Buying a foreclosure property in Wrightsville, Georgia

Raving in Georgia
The main reason why I’m posting this blog at this website instead of TheLandDepot.net is so that the video at the bottom will get more viewers.

It’s a silly fun video of me dancing around the front yard of a foreclosure property my friend Ryan and I bought in Wrightsville, Georgia. Scroll down to the bottom of this blog to see the video. If you like it, share it on Facebook and Twitter.

Buying a foreclosure property in Georgia
A few years ago, I drove from Burlington, Vermont to Wrightsville, Georgia to check out a 4/2 doublewide mobile home, a bank owned foreclosure, that was selling for $7,000.

It was on 3.16 acres. My friend Ryan sent me the money to purchase it. While waiting for the money to arrive, I snuck in the back window, and cleaned out the property.

Camping in front of a foreclosure
I pitched a tent in the front yard and camped there for about a week or so, while cleaning the mobile home and the yard. On some afternoons, I would go to the library in the small town nearby to use their internet, and then I started doing this at a coffeehouse, lugging in my iMac G5 and spending a few hours there, posting ads of the place for sale, even though, technically, we did not own it.

Georgia law requires you hire a real estate attorney to purchase foreclosures, which costs $500 and this attorney was like a slow moving turtle.

Selling a foreclosure in Georgia
A few weeks after I returned to Florida, and after praying that the property would get a buyer, we got one. We bought it for $7,000 and sold it for $37,000 with $1,500 down payment and payments of, like, $315 a month over 20 years at 10% interest.

Although this property was not purchased at a tax deed sale, we still made money on it by buying it for a low price, then reselling it with financing, meaning we (buyers) hold the mortgage note and sell it rent-to-own. I explain the basics of this in my e-book Make Big Profits Flipping Florida Land.

So, at the end of the day, we’ll earn about $40,000 each on a property that costs $7,000. This is one way to have your money make more money. Recently, however, the buyer moved out of the mobile home, so we’re putting it on the market again for $37,000 with $1,500 down payment and payments of $375 a month. It’s a 4/2 doublewide mobile home on 3.16 acres in Wrightsville, Georgia. If you’re interested in it, e-mail me at: bicycledays@yahoo.com

Here’s a video of me dancing around on the property, my own private rave.