Some benefiting from foreclosures

LAFAYETTE, Ind. (WLFI) - For almost 15 years, Donald Kleinkort has made a living by purchasing and, then, renting out foreclosed properties. Kleinkort researches properties and bids on them at Sheriff's Sales and other auction outlets.

"We've bought about 100 here in the last 15 years. The home I live in is a
foreclosed property and most of my family lives in foreclosed homes also," Kleinkort said.

He says foreclosure numbers today compared to 1994 are very different.

"There weren't that many at the time. There's more now than there used to be," Kleinkort said. "When we started doing this in '94 there might have been five people show up at
the auction."

Kleinkort said buyers can get great deals purchasing foreclosed properties.

"If you do your homework, we usually try to pick these up for about 70 to 75
percent of their actual value," Kleinkort said.

Jenny Richardson purchased her first foreclosed property at the Sheriff's Sale earlier this month. The house is next door to hers and she plans to rent it out.

"It's something we never thought about purchasing at that way before. We've
always liked his house and it's in our neighborhood," Richardson said.

By owning the property, Richardson hopes to stabilize property values.
"There's three foreclosures on our street alone. And so we would like to be able to see the neighborhood stay the same. And get nice families in the houses," Richardson said.
While Kleinkort said there are more listings these days than in the past, he doesn't believe Tippecanoe County is in a foreclosure crisis.
He said property values are holding up well in the county which signifies a stable area.
In Tippecanoe County, the sheriff's sales are the first Tuesday of every month at the Law Enforcement building on Duncan Road.