, Ltd. (www.gryphonusa.com). The Gryphon Organization includes Gryphon Asset Management providing receivership and consulting services in the distressed marketplace, United Country Gryphon Realty & Auction Group (www.ucohiorealty.com & www.ucohioauctions.com) providing real estate brokerage and auction services throughout Ohio and OnlineAuctionUSA.com (www.onlineauctionusa.com) providing commercial asset liquidations from the Midwest to East Coast.
United Country Gryphon Realty & Auction Career Opportunities Available. Call 614-885-0020 x 17
Wow, that's cheaper than a tank of gas! Sounds like a real gem.
Hi Rich,
BTW, Where is the property located?
Rich, I've seen cases where renters stay for 20 years or so and the place gets worse and worse but the landlord does not raise the rent because he likes the renter or it is too bad to rent to anyone else. Landlord thinks he's helping the renter but eventually the renter will discover the real world and will be unable to afford the current rent rate when he has to move. Then it becomes sad.
Rich,
If you'd have called I'd have sent you a case. Here use these un till UPS arives:
00000000000000000000000000000000000000000000000000000000000000000
00000000000000000000000000000000000000000000000000000000000000000
00000000000000000000000000000000000000000000000000000000000000000
00000000000000000000000000000000000000000000000000000000000000000
00000000000000000000000000000000000000000000000000000000000000000
I didn't know you were out of "zeros" anything else I can help with.
Bill
What a bargain! $35 doesn't go very far these days!
That would make a great crack house!! I bet if you ran an ad in my area stating that you would get a gazillion calls. $35 bucks what a deal!!!
$35?! I can't even imagine what that must look like inside. Geez.
I would bet some lucky renter may want to enter into a long term lease at that price!
He-he-he!!! :) That is hilarious!!! I've never heard of that either..... that's ok... in past few years, my company has sold several $1500 to $3000 listings! These are the same lots that people are literally trying to give to charity and the charites are refusing them... :)
Also.... hang in there on managing that 600 cow ranch... it'll be FUN!!! :)
Rich, I can only imagine what the inside looks like. But for $35/month it may be a real deal for someone.