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URL:  http://boards.fool.com/my-500-apartments-16538123.aspx

Subject:  My $5.00 Apartments Date:  1/24/2002  8:29 AM
Author:  ZR2Sue Number:  74 of 265

On 9/19/96, I went to a Delinquent and Nonentered Land sale at the County Courthouse in the county I reside. These auctions are held on the Courthouse steps to sell properties that have delinquent taxes that have not been paid for many years. The descriptions given by the Deputy Commissioner (the guy running the auction) were vauqe, giving only the cert.# and size of the lot. I bid $5.00 on a .41 acre lot and $5.00 on a .59 acre lot. I got both properties for $5.00 each when no one bid against me. Although these land sales have to be advertised in the paper prior to the sale, there was hardly anyone there. You must pay your bid price by the end of the business day to the county tax dept. I was suprised to learn that there was a huge all brick 2-story, 4 unit apartment building on the .41 acre lot. The owners of these properties have a certain amount of time to redeem their land (they must pay all back taxes, fees, and fines). When they did not redeem, the propery became mine. I DID NOT have to pay the back taxes, JUST my $5.00 bid. I don't understand why the 80 year couple who owned the apartments and lived in one of the units, didn't pay the taxes, but they continue to live there today (rent free) and I call George my resident landlord. He keeps an eye on the place for me, and he doesn't have to worry about repairs now (I put in 4 new furnaces and hot water tanks, a new roof, water purifying system, new carpet, and I keep the grass cut AND pay the taxes). It was a win/win situation for both of us. And that's the story of my $5.00 apartments which continue to generate $1,000.00 a month rent. I wish I could say the same for my stocks.
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