What do I need to know about investing in “foreclosured real estate”?
Question by mkmdulay: What do I need to know about investing in “foreclosured real estate”?
I am a 21 yr old trying to invest in some real estate where do I start?
Answer by tsbr1963
its foreclosed for a reason. are you good at rebuilding walls, foundations, getting rid of termites, etc??? Seriously…a friend of mine does it and it works great…but it is hours and hours and months and months of rehab. I would contact real estate broker and go in that direction.
Give your answer to this question below!
View of the Salton Sea from inside the abandoned North Shore Yacht Club
Image by slworking2
The North Shore Yacht Club at the Salton Sea is an historically significant–not to mention architecturally significant–part of California’s legacy. The North Shore Yacht club was the whimsical design of noted architect Albert Frey, who just happened to be a resident of the Coachella Valley. Completed in 1958 by developers Ray Ryan and Trav Rogers, North Shore Beach Yacht Club was one of the largest marinas in Southern California and carried a price tag of million. Celebrities like The Beach Boys, Jerry Lewis, and the Marx Brothers partied there and / or docked boats at the marina.
Back in the 1950′s lots of people were convinced to invest in real estate around the Salton Sea. They were told that it would be California’s version of the French Riviera. People were made to believe that this place was an investor’s dream – that such waterfront property would skyrocket in value. After all, what wasn’t there to like about a cool and refreshing lake in the middle of a desert?
Sadly, things didn’t go as planned. The salinity of the lake increased to unnatural levels. This resulted in MASSIVE fish die-offs and later massive bird die-offs. The water became foul. And then the lake couldn’t make up its mind – sometimes the shore would recede and other times it would expand – flooding out buildings and trailers around the shoreline. And then a few hurricanes (yes, rare hurricanes that made it into So Cal (let alone into the desert) really tore things up.
So, it’s hard for anyone to give much thought to investing in this place anymore.
And yes, so far this season, the water doesn’t have much of an unpleasant smell, but the salinity is still at a very unnatural level. And besides, it’s going to take a long time for investors to forget the shattered dreams of the recent past.
The Yacht Club is in the process of a restoration and renovation. As anyone who has ventured inside recently has noticed, the old asbestos floor and ceiling tiles – as well as the old drywall – have been removed. The East Valley Historical Society and the county (Riverside?) have .5 million in funding to complete the renovation. The building was actually intact as recently as the early 1990′s before it was boarded up and eventually fell victim to scrappers and vandals. The building is otherwise structurally sound, however. When the renovation is complete, the building will reopen as a museum and community center.
Check out this vid of the club in its heyday: www.youtube.com/watch?v=zTNuRxQaEEQ