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Re: forced sale of inherited property
Old 07-01-2006, 06:55 PM   #21
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Re: forced sale of inherited property

Let me give you an example of a prime realestate purchase with an old house on it:* sale price 2M, half of house has good bones but the other half will be removed, entire roof structure replaced (including the part kept).* Probably spending another 600T to make it their own.

The sellers (as in your situation) inherited the property and invested ~65T.* Frankly, short of clearing the site, they wasted their money.* It would have sold for ~1.95, the realtor would have gotten a smaller cut and they would have had money in their pocket at least 6 months earlier.

The purchasers looked at a number of 'modern' properties but found fault with the floor plans.* In the end they felt that for the $$$ they were spending they want to do their own thing.
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Re: forced sale of inherited property
Old 07-01-2006, 08:01 PM   #22
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Re: forced sale of inherited property

i appreciate your sharing that thinking macdaddy & brat. i'm going to present all this to my brother.

i think someone here posted or i read elsewhere--& i think it is true--that houses are becoming, once again, places in which to live, not investments to flip. i call these houses teardowns but they are actually quite nice as-is.

there are currently two comparable "teardowns" for sale within blocks from mom's. one is going for $1.5 & one for $1.7. they've been advertised for sale for about 3 months now. so i'll continue to watch the immediate market & see what it does. even if it drops a little, which i doubt it will, it's still a heck of a lot more money than it was 5 years ago.
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Re: forced sale of inherited property
Old 07-01-2006, 08:20 PM   #23
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Re: forced sale of inherited property

It still seems to me that your brother is the one taking the risks. I think sometimes you have to take the risk to get the reward.
Anyway why not read the book by the guy that has done this succesfully and see what you think then
http://www.amazon.com/gp/product/047...401634?ie=UTF8
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Re: forced sale of inherited property
Old 07-01-2006, 10:57 PM   #24
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Re: forced sale of inherited property

Lazy,

I'm about to be faced with a similar "problem" with my in-laws' house. It's a teardown with a lot value about $600K. The answer to this question should give you some insight into what you should do with your mother's place.

When you get done developing and flipping your mother's lot are you planning to buy another teardown and do the same thing again?
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Re: forced sale of inherited property
Old 07-02-2006, 01:22 PM   #25
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Re: forced sale of inherited property

Quote:
Originally Posted by spideyrdpd
It still seems to me that your brother is the one taking the risks. I think sometimes you have to take the risk to get the reward.
Anyway why not read the book by the guy that has done this succesfully and see what you think then
http://www.amazon.com/gp/product/047...401634?ie=UTF8
i don't see at all where my brother has more risk and no idea what you are thinking on that. risk is relative to somebody's personal situation. someone with $20 million has very little risk of running out of money if they toss $5 million out the window. someone with less resource incurs more risk.

i'm familiar with frank's work. it should be kept in mind that he made that money during the real estate boom which seems to have waned quite a bit since. i'm also familiar with his resources. and they are not mine. good to see, however, a book written by a guy who actually made big profit from development and not simply profit from the development of a book. had this been three years earlier i wouldn't even question my gut telling me to rebuild. it is only now that i am not so sure. hmmm, maybe i can get frank to buy mom's house.

Quote:
Originally Posted by 2B
Lazy,

I'm about to be faced with a similar "problem" with my in-laws' house. It's a teardown with a lot value about $600K. The answer to this question should give you some insight into what you should do with your mother's place.

When you get done developing and flipping your mother's lot are you planning to buy another teardown and do the same thing again?
good question. i suppose the answer is in my screenname.
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