I recently purchased a home with some foundation damage that is turning out to be pretty severe. I’m leaning towards tearing it down and moving another house onto the property (I already own a house that needs moved 2.5 miles away). I paid $28,400 for the house. The house after moving would be worth maybe $100k after RE commision and moving will cost 15k-20k.
I can also buy another lot in town and move the house there. Other lots can be bought for $30k although this one has utilities to it which are quite valuable - $10k.
Today the pastor of the adjoining church came by and asked about buying the house. He said he wants to expand the parking lot and already owns the two houses next door that they are currently renting.
I could sell to him as-is but am entertaining the idea of doing something creative like offering a partial trade for ownership of the two houses next door (and say a one year lease on the ground for $1) that are in much better shape. I just hate to double down on a bad deal though.
Never mind. I talked to him and apperantly the church has mortgages on the two houses next door and is currently renting them out. They aren’t interested enough to give away the structure.
If you could immediately pocket $10k, wouldn’t it be wiser to sell to the church …rather than spend all sorts of time and money in demo, and whatever…? I’m betting the church would be MUCH more interested in that house than anyone would ever be, and be willing pay ‘that’ much more to get it. I know our church was quite happy to pay ‘retail’ for expansion purposes…
For 10k - absolutely. I think that’s a hard sell though. Given the condition I overpaid for the house, but I couldn’t get access to the foundation in the enclosed crawlspace without cutting a hole. Bad news!
I already talked to them, waiting for a call back. I am getting bids on lifting the house and replacing the foundation and moving another structure onto the property. I already own a house that needs moved into town. Luckily, I should be able to make money any of these ways, but I’d gladly sell to the church without doing any work to the place.