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Just picked up a nice 110k home for 28k!
Old 01-20-2009, 09:18 PM   #1
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Just picked up a nice 110k home for 28k!

Well, we're off to the races. Cousin and I are embarking on a real estate investing partnership...and we signed the papers on the first one today...closing in a few weeks.

It's 1700 sf finished plus about 400 sf unfinished,split level, 4 beds, 2 bath, 1/4 acre lot abutting park, 'good side' of town. Needs 5k of work plus 80 hrs of my labor. Tax value 109k, purchase price 28k. Rent expected 675, taxes 1600/yr, insurance 200/yr


it's a real solid house...and I'm pumped!
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Old 01-20-2009, 09:30 PM   #2
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That's an amazing price.
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Old 01-20-2009, 09:32 PM   #3
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Good deal! Perhaps you can get the county to lower the taxes based on the new purchase price?
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Old 01-20-2009, 09:52 PM   #4
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Hey fed, can you give us any details on how you acquired the house? There are probably many markets where someone with some cash or a combination of excellent credit and cash can snag a great deal on some real estate.
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Old 01-20-2009, 10:17 PM   #5
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Good luck with getting the city or county to agree to the lower value. On my assessment letter, they made a few check boxes for special circumstance such as family transactions, distressed sales, and bank-owned properties.
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Old 01-20-2009, 10:33 PM   #6
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This one was a HUD home. Listed MLS in Sept, lost to another bidder, then re-appeared on market a few days back...so we made nearly a full price offer.

This is a gem, not the usual homes we find. But, this makes 3 I have acquired over 3 years for well under $.50 on the dollar after repairs nonetheless


This is a prime market for people with cash willing to buy and hold
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Old 01-20-2009, 10:52 PM   #7
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Congratulations! Do you mind saying what neighborhood? Remember, I'm local.
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Old 01-20-2009, 11:05 PM   #8
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That's a good deal. Have fun fixing it.
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Old 01-21-2009, 12:42 AM   #9
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What was the asking price?
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Old 01-21-2009, 07:47 AM   #10
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THAT'S what I am talking about !!

Nice grab!
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Old 01-21-2009, 07:58 AM   #11
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I gotta move to a cheaper area of the country! I can't even find a shack or single wide for 110K up here in NH.
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Old 01-21-2009, 08:46 AM   #12
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There should be alot more deals in the next two years. I saw it on the news there will will 5 million more fourcloures in the next two years.
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Old 01-21-2009, 09:36 AM   #13
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Quote:
Originally Posted by Bimmerbill View Post
I gotta move to a cheaper area of the country! I can't even find a shack or single wide for 110K up here in NH.
You would love a small town in MO,AR or OK.
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Old 01-21-2009, 11:04 AM   #14
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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
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Old 01-21-2009, 11:19 AM   #15
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thefed,

So, you think the Barberton market has reached bottom? How many years you think it will take for this property to double its current value?

Why would anyone rent it today for 675, given its current 28K market value.

Just curious,

Sam
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Old 01-21-2009, 11:24 AM   #16
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Looks like a great buy ! Congratulations !
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Old 01-21-2009, 11:30 AM   #17
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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.
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Old 01-21-2009, 11:38 AM   #18
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Let us know when you get on one of those late night real estate shows, showing us how to pick up property for little to nothing.
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Old 01-21-2009, 11:57 AM   #19
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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®
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Old 01-21-2009, 12:43 PM   #20
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I'm not familiar with that area, but my son used to work in Barberton, not far from there on N. Van Buren, at the pie factory building. That's what all the locals knew it as.

Good luck with your venture. I've watched enough house flipping shows to know that I don't have the stomach (or skills) to take on a project like that, but I know you do.
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