
Kenneth Robinson, now of Flower Mound, Texas, spent a lot of time with his nose in the law books and boy did it ever pay off when he could finally afford the $300,000 house of his dreams — with the $16 he had in his wallet. Now, the extent to which he “owns” it is a little hazy, but he’s certainly on the path to owning it, and without having to spend one more dollar. How’s that? Well, upon discovering an obscure and magical property law, Robinson discovered that if a squatter moves into an abandoned house, they have exclusive negotiation rights with the original owner. The original occupant? Walked away. The original owner? A mortgage company that folded. This perfect storm left Robinson in a position to eventually own the house by, no kidding, calling dibs by filing $16 worth of paperwork.
$16 doesn’t seem like a lot, mainly because it isn’t. Here’s a couple of other ways of putting it that make it seem like even less. (According to my shoddy calculations.)
- Robinson purchased this house at 99.99466666% off.
- Talk about pennies on the dollar. Robinson paid .005333333 pennies on the dollar. Or approximately 1 penny on every $187.
- If he were to take out a 7%, 30-year fixed-rate mortgage out on the house, assuming its value was the $16 paid for it, his monthly payments would be a whopping $0.11.
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