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Finding ficer-upper homes?
07-25-2008, 02:14 PM
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#1
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Moderator Emeritus
Join Date: Feb 2005
Location: San Diego
Posts: 5,267
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Finding ficer-upper homes?
The housing downturn has really affected my neck of the woods, and while I think there is a way to go, I want to start researching the prospect of buying a fixer upper. Being a homeowner for the last 7 years has taught me a lot of simple skills like paint, flooring, installing cabinets, faucets and fixtures, etc. so I'm thinking there might be some potential sweat equity gems out there in the next year. But when you search the web it's just a bunch of scam like services offering to "sell" you fixer upper info. How does one go about finding a potential home like this? Just find a realtor?
Am I crazy for even thinking of doing this while finishing a MS degree and raising two kids?
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07-25-2008, 02:19 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Go look in the MLS near you and see what comes up. Or look at the bank owned property lists, since there should be a LOT of REO in your area.
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"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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07-25-2008, 02:42 PM
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#3
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Full time employment: Posting here.
Join Date: Jan 2006
Location: Boston
Posts: 620
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Quote:
Originally Posted by laurencewill
Am I crazy for even thinking of doing this while finishing a MS degree and raising two kids?
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Yes. But then, you knew this answer was coming.
I did law school at night and now that we have a toddler running around, there's no way I can imagine juggling a job, school, a family life with a house of my own to upkeep, and a DIY fixer-upper project.
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07-25-2008, 03:16 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,764
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What my wife and I have done over the years (living in and eventually selling 3 fixer uppers) is to make a hobby of going to open houses every weekend or so. Over time you'll get a good idea of what the price ranges are for houses in various stages of repair. It's just like with anything else (including finances), education/knowledge is your best weapon. Also, read up on the web about the things to look at in a home. It's easy to see certain things, but others (age of roof, hvac, etc) are less obvous, and you need to know what to ask.
I doubt there's much available about buying fixer uppers on the web other than the scams you mentioned. However, there's tons about home repairs. So between reading that stuff and visiting a few dozen/hundred homes for sale, I suspect you'll learn most of what you need. Good luck.
Harley
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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07-25-2008, 03:44 PM
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#5
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Moderator Emeritus
Join Date: Feb 2005
Location: San Diego
Posts: 5,267
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Thanks, I'm definitely not ready yet, but if housing drops another 100k I've gotta take a look.
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07-25-2008, 05:47 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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Drive around looking for 'for sale' signs and dead lawns.
Or get a realtor friend to ask around.
You going to rent it or flip it?
Oh yeah...dont do it!!!
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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07-25-2008, 07:56 PM
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#7
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
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Quote:
Originally Posted by laurencewill
Thanks, I'm definitely not ready yet, but if housing drops another 100k I've gotta take a look.
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In the meantime you should prepare by watching HGTV's "Flip This House" (how it's usually supposed to be done) and "Property Ladder" (how it's never supposed to be done).
I'd advise taping it because you're going to have to rewind to truly believe some of the things that come out of the flipper's mouths.
I suspect quite a few of the Property Ladder alumni are already in business in your area!
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07-25-2008, 10:20 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 2,203
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what are your intentions? sell or rent?
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07-25-2008, 10:52 PM
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#9
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Recycles dryer sheets
Join Date: Oct 2005
Posts: 325
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hud.gov
Click on HUD Homes to the left.
Click on your state.
Viola.
In my area, they seem to be going for about 30% less than what they are being listed for, but you can double check in your area by going to bid statistics.
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