Case study #1
Posted: Sat Apr 07, 2007 1:19 amIt seems I have become addicted to public records.
I was dismayed last December when the house around the corner from our rental sold for close to $750k. Who is paying for a house like that? Now I know.
The same person purchased another house a few days later for nearly $500k.
Six months earlier they had purchased yet another house for nearly $500k.
They are currently on record as the tax payers of all three properties.
These houses do not cash flow with rent at those prices. The only explanation for buying them is to win with appreciation (either that or a really, really big family).
I may drive by the other two to see if they are even occupied.
I was dismayed last December when the house around the corner from our rental sold for close to $750k. Who is paying for a house like that? Now I know.
The same person purchased another house a few days later for nearly $500k.
Six months earlier they had purchased yet another house for nearly $500k.
They are currently on record as the tax payers of all three properties.
These houses do not cash flow with rent at those prices. The only explanation for buying them is to win with appreciation (either that or a really, really big family).
I may drive by the other two to see if they are even occupied.