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Old 01-21-2009, 01:44 PM   #21
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Hey, thefed

Not bad. Citywide Barberton has enjoyed 18 years average annual appreciation of 7.63% and 2.86% over the last 12 months and even appreciating as of last quarter!

Any idea if there's a rental market for this and what it would rent for?

3838 S Hametown Rd, Norton, OH, 44203 - MLS ID#1511710 - Single Family Home Real Estate - REALTOR.com®
eh, I dont know about renting that one out. you COULD, but im not sure of the market given the rural location.... somewhat well traveled road, but very nice area...that house cant be 3 or 4 miles from my house. Not much of a 'deal' though considering its tav value is 330k


Sam,

I have no idea where the bottom is. But foreclosed houses in rough shape are all i look at....not retail. I think it will take about 4 months from today for it to double from it's current value, assuming it's value now is 28k (hint: in 4 months I will be done with rehab)! after I'm done with it, I am sure it will be worth 90k. Now, will it be WORTH 90k if nobody will buy it? i dont know. The county says it is WORTH 100k. but the goal here is to rent for 6-7 years then sell to consolidate into multi unit apt. building w/ 10+ units

In my limited experience, rentals dont rent based on their current retail value. They rent based on comparable homes in the area. The cheapest you can rent a house for within 5 miles of there is 450....that's slummy crummy 2 bedroom. A mcmansion, 2000 sf will run 1000 or more. similar homes run 600-700...so thats what we're shooting for
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Old 01-21-2009, 01:47 PM   #22
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Outstanding. Looks like you may need to replace the metal roof on the garage pretty soon though - all the galvanize is gone. Oh, and could you replace the batteries on the GPS tracker please - signal is getting weak.
you lost me on the GPS thing....



I know nothing about metal roofing.... Can they be coated(painted) to extend their life? I'll have to research it some more.... Whats the lifespan of a roof like that? Assuming the existing roof was put on in wen the garage was built, it's only 28 years old....I always thought they lasted 50+ yrs?

How can you tell from such a crappy image that the 'galvanize' is gone? I wasnt aware it would disappear...especially from the underside? I've gotta get to reading!
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Old 01-21-2009, 03:55 PM   #23
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you lost me on the GPS thing....



I know nothing about metal roofing.... Can they be coated(painted) to extend their life? I'll have to research it some more.... Whats the lifespan of a roof like that? Assuming the existing roof was put on in wen the garage was built, it's only 28 years old....I always thought they lasted 50+ yrs?

How can you tell from such a crappy image that the 'galvanize' is gone? I wasnt aware it would disappear...especially from the underside? I've gotta get to reading!

Playing with you on the "address changed to protect" heading you had - looked up the listing and Google Earthed it. Only saw the rusty outside top view of the garage roof, and didn't think you had pictures posted of that. So what's the big round thing at the neighbor's place - satellite dish? hot tub? Where's your sense of paranoia?
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Old 01-21-2009, 04:02 PM   #24
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thefed I would like to ask you a question. What was the asking price? I am thinking about ideas here in Missouri. Was it a private owner or a bank?
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Old 01-21-2009, 04:09 PM   #25
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So what's the big round thing at the neighbor's place - satellite dish? hot tub? Where's your sense of paranoia?
I vote above ground pool on a large slab or deck. Nice that you have a park behind you. Lots of rust on the garage, I'd check for leaks before I put anything of value in it. So what do you think your sidewalk assessment will be when the city wants them when you upgrade the NBHD?
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Old 01-21-2009, 04:48 PM   #26
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House isn't very pretty, but on the plus side, the dishwasher comes pre-loaded with dirty dishes!

J/k - looks like a sweet, profitable house. Best of luck!
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Old 01-21-2009, 05:43 PM   #27
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Congrats. I hope this works out for you. Do you have any mold issues? Would be great if you reported back to this board after the rehab is complete and you got a tenant!
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Old 01-21-2009, 06:29 PM   #28
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So how do you handle your liability issues? LLC? Lots of insurance? Both?

If you do the work yourself, isn't it true that an LLC (or any other legal structure) won't protect you financially?

