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Man Acquires $300,000 Home for $16 - 7/31/2011 8:29:05 AM

MasterG2kTR

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Man Acquires $300,000 Home for $16

It looks like one hell of a deal, and this guy is playing it by the book. He doesn't actually own the home yet, but if it all goes well, he will end up with the deal of the century.

On the other hand his new neighbors (at least one of them) sound like some real assholes that are pissed off they didn't think of it. It's really none of their business as long as he is within the law.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 8:54:11 AM

GreedyTop

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Interesting! I'd love to see how this turns out...

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 9:07:33 AM

Steven00140

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To me in the UK, I find this totally fascinating. There are similar laws here too, but I haven't heard of them being used. It would be interesting to find out what happens after the 3 years, but maybe someone will come up with a different course. I have no ideas of the USA tax laws, but, I'd hazard a guess that the taxation office would really love to get THEIR share of the 300k, LOL. If it all works out for the guy, good luck to him. After all, it was HE that did the research, not his sour grapes neighbours. And we all know that research on the web, while easy to some, is NOT the easiest thing for all.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 9:12:50 AM

DomImus

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I understand that the mortgage company no longer exists but I can't understand why the mortgage itself (and hence ownership of the property) does not still exist in some portfolio somewhere. The guy exploited a loophole in the law to take possession of something that is not his. I'm not sure that commending this guy is in order.

quote:

ORIGINAL: MasterG2kTR
It's really none of their business as long as he is within the law.

I would say the same thing to Casey Anthony detractors. And they wouldn't get it, either.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 9:24:12 AM

MasterG2kTR

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quote:

ORIGINAL: DomImus

I understand that the mortgage company no longer exists but I can't understand why the mortgage itself (and hence ownership of the property) does not still exist in some portfolio somewhere. The guy exploited a loophole in the law to take possession of something that is not his. I'm not sure that commending this guy is in order.

quote:

ORIGINAL: MasterG2kTR
It's really none of their business as long as he is within the law.

I would say the same thing to Casey Anthony detractors. And they wouldn't get it, either.

He didn't kill anybody to get this and what he is doing may be a loophole, but he is also aware that it may not work to his advantage too. He's got three years of sweating it out to win his prize. If it were me, I'd take the same chance to come up with a win like that.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 9:30:19 AM

LinnaeaBorealis

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Ok, I don't understand what the neighbors' issues are about this, except for jealousy. But I did notice that the paperwork reads "Avidavit", not "Affidavit". Makes me wonder if this isn't some sort of scam. They said he printed the paperwork off a website. One would think they would research how to spell a legal term.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 9:39:50 AM

littlewonder

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I'm thinking if the guy has to live there through the winter and if it's a cold climate during the time, I didn't check to see where this house is located, then I'd like to know how he's going to do it with no running water or heat lol.

It looks like a pretty big house. He's gonna need A LOT of space heaters!

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 9:51:28 AM

MasterG2kTR

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quote:

ORIGINAL: LinnaeaBorealis

Ok, I don't understand what the neighbors' issues are about this, except for jealousy. But I did notice that the paperwork reads "Avidavit", not "Affidavit". Makes me wonder if this isn't some sort of scam. They said he printed the paperwork off a website. One would think they would research how to spell a legal term.

Good catch, I missed that, but the video goes on to say that he did notarize and file with the county courthouse who obviously accepted it. I went a little farther with investigation and found this link outlining the law (from a law firm) that cites the specific statutes under which this is happening.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 9:51:30 AM

Sanity

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He is not hurting anyone, so more power to him. I hope he succeeds in getting the title to it!

quote:

ORIGINAL: MasterG2kTR

He didn't kill anybody to get this and what he is doing may be a loophole, but he is also aware that it may not work to his advantage too. He's got three years of sweating it out to win his prize. If it were me, I'd take the same chance to come up with a win like that.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 10:05:19 AM

littlewonder

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the whole thing sounds skeezy to me. If I had a neighbor like that I'd be always wondering what else he's more than willing to do to get what he wants. Don't think I'd trust the guy as my neighbor.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 10:23:55 AM

LinnaeaBorealis

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quote:

ORIGINAL: littlewonder

the whole thing sounds skeezy to me. If I had a neighbor like that I'd be always wondering what else he's more than willing to do to get what he wants. Don't think I'd trust the guy as my neighbor.

Seriously???? Everything he has done is within the letter of the law. So you'd be worried about his not breaking laws to get what he wants??? I think your thinking is a little weird. But that could just be me.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 1:04:17 PM

DomImus

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quote:

ORIGINAL: LinnaeaBorealis
Seriously???? Everything he has done is within the letter of the law. So you'd be worried about his not breaking laws to get what he wants??? I think your thinking is a little weird. But that could just be me.

