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Author Topic: too much house?  (Read 3462 times)

Offline Billiam

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too much house?
« on: September 13, 2005, 09:44:15 am »
Let me know if this seems like too much house to try to rehab:

6 bed, 3.5 bath, 2705 sq/ft.

Its a foreclosure listed as a handyman special.  It is listed at 129,900, and comps in the area sell from 180-190.  From pictures on the net it looks like a lot of updating:  refinishing floors, wallpaper, paint, etc.  It has also been listed for two months, so I'm thinking I could get it for less than the asking price.  It still seems like a lot of house to me, with that many bedrooms I'm worried it would scare away many potential buyers.  

Offline kdhastedt

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Re:too much house?
« Reply #1 on: September 13, 2005, 12:07:30 pm »

In my area, these homes are at a premium for rentals for folks with kids!

If you're looking for rehab projects, this is exactly what you're looking for...I think it represents an opportunity to get the property well below market, rehab, and then either turn into a rental or resell.

If the purchase price were right, you could also flip to a rehabber.

Lots of possibilities here IMO.

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline Billiam

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Re:too much house?
« Reply #2 on: September 13, 2005, 01:42:45 pm »
Keith,

Where is your area?  Thanks for the response.

Bill

Offline kdhastedt

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Re:too much house?
« Reply #3 on: September 13, 2005, 05:11:23 pm »

<<Where is your area?>>

Louisiana (the dry part)...

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline Billiam

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Re:too much house?
« Reply #4 on: September 13, 2005, 08:05:42 pm »
Well after talking with the listing agent, he thinks there would need to be about 50k in repairs.  There have already been offers at 100 and 101 which were turned down by the bank.  The realtor also thinks that the house is too big for the lot that it is on, although in a good neighborhood.  Guess I will just keep looking....

Offline Immy

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Re:too much house?
« Reply #5 on: September 14, 2005, 07:01:00 pm »
Billiam,
Since the bank hasn't accepted anything yet, determine the most you're going to pay and just keep submitting the offer until it sells to you or someone else.  I've read that some people get great deals that way.  you have nothing to lose if you do this and you could end up getting the house for even less money than you thought you had to spend.
« Last Edit: September 14, 2005, 07:01:26 pm by Immy »

Offline aak5454

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Re:too much house?
« Reply #6 on: September 15, 2005, 11:18:00 am »
if you numbers are correct ($50k rehab) with full vale at $180k, then it looks like no deal to be had.  

I did a MAJOR rehab of a house that size; just to throw some paint around with fresh carpets and a few new fixtures is going to be $15k (min) and that assumes everything else is real solid (plumbing, electrical, windows).  If you have do get in and redo baths and kitchen with new flooring etc, then you will easily jump into the 30k+ in rehab cost.

proceed with caution; maybe try testthem with an offer at $115k(?)

 




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