I’m looking at a REO in a very small town that needs a lot of work, but has some character like high ceilings and great views and an amazing stone fireplace. The rest of the place is pretty sad with junky windows, a kitchen that was demolished for a new one, but the new one was never started, and a shot roof. It’s on a pretty hillside with great trees and stone walkways. It’s 1500 sq feet and asking price is $54,000. I think the fixed up value would be in the 100 to 110 K range. I’m really tempted to put in an offer, but there is a house next door with a ton of junk in the yard. A lot of boards and construction junk and misc. junk. No cars, but a few rims… The two houses share a driveway going up the hill. Has anyone ever negotiated with a neighbor to get rid of junk or offered to get rid of it for them. I’d like to hear any comments on this. Jeff
I haven’t negotiated, I just called code enforcement. Had a neighboor that hadn’t mowed their grass all year, had two or three rusty old lawn mowers sitting back there, old tires, plus a ton of garbage. Called CE and they had it cleaned up within a week.
Jared
Well, I think I’m going to call these nieghbors deal breakers. The realtor showed us the house today. When we got there one of the slob neighbors cars was in the driveway of the house we were looking at!!! We went in the house anyway and later on they came home. We were outside at this time looking at the outside and the lady says to us, “Oh, maybe I should move my car? Should I move my car?” As I said in my first post, this property is on a hill with a shared driveway, so by now the driveway was a bottleneck with cars as the realtor was showing it to 3 different people at once. The realtor asked the lady about the agreement with the driveway, but she had no comment. I fear that I could fix up this place nice and schedule a showing only for a potential buyer to come to my place and find the neighbors junk on my property. Yes, a higher authority can and should be called in, but the property does not have a fixed up value that is high enough to justify the war.
As far as the property is concerned, I probably would have put in an offer if it wasn’t for this development. I’ve read in lots of books and heard from other investors to not class yourself out of the neighborhood (over renovate). The place needs LOTS of work - roof, sofit, gutters, exterior paint, kitchen, bath and a half and all interior walls. With the amount of work required and the neighbors I’m going to pass on this one.
Jeff
Have you ever thought of making an offer on BOTH properies, the owners of the junk prop. might want rid of the headache.
Shadow box fencing looks beautiful and gives a sence of ownership ;D Ive put up many But I think by the little you shared about the #'s it doesnt look like enough bread for the family.