He''ll be a great neighbor... until he digs up some legal loophole to acquire your automobile. The guy is a deadbeat any way you slice it. The technical legality of it doesn't hide the fact that he's a squatter. If you want to applaud him for that, go for it. I will give him credit that he is an ingenious deadbeat.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 1:21:54 PM

zephyroftheNorth

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He is not hurting anyone, so more power to him. I hope he succeeds in getting the title to it!

Who are you and what have you done with Sanity?

the whole thing sounds skeezy to me. If I had a neighbor like that I'd be always wondering what else he's more than willing to do to get what he wants. Don't think I'd trust the guy as my neighbor.

Really? Nothing he's done is illegal, so why would you say that?

I'm wondering how much of his neighbors' objections have to do with the color of his skin. I don't know this is the case but all neighbors who were interviewed and well he's black.

Zeph

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 1:23:29 PM

GreedyTop

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That crossed my mind as well, Zephy

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 1:24:52 PM

NuevaVida

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I'm a bit skeptical, and I think the neighbors are being a bit nosy, and I ultimately think what this guy is doing, if it's truly on the up and up, is just going to lead to putting laws on the books to prevent people from doing it in the future.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 1:26:27 PM

LinnaeaBorealis

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quote:

ORIGINAL: DomImus

quote:

ORIGINAL: LinnaeaBorealis
Seriously???? Everything he has done is within the letter of the law. So you'd be worried about his not breaking laws to get what he wants??? I think your thinking is a little weird. But that could just be me.

He''ll be a great neighbor... until he digs up some legal loophole to acquire your automobile. The guy is a deadbeat any way you slice it. The technical legality of it doesn't hide the fact that he's a squatter. If you want to applaud him for that, go for it. I will give him credit that he is an ingenious deadbeat.

I think that the economy being what it is, I certainly do want to applaud him for doing what he has done rather than standing on some street corner begging & sleeping under a bridge or in a shelter. I've been homeless, even though I thought that I would never ever have to see what that was like. It's no fun, believe me. More power to him!!! And if you should ever find yourself in reduced circumstances, I hope that you can find a loophole to put a roof over your head too.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 1:30:31 PM

BKSir

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I think, good on him. Took some serious research to come up with that. Saw what he wanted, and went to get it by the most fiscally prudent methods legally possible. Good job, very clever. :)

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 1:36:22 PM

Termyn8or

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"On the other hand his new neighbors (at least one of them) sound like some real assholes that are pissed off they didn't think of it. It's really none of their business as long as he is within the law. "

LOL, this is rich ! Now remember this is Texas and we have a Black Man living in what is surely a predominantly White neighborhood. So he can play the race card I would think. But more power to him.

I have looked into similar laws in Ohio, hoping to exploit them someday. Here, to take possesion in that way one must pay the property taxes for (I think) five years. It has happened here, but in any case usually the home is not prime property and is in poor condition at best. I was much younger when I contemplated doing it, now a house is not free I have found, even if it is paid off. It would be foolish to invest in fixing up a place unless and until one has actual legal possesion, and that obviously doesn't happen overnight.

But now many states have residency requirements, one being that the dwelling must have running water. Can he get water and sewage at a place he does not own ? I think so but I can't be sure, and they might not even have that requirement there. If he has to live there, they might just be asking how, without water etc.

I also question the absence of anyone to lay claim. If a mortgage company goes out of business, there would be a liquidation of sorts, or some form of recievership or something. Who recieved ?

In that case this publicity is a very bad thing for him. He has a piece of paper, if someone shows up with a certain other piece of paper I think he may be screwed.

Time will tell. And that's one of the reasons I didn't persue doing this a long time ago. Any investment in the property, whether by money or sweat equity can be lost. But then in this case the house appears to quit livable.

It's nice to see the common Man get ahead once in a while. Maybe that'll teachum not to write fifty pages of legislation to enforce a speed limit or shit like that.

T^T

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 1:38:29 PM

DesFIP

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Three years camping out in a place with no running water isn't my idea of a piece of cake. And if this is like the old land claims, that means he can't leave for even a day or his claim is null and void.

And yes, racism crossed my mind as well.

I'm curious as to how it works, if he is given ownership of the home after three years, does he then owe three years of back taxes? I hope he's researched that as well.

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RE: Man Acquires $300,000 Home for $16 - 7/31/2011 1:51:39 PM

barelynangel

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I am wondering if the problem is no one can find or figure out who the actual owners of the house now that the mortgage company is out of business. But "a" BANK has the Title yes? Someone has the title of that house and whomever does is the owners on a usual case. From what i understand based on that link explaining this -- all the owners have to really do is file an affidavit countering his or file a declaratory judgment action.

The way i am hearing it -- this guy knows if people file a suit or the affidavit, he has lost. He is banking on no one filing a suit against him. But something tells me someone will. Three years is a long time and $300,000 is a lot of money.

There is a lot of questions i have but as i really don't get real estate law, this will be interesting to watch.

However, i think if it really were as easy as he is making it out to be, more people would do it especially in this economy. But 3 years minimum is a long time.

angel

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