Just curious what small landlords do in that regard.
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Old 01-21-2009, 06:47 PM   #29
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So how do you handle your liability issues? LLC? Lots of insurance? Both?

If you do the work yourself, isn't it true that an LLC (or any other legal structure) won't protect you financially?

Just curious what small landlords do in that regard.
Put each building in a different LLC so if something bad happens at one building, the others aren't at risk. Good insurance. And yes, you are personally liable for your own acts so be good and be careful. No sexual harassment of tenants!
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Old 01-22-2009, 07:50 AM   #30
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Calmoki: not sure about the round thing...haven't noticed it. A lot of these metal roofs in our area are coated with a paint the color of those red clay roofs... hopefully that's what you saw? i cant actually see the roof as it is covered in snow...and dont have google earth installed any longer

rec7: Asking price was 29k, It's a HUD home. Goto hud.gov to find the company in your state that does listings and pm me if you have any questions from there. good luck

honobob: I dont think sidewalks will come any time soon...thinking about the entire west side, there really aren't any at all.

cashflo2u2: Yes there is mold. I do mold remediation so it's not a big deal. in a few of the pics you can see the affected areas. All that drywall will be removed, the basement waterproofed, then it will be re-finished. i'll certainly update everyone as things progess.

Rich In Tampa: This property will be held in an LLC. My mold business is also in it's own LLC with my home repair business. My duct cleaning business is its own LLC as well. As is my landscaping business. I will be doing home repairs and mold remediation, and my insurance for each company specifically covers me for those things...so I think that's as protected as i can get. Of course, i have insurance policies covering me in each, an umbrella, E&O insurance, gen liability, fire+vandalism for the property, AND a separate rehabbing policy
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Old 01-22-2009, 09:51 AM   #31
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Sue- it's on the west side of barbertucky...errr... i mean barberton. For someone who has alway been biased against barberton, its a really decent neighborhood


For all of you wondering what you get for 28k, below are some pics. it's no mcmansion, but it'll rent for 675 easily. Needs a lot of paint, carpet, and a waterproofed basement....a few doors....and thats it. Garage is HUGE at 30x26...needs paint or siding depending on budget

1202 Noble pictures by thefed17 - Photobucket - Address has been changed to protect the guiltyl

sorry a lot are sideways...i forgot to flip em before transferring
Looks solid. How are you going to waterproof the basement? Draintile?
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Old 01-22-2009, 09:55 AM   #32
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So how do you handle your liability issues? LLC? Lots of insurance? Both?
I use a commercial liability policy that covers the first 100k losses for roughly $200/property/year. Idea being, the lawyers will be "covered" if I run into a jam. Hasn't been an issue ... yet. Bet if you have lot of claims it becomes cost prohibitive thou.

Lot's of people are doing what Martha said (LLC/property). I use an S corp for the free n'clear property. Accountant tells me LLC is the way to go to limit annual filing fees.
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Old 01-22-2009, 02:56 PM   #33
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Looks solid. How are you going to waterproof the basement? Draintile?

i usually attack these things from 2 sides. First, i dig around the perimeter of the home, about 1ft deep and 4 ft wide...use a rototiller. I then tar very very thick (18 mil) tarps to the foundation and slope it down and away from the house....then cover it all back up with dirt, and use mulch to make the grade right. This helps divert the majority of rain water away from the foundation. Sure, some finds its way back to the home...but not a lot.

then, i do the interior water diversion method (i hate when people call it water proofing). Jackhammer up a trench 8"wide and 8-10" deep around inside perimeter of basement. Run FRP (fiberglass reinforced paneling) down each wall (visqueen behind it) into the trench. Fill with a little gravel, perforated 4" pipe, and more gravel, ensuring the pipe is sloped toward a common location. At common location, dig hole for a sump to tie everything into. Use 1/2" styrofoam on top of gavel to ensure concrete doesnt penetrate gavel.....pour concrete and level to exisiting floor. Run discharge pipe from sump outside and tie into storm sewer.

