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Private Investing Forum Discussion of Stocks and Strategies |
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#1
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I can get it at a good price.
Needs new wood floors. Needs new heating and cooling systems. Copper downspouts were stolen. Exterior doors need to be replaced. Lots of updates needed. Bathrooms are 1990's era. Kitchen is actually fairly modern, lacks all appliances. 1.06 acre lot on the nicest street in the most desirable section of a city that is only marginally desirable. Over 4000 square feet. 4 bedrooms. 4 bathrooms. Only a 2 car garage. Might be too much of a project that could get out of hand. In fact I'm sure it could get out of hand pretty easily. But damn its got so much potential. Interior wood staircase is amazing.
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"We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission; which is the stage of the darkest periods of human history, the stage of rule by brute force." - Ayn Rand |
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#2
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Yes!
Oh my, you're so right about the staircase. Someone loved that place at one time.
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Mother Superior Nana Patriot Nurse @AutismNWOH |
#3
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Trying to add up costs now to see if its worth it.
Believe it or not, the MARKET PRICE for this home AFTER repairs is roughly $380,000 to $400,000 This was on the market in 2009 for $690,000. Its been vacant since 2014 or 2015. It would cost about $2,500,000 to build this today.
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"We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission; which is the stage of the darkest periods of human history, the stage of rule by brute force." - Ayn Rand |
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#4
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Wow. It sure has potential. You know there are always surprises with any flip, as long as you can see enough in reserve to handle the unexpected go for it. Nice place.
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jim slagle (05-19-2018) |
#5
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What's the real estate market like there? Even if it's in a desirable part of the city will it sell or will you have to sit on it before it does?
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Doc (05-20-2018) |
#6
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Not sure what the market is like for upscale home in this city. And clearly this is an upscale home. Which is why it would be a risk. Literally 1/4 mile south of this home is the nicest upscale town in the area, so move this home 1/4 mile and the house would be in the hottest market for luxury housing. But its not in that city. Not in that school district. So it is a risk.
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"We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission; which is the stage of the darkest periods of human history, the stage of rule by brute force." - Ayn Rand |
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Catavenger (05-24-2018), Doc (05-20-2018) |
#7
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With an expected sale price of only 400k, I'd say your margin is razor thin. Fixing up houses like that adds up super fast.
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"I will not eat green eggs and ham. I will not eat them. Sam, I am." -- Sam |
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Catavenger (05-24-2018) |
#8
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My experience has been that larger homes in not so desirable areas or small towns move very slowly, if at all. 1 or more years on market is not uncommon. 400 K for 4000 sq feet of rehab is an indication of an oversupplied or non existent market. My opinion. |
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#9
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it would have to be bought at a VERY reasonable price if that's all it would sell for. grand rapids mi area that house would bring huge money if it were tastefully remodeled. like 8 to 900,000. things are way out of hand here on housing though...too many jobs bringing too many people. I feel sorry them based on what they are spending as when a correction comes they are screwed.
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Doc (05-20-2018) |
#10
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To bad you can not just load it on a Truck and ship it to a new location.
Mine.... ![]() Regards, Kirk
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Catavenger (05-24-2018) |
#11
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Well we will be bidding on a DIFFERENT, far more modest home.
Perfect for a new family, large yard, will retail for $135,000-ish when completed. Nice neighborhood. Desirable city. Quiet, established neighborhood with big trees. We are hoping to get the house for somewhere under 1/2 of its retail price. Roof is 4 years old, water heater is 4 years old, furnace is 7. No known structural issues based on some info from last year. Interior photos from August of last year show no damage to walls, ceiling, etc. (We can NOT get inside to see if anything has changed) Kitchen and bathrooms are dated but everything looks in good shape. Might be (if we could be so lucky) paint, carpets, counter tops and cosmetics then re-list for sale. Exterior needs paint, landscape clean up. A couple shingles look bad. Deck looks rough and might need new decking. Whole thing looks like a time capsule from 1965.
__________________
"We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission; which is the stage of the darkest periods of human history, the stage of rule by brute force." - Ayn Rand |
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jim slagle (05-21-2018) |
#12
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__________________
. ![]() Sometimes I'm fast. Most of the time I'm half fast! Never put off till tomorrow what you can avoid all together! Friends come and go, but enemies accumulate FF REQUIRES NO PHYSICAL FITNESS PROGRAM. EVERYONE GETS ENOUGH EXERCISE JUMPING TO CONCLUSIONS, FLYING OFF THE HANDLE, RUNNING DOWN THE MODERATORS, KNIFING FRIENDS IN THE BACK, DODGING RESPONSIBILITY AND PUSHING THEIR LUCK.
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#13
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The other one is an EMOTIONAL flip. Actually I'd gladly sell my house and move into the other one. Square footage is slightly larger for the living area than my current house. But its a lot less property to take care of, a lot less stuff to do around the property AFTER it is fixed up. It would be an easier property to take care of in my "old" age. My wife said NO. She doesn't want to live there. I think largely because our current home has a guest apartment over the workshop/garage and that keeps her sister close. This house no accommodation for her sister.
__________________
"We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission; which is the stage of the darkest periods of human history, the stage of rule by brute force." - Ayn Rand |
#14
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Bidding has begun in earnest. Price has climbed $10,000 but its still very low. Reserve price still not met.
We will know if we won in about a half hour. If not, we try for the next house on our list. Lovely Mrs_Bob is somewhat excited about this one. Emotion must be tempered. But its hard not to get excited.
__________________
"We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission; which is the stage of the darkest periods of human history, the stage of rule by brute force." - Ayn Rand |
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jim slagle (05-21-2018) |
#15
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Won the bid at $66k
It is below the bank's reserve price. Bank now has the option of selling it to me at my bid or trying to relist. If we are within $10,000 of their reserve they will likely let us have it. Should have an answer within 24 hours. But we are optimistic we will get it. The lovely Mrs_Bob is very excited. She is so burnt out on teaching that its nice to see her excited for this new venture of hers.
__________________
"We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission; which is the stage of the darkest periods of human history, the stage of rule by brute force." - Ayn Rand |
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jim slagle (05-21-2018) |
#16
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Good luck!
Hope the bank comes through.
__________________
. ![]() Sometimes I'm fast. Most of the time I'm half fast! Never put off till tomorrow what you can avoid all together! Friends come and go, but enemies accumulate FF REQUIRES NO PHYSICAL FITNESS PROGRAM. EVERYONE GETS ENOUGH EXERCISE JUMPING TO CONCLUSIONS, FLYING OFF THE HANDLE, RUNNING DOWN THE MODERATORS, KNIFING FRIENDS IN THE BACK, DODGING RESPONSIBILITY AND PUSHING THEIR LUCK.
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