TW Live

Around here pretty much everything looks like a money pit. Or you gotta have some big stacks. Rent is easily $1000 a month, so I would rather buy. For the price this one is in better condition than some houses going for $115,000. There's one right down the street that has worse foundation issues and the bank wants $75,000 firm. $25k is a steal really.

 

LOL touche'

 

Yeah

 

You're talking yourself into a nightmare .

but if you buy it you gotta do a full gut , level the house , then redo all the services , insulation , drywall and finish

 

wait ... You are literally watching a video while driving?

exactly

I seriously doubt that. I get that you're Beavis and you do what you want. But watching videos while driving IS distracted driving. For the safety of those sharing the road with you, and the benefit of your wife and kids ...

DON'T FUCKING DO THAT!

 

Why is a worse house worth 3x as much?

 

You're not gonna get a laugh out of me over this one...drop it.

 

Well the way I see it is I can do 1 of 2 things. Flip it or rent it. In 2012 it was valued at $127,000. I get it for $25,000. Foundation work my realtor estimated at 8,000. (No idea if that's accurate). New roof probably $5,000. Finish updating kitchen $3,000. Paint and flooring $3,000. Some other shit $10,000. Less than $60,000 total. In 2 years my realtor says it would bring $140,000 if the current market holds. Or I could easily rent it for $1,000 a month since it's a 3br, 2ba.

 

It sounds like you want it?

Good luck. I doubt it'll be so easy.

 

Location. It's closer to the cities and where I work. But it was a total gut tear down too.

 

If all that was true it would already be sold

 

Definitely not easy! But for the price it's definitely better than the other ones I've been seeing. And at $115,000 I won't have much money to put into rehab for a while.

 

I thought you said it was $25K

 

It is. The comparables are $100k or more but in different towns. The 25k house is in a town of 1000 people. Not a ton of people looking to move in, but 3 houses have sold recently. All of them were move in ready though. It's hard to sell a house to a family when it's not really fit to live in for the family. I on the other hand am not afraid of living in a work zone.

It's probably not a good idea but honestly it's the best one so far. In the mean time I am still looking for new properties to pop up to check out. But I'm not going to make any decision to buy this without knowing exactly what it will take to fix. I will get a structural engineer in there and calculate costs and all that.

 

Will the house even qualify for a conventional loan or is this going to get "creative"?
Lenders are funny these days about financing shit holes and appraisers will prob let them know there may be an issue or two . Just sayin'.
I read something about a renter? That is a whole different loan process and for a first time buyer they are a bit challenging to secure. Putting a renter in a home that is financed as owner occupied is not a good idea nor will the mortgagor allow it.
The best of luck!

 

One last thing to consider before you go frolicking down bankruptcy boulevard is that realtors have no clue how much construction costs are . Unless your realtor got a reputable contractor to estimate the job he or she is just pulling numbers out of their ass and that doesn't account for any unseen issues which in a house like that you WILL find and offers no contingency for surprises like having to do an asbestos remediation

but have fun

 

It's not red .

 

I have patience. I have 6 months before I have to buy. And this house will probably still be there in some form. Maybe a pile of rubble. Who knows.

It would be completely paid for before I finish the remodel and move out and then rent it out. I hate living with people and would never bring in a renter while I live there.

 

I just got keys last month to our first house. I think I posted what OZ just said, but maybe I deleted it. Realtors don't know shit about construction costs, especially major projects. They sell houses, and they sugar coat the bad stuff so everything looks rosey.

Our house was move in ready, but not finished well. The stuff I knew I had to fix when we offered on it has doubled to what actually needs fixing, and so has the cost. Home inspections (2) came up clean. Never take a house at face value. If you can't swing double what you THINK it'll cost, its bad business. Roof and foundation failing can lead to a lot more uncovering when repairs are made, and that stuff isn't cheap. You shouldn't need to spend $100k to make $20k.

 

Get that girl trail ready so we can go squash hippies in Sedona.