total cost for 120 linear foot basement is approx $1000 vs. $4k for someone else to do it
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Old 01-29-2009, 11:05 PM   #34
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OMG! Google earth sure does show some rust on that roof. im not sure about whatevers behind the garage...it doesnt appear to be there any more?? maybe they replaced the roof when they cleaned up the back? lol
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Old 01-29-2009, 11:45 PM   #35
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Good luck! Not much knowledge on the structural work here, but I can tell you a quick easy upgrade (when you get to it) that seems to really bring up the appeal is new faucets in the kitchen and baths. For about $100-150 a sink, you totally change the look and bring it up to date. I would probably look at replacing that kitchen counter with silestone or something mid-grade like that to bring it up to date as well. No chance of hardwood under that carpet? A friend bought an old house with crappy carpet, went to replace it and found a solid wood floor. Refinished it (it was in bad shape) and it looks fantastic.
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Old 01-29-2009, 11:46 PM   #36
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. . . Run FRP (fiberglass reinforced paneling) down each wall (visqueen behind it) into the trench.
Have you tried using Platon in place of the FRP? If you are going to finish the basement, it might be a good approach. It is very thick plastic, dimpled so it will stand away from the wall and any water gettiing in can easily get to the drain tile you've installed. I'd put 1" to 2" of EPS over it, 1x2 furring strips over that, then drywall on the inside (the kind without any paper in it). The Platon costs approx 30 cents per sq ft, probably less expensive than the FRP. They stock it at Menards.

This might be more than you want to do to this house, but the walls would be dry and warm.
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Old 02-02-2009, 09:25 PM   #37
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Have you tried using Platon in place of the FRP? If you are going to finish the basement, it might be a good approach. It is very thick plastic, dimpled so it will stand away from the wall and any water gettiing in can easily get to the drain tile you've installed. I'd put 1" to 2" of EPS over it, 1x2 furring strips over that, then drywall on the inside (the kind without any paper in it). The Platon costs approx 30 cents per sq ft, probably less expensive than the FRP. They stock it at Menards.

This might be more than you want to do to this house, but the walls would be dry and warm.
It seems I live in a state where NOBODY is a supplier...so I'll call some distributors in neighboring states to find out about shipping

thanks for the link though....seems interesting.
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Old 02-03-2009, 07:59 AM   #38
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samclem: how ironic! I have never seen and barely ever heard of a menard's before...and i got a thing in the mail today announcing a grand opening 30 miles away. sounds like a store i might like! is it similar to home depot/lowes? How do the prices compare?
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Old 02-03-2009, 08:21 AM   #39
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thefed -

I have a few questions about your proposed cost to rehab this house. You said the house "needs $5K of work" and you will supply the labor, so I assume the entire $5,000 will go towards materials. That seems to be a very optimistic budget, based on the condition of the house and your comments.

Would you mind giving us a rough estimate on how you will be spending that $5K? How are you able to buget so little on materials for this rehab?

- Your stated cost for interior/exterior "water diversion" is $1000, which leaves only $4,000 for the rest of the house.
- As you said, all of the basement-level drywall/finishings will need to be removed and the basement refinished.
- All of the flooring, walls, and railings upstairs will need to be replaced/redone.
- At least a partial rehab is required for the kitchen & bathrooms, although a full tear-out seems more likely.
- Additional money will have to be spent on appliances, windows, doors, landscaping, HVAC, ect.

This will be a rental and I realize you won't be selecting high-end materials, but I am very interested in how you plan to rehab this entire house for only $5,000.
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Old 02-03-2009, 08:45 AM   #40
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samclem: how ironic! I have never seen and barely ever heard of a menard's before...and i got a thing in the mail today announcing a grand opening 30 miles away. sounds like a store i might like! is it similar to home depot/lowes? How do the prices compare?
I like Menards a lot. I'd never been in one until they built a new store about 30 minutes from us last year. The store is much larger than any HD or Lowes I've seen. Prices are about the same, but they carry many types of items and a lot of brands that Lowes and HD do not. Their sale pages that come in our Sunday paper usually have a thing or two that make it worth the drive out there for us. BTW, the prices intheir sale pages are good for two weeks, and you'l proably get a new one every week, so hang on to the circular and bundle your trips.
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