What would you do if you knew a house was going into foreclosure, the owner abandoned it, and the mortgage company went out of business? For a black man from Flower Mound, Texas named Kenneth Robinson he bought the $330,000 house for only $16 after doing extensive research. He was able to do using the Texas law known as adverse possession.
When a neighborhood Karen found out she was very angry a black man was able to acquire an over $300K house for only $16. In fact she accused him of “squatting” claiming that there is no way he legally owns the house. Little did she know there was a legal loophole in Texas only the smartest individuals knew of.
How Kenneth Robinson Bought His $16 House
The mission to buy this house for dirt cheap started when Kenneth Robinson went online and printed out an adverse possession form. He then filled out the form and filed it at the Denton County Courthouse in Texas for a $16 fee stating that the house was abandoned and he was claiming ownership. The house had no running water and no electric, but Kenneth Robinson turned the living room into small camping area. In doing so it gave him legal negotiating rights with the former owner.
The Unfortunate end to this story
After this story went public due to the neighborhood Karen complaining about Kenneth Robinson living in his $16 house that costed over $300,000, Bank of America stepped in and claimed the home. Kenneth Robinson was quickly evicted from its premises. In the end he still won, because he was living there for 8 months rent free for only a $16 fee. That’s basically $2 a month for rent, while living a $330K house.