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Real Estate Investing Forums | Real Estate Investing | Rehabbing, Fix and Flip, Rental Properties (Moderators: $Cash$, Mdhaas) | New deal found, hope it works out
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Author Topic: New deal found, hope it works out  (Read 9254 times)

Offline DannyTheGreat

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Re:New deal found, hope it works out
« Reply #15 on: January 25, 2007, 01:02:37 pm »
No VBIEDs, No IEDs, No mortar attacks, No snipers, No RPGs, No ambushes

seems like a peaceful place to live...
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"I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."- Isoroku Yamamoto, Japanese Admiral- After the attack on Pearl Harbor

Offline Rich_in_CT

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Re:New deal found, hope it works out
« Reply #16 on: January 25, 2007, 01:03:33 pm »
Quote from: DannyTheGreat on January 25, 2007, 01:02:37 pm
No VBIEDs, No IEDs, No mortar attacks, No snipers, No RPGs, No ambushes

seems like a peaceful place to live...
Yeah, as I was driving through the neighborhood I was thinking Mike would like it there.
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Offline Rich_in_CT

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Re:New deal found, hope it works out
« Reply #17 on: January 26, 2007, 01:38:15 pm »
Taking my camera with me tomorrow, I'll take lots of pics and post them here for post showing analysis.
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Offline propertymanager

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Re:New deal found, hope it works out
« Reply #18 on: January 26, 2007, 02:05:51 pm »
It sounds OK to me.  If it is a really bad neighborhood, just carry a bigger gun.

The really good thing is that innocent bystanders are rarely involved in the crimes.  The vast majority of times it is criminal on criminal.  You've just got to be aware of your surroundings; look mean; always be on the offense; and stay out of the crossfire.  A motorcycle jacket (with chains) and a dew rag go a long way to helping you fit in, even in the hood.

Mike
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www.1MinuteToRentalPropertyRichs.com 
This No-Hype, No-Nonsense Book is a step by step course in making money and building wealth with rental properties!  Everything from buying properties at a discount to dealing with terrible tenants.  Now In Paperback!

Offline Rich_in_CT

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Re:New deal found, hope it works out
« Reply #19 on: January 27, 2007, 10:43:04 am »
Too much work needed on this one, I would have to put more money than the ARV to buy and fix this one.  No way jose....








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Offline Rich_in_CT

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Re:New deal found, hope it works out
« Reply #20 on: January 27, 2007, 10:44:05 am »










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Offline Rich_in_CT

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Re:New deal found, hope it works out
« Reply #21 on: January 27, 2007, 10:45:12 am »












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Offline Rich_in_CT

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Re:New deal found, hope it works out
« Reply #22 on: January 27, 2007, 10:46:34 am »















Ok, pros......don't say much about this one quite yet.  Let's give the newbies a chance to look through and spot all the potential issues with this one.  Let's use this as a learning experience for all.
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Offline propertymanager

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Re:New deal found, hope it works out
« Reply #23 on: January 27, 2007, 10:54:26 am »
I often buy properties that look like that.  Get out the lipstick and buy some coveralls!  At least there weren't buckets of human feces in the corner of every room.  Been there, done that!  I don't like that bad siding, but it could be redone.  How about some white vinyl?  I'd run the numbers and make a ridulously low offer!  Save enough money for that handgun.

Mike
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www.1MinuteToRentalPropertyRichs.com 
This No-Hype, No-Nonsense Book is a step by step course in making money and building wealth with rental properties!  Everything from buying properties at a discount to dealing with terrible tenants.  Now In Paperback!

Offline DannyTheGreat

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Re:New deal found, hope it works out
« Reply #24 on: January 27, 2007, 10:59:32 am »
So this game is to identify everything wrong with this property, list the necessary repairs, and approximate (we don't have any square footage measurements to be accurate) cost for contractors to do it (we know Rich isn't smart enough to do any repairs). Inspired by the book "Flip", let's arrange the lists in a MUST- SHOULD- COULD formation. That would mean what absolutely MUST be repaired for safety, function, use, whatever. What SHOULD be repaired but wouldn't be absolutely mandatory. Then what COULD be repaired to make it more appealing, sell faster, add value, whatever.

Rich,
What is the ARV and is the asking price still 130k? Are we taking about the entire duplex or just one half?
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"I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."- Isoroku Yamamoto, Japanese Admiral- After the attack on Pearl Harbor

Offline Rich_in_CT

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Re:New deal found, hope it works out
« Reply #25 on: January 27, 2007, 11:01:15 am »
I would have to go rediculously low.  The roof is TRASHED!  You can see light through many of the 3rd floor ceilings and it has so many angles that the price would be SKY high.  I could see a large part of the roofing problems from INSIDE and there was definitely  a lot of rot.  I would have to go much lower, like down to $50k, for me to consider it.  Not sure if something that requires this much rehab is good for first project, was looking for something a tad better.  Also, something to note that was not apparent in the pics many of the floors had definite rot, I could feel it as I walked.  
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Offline Rich_in_CT

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Re:New deal found, hope it works out
« Reply #26 on: January 27, 2007, 11:08:40 am »
Quote from: LRrenewvating on January 25, 2007, 12:01:50 pm
There is probably a fondation problem.

Rick
Only thing I didn't really see wrong with it.
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Offline jsstinson

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Re:New deal found, hope it works out
« Reply #27 on: January 27, 2007, 11:24:38 am »
What SHOULD be done...50 gallons of gasoline and a zippo should fix all the problems this property has...

Ok, I know the season vets are going to say its doable, but I had to throw my two cents in before people got serious with the pics...

On another note...the way that roof was looking, are there any joists up there? Or did I just see the pictures wrong? What are the local building codes on that stuff?
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