If you go to our Free Resources/Links page you will find a link for www.ForeclosureForum.com
This is the website for Ward Hanigan, one of Kurt's longtime friends in the business of investing in foreclosures. Ward has given many seminars and is a man who pioneered a number of strategies in buying properties through the foreclosure process. One of his most interesting methods is buying something he calls his "Dingbats".
These are smaller homes, usually 2 or 3 on a lot, that you will find in older neighborhoods. They are zoned as residential, multi-family. What's cool about these properties is that they are little stand-alone houses. They are perfect for retired couples who live on fixed incomes and want a simple life in their golden years. They will move in as renters and stay for a good long time. They keep the property up, plant a little garden, make no problems, and pay you rent like clockwork.
One such property just sold at the Trustee's Sale in Pomona on 9/30/2016. This little Duplex on 3rd Avenue in Los Angeles has an Estimated Value of $616,500 and sold at the auction for $396,100, for an Estimated Equity Savings of $220,400! That alone is reason to pat the new owner on the back. But consider that this property has a 2BR/1BA house and a 1BR/1BA house that will both be excellent sources of rental income. This is the perfect "Dingbat" scenario.