Quote:
Originally Posted by DoubleO7
The guy is smart.
Trading for burial plots.
As long as he gets them for a good price, they will always sell later.
It is like land speculating.
So when that guy repossesses a shed, does he get to keep what ever is inside at the time?
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Shortly after finding his ad I saw plots for sale on CL for like $4k/ea..
So I guess he's on to something?
He told me he gave them 30 days after notice of repossession and then dumped their stuff in the yard if he had to. He said he only had to do that maybe once or twice; people generally want their stuff. In general he said repossessions were rare. Maybe 50 out about of 2000 sheds sold. I do know that he cleared about 50% profit on his money after about 1 year. Still though, 2000 sheds at his whole sale cost of ~$1200/ea is A LOT of capital to float for a year!! Good thing not all 2000 people called on the same day.
I really thought his business was genius. We have lots of lake property in the general area around here and most of them are very small cottages or trailers. EVERYONE needs a shed on those lots. He just got tired of doing it since it was taking all of his free time for years and years.