Paducah, KY

The Western Kentucky Real Estate Investment Association is coming back to Paducah. The April meeting of the WKREIA will be held in Paducah on Thursday, April 16, 2009 at 6:30 p.m. at the new Thomas Smith Real Estate sales office located at 2410 Holt Road, Paducah, KY 42001. Kim Musgrave with Thomas Smith Real Estate will be hosting and providing drinks and snacks for attendees.

Each month the group discusses a topic relevant to real estate investing. This month the Western Kentucky REIA will be discussing techniques for dealing effectively with contractors and vendors. “Hearing other investors’ personal experiences is one of the best ways to avoid making costly mistakes in your investments. With such a diverse group of investors it’s easy to get reliable answers to your real estate investment questions,” said Western Kentucky REIA President Greg Taylor.

The Western Kentucky REIA is comprised of real estate investors from throughout the Jackson Purchase who represent many different areas of investing. For more information about this month’s meeting, please contact Daniel Riegel, WKREIA Board Member, at 618-841-3207 or email the WKREIA at wkreia@gmail.com

The master commissioner's sale was held today at the McCracken County Courthouse. There were probably 50 people in attendance. Of the many properties I listed in a previous blog here are a few highlighted properties that were sold.

• 1415 Madison St, lot, appraised at $2,500. Sold for $1,700
  
• 1424 Little Avenue, lot, appraised at $5,000. Sold for $3,450
  
• 934-936 North 10th Street, appraised for $110,000. Sold for $73,500
  
• 2069 Irvin Cobb Drive, former bar or nightclub, appraised at $240,000. Sold for $200,000. This property was previously listed by a couple of in-town agents at a price between $650,000 to $775,000
  
• 1724 Monroe, house, appraised for $60,000. Sold for $40,001
  
• 1204 Park Avenue, house, appraised for $45,000. Sold for $34,000
  
• 250 Jennifer Lane, house, appraised for $240,000. Sold for $205,000
  
• 101 Sarah Cove, house, appraised for $68,000. Sold for $45,339
  
• 2865 Oaks Road, house, Appraised for $96,000. Sold for $109,100.

Many of today's foreclosures had private buyers bidding against the lenders that foreclosed on the properties. In one auction the bank actually lost the auction. I suspect the attorney that represented the lender was allowed to bid up to a certain amount. The winning bid was 1 cent higher than the banks max bid.

The appraised values were the values stated by the auctioneer.

One of the things I get a kick out of when I attend these auctions is how many of the attendees know each other. I myself knew several people there today. Like myself, several people were there taking notes and not participating.

Today, myself and 64 other local realtors, attended GRI 5 class in Benton, KY. The class was entitled Systems for Success. For anyone not familar with GRI (Graduate Realtor Institute), it is a series of classes realtors attend for a variety of reasons. Among the many reasons to attend the classes, we learn to better work with buyers, sellers and other agents. We also learn how to conduct business more efficiently.

I particularly like attending these classes because I get to meet new peers and talk with friends. One of the ways we meet new peers is by working in groups on brief group collaborations. We also exchange business cards so we can provide client referrals to some of the agents we meet (networking).

Of all the good conversation I had there was one thing in particular that was said that most, if not all, agents had noticed. Most agents have noticed a significant increase in business since January 1st. Some agents said their buyers were waiting until after the annauguration took place. I personally noticed an increase in business shortly before that event.

Many visitors to my web site enjoy checking the foreclosures page on a routine basis. The master commissioner has auctions on the last Monday of each month inside the court house at the bottom of the stairway. A notice is placed in the Paducah Sun on the second Friday of each month listing the properties to be auctioned. The same list is also on display in the hallway near where the auction is held.

Generally, any bank lender foreclosures that are held are purchased back by the lender. These autions are usually not purchased by auction visitors. There are properties to be auctioned from time to time that are unrelated to failed mortgages.

This January 26, 2009 there are several properties being auctioned. Most are lender foreclosures but there are several this month that are being auctioned to pay delinquent taxes, nuisance code liens or are the result of a dispute between parties. Habitat for Humanity has foreclosures this month as well. This month I have listed auctions that would likely be available to a private buyer or investor.

• 1415 Madison Street - Judgement to collect $10,531.78 due to nuisance code liens and delinquent taxes, interest, attorney fees and auction costs.
  
• 1424 Little Avenue - Judgement to collect $10,941.37 due to nuisance code liens and delinquent taxes, interest, attorney fees and auction costs.
  
• 934-936 North 10th Street & 2069 Irvin Cobb - Recover costs of $11,231.57 for delinquent taxes on both properties. Recover costs of $3,568.72 for citation liens on the North 10th Street property. 934 -936 North 10th Street is 2 tracts measuring 134' 6" x 48' x 134' 6" x 48'. Tract 2 is 134' 6" x 24' x 134' 6" x 24'. 2069 Irvin Cobb is 1.024 acres according to subdivision plat.
  
• 1724 Monroe Street - Recover costs of $64,276.42 to recover judgement plus attorney fees and costs of sale.
  
• 1204 Park Avenue - Recover costs of $41,161.30 plus contingent deferred interest and costs of the sale. This is a Habitat for Humanity foreclosure. Lot size is 50' x 165'
  
• 1316 Madison Street - Judgement to collect $13,439.98 due to nuisance code liens and delinquent taxes, interest, attorney fees and auction costs.
  
• 927 Finley Street - Recover costs of $18,634.45 plus contingent deferred interest and costs of the sale. This is a Habitat for Humanity foreclosure.

As noted in the information posted in the Paducah Sun notice, these homes are generally not available for inspection even if you intend to bid on a property.

I intend to attend this auction. If you have any interest in any of these auctions let me know what you have in mind. Maybe I can provide assistance.

This month, the Western Kentucky REIA has several exciting things to discuss at our meeting tonight. We will be back at our normal place and time on Thursday, December 18 at 7:30 p.m. at the Barkley Lecture Room on the 3rd Floor of the Curris Center here in Murray.

We will be unveiling our new website at wkreia.com, as well as discussing plans for our all-day Saturday Seminar series starting in February. Additionally, this month's discussion topic is "Ethics in Real Estate Investing." We are looking forward to having a panel of our members discuss the various ethical issues in real estate investing.

If you would be available to serve as a member of this panel, please respond to this post and let me know. We look forward to seeing you at the meeting and have a very Merry Christmas!

Greg Taylor

President, Western Kentucky REIA

Creative Property Solutions, Inc.

Greg Taylor, President

306-B South 12th Street

P.O. Box 1327

Murray, KY 42071

Ph 270-761-HOME

Fax 270-761-4558

www.creativepropertysolvers.com

www.wkyhomesellers.com

www.wkyhomebuyers.com

Gregory T. Taylor, Esq.

306-B South 12th St.

P.O. Box 505

Murray, KY 42071

Ph/Fax 270-761-4558

www.gregtaylorlaw.com