Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Finding ficer-upper homes?
Old 07-25-2008, 02:14 PM   #1
Moderator Emeritus
laurence's Avatar
 
Join Date: Feb 2005
Location: San Diego
Posts: 5,267
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?
laurence is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-25-2008, 02:19 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Mar 2003
Posts: 18,085
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.
__________________
"All animals are equal, but some animals are more equal than others."

- George Orwell

Ezekiel 23:20
brewer12345 is offline   Reply With Quote
Old 07-25-2008, 02:42 PM   #3
Full time employment: Posting here.
Lusitan's Avatar
 
Join Date: Jan 2006
Location: Boston
Posts: 620
Quote:
Originally Posted by laurencewill View Post
Am I crazy for even thinking of doing this while finishing a MS degree and raising two kids?
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.
Lusitan is offline   Reply With Quote
Old 07-25-2008, 03:16 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: No fixed abode
Posts: 8,764
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
harley is offline   Reply With Quote
Old 07-25-2008, 03:44 PM   #5
Moderator Emeritus
laurence's Avatar
 
Join Date: Feb 2005
Location: San Diego
Posts: 5,267
Thanks, I'm definitely not ready yet, but if housing drops another 100k I've gotta take a look.
laurence is offline   Reply With Quote
Old 07-25-2008, 05:47 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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.
cute fuzzy bunny is offline   Reply With Quote
Old 07-25-2008, 07:56 PM   #7
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
Quote:
Originally Posted by laurencewill View Post
Thanks, I'm definitely not ready yet, but if housing drops another 100k I've gotta take a look.
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!
__________________
*

Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."

I don't spend much time here— please send a PM.
Nords is offline   Reply With Quote
Old 07-25-2008, 10:20 PM   #8
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
what are your intentions? sell or rent?
thefed is offline   Reply With Quote
Old 07-25-2008, 10:52 PM   #9
Recycles dryer sheets
 
Join Date: Oct 2005
Posts: 325
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.
CybrMike is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Food: are you a hoarder/stocker-upper or a daily shopper? ladelfina Other topics 50 03-19-2008 07:26 AM
How Many Homes Do You Own That You Live In? pasttense Life after FIRE 20 07-07-2007 09:13 AM
Manufactured Homes chinaco FIRE and Money 34 06-29-2007 01:00 AM
Upper arm/Shoulder exercises calmloki Health and Early Retirement 4 04-27-2007 09:16 AM
2 or more homes K. B. Sharkstooth Life after FIRE 4 11-23-2004 04:01 PM

» Quick Links

 
All times are GMT -6. The time now is 01:41 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.