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Just picked up a nice 110k home for 28k!
01-20-2009, 08:18 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 2,203
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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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01-20-2009, 08:30 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: No. California
Posts: 1,856
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That's an amazing price.
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01-20-2009, 08:32 PM
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#3
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Moderator Emeritus
Join Date: May 2007
Posts: 12,890
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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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01-20-2009, 08:52 PM
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#4
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Recycles dryer sheets
Join Date: Dec 2007
Posts: 482
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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.
__________________
Retire date Jan. 10, 2018
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01-20-2009, 09:17 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Jan 2004
Posts: 1,502
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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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01-20-2009, 09:33 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 2,203
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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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01-20-2009, 09:52 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 3,678
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Congratulations! Do you mind saying what neighborhood? Remember, I'm local.
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01-20-2009, 10:05 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
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That's a good deal. Have fun fixing it.
__________________
May we live in peace and harmony and be free from all human sufferings.
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01-20-2009, 11:42 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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What was the asking price?
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01-21-2009, 06:47 AM
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#10
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,592
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THAT'S what I am talking about !!
Nice grab!
__________________
FIRE'd since 2005
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01-21-2009, 06:58 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 1,645
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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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01-21-2009, 07:46 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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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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01-21-2009, 08:36 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Quote:
Originally Posted by Bimmerbill
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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You would love a small town in MO,AR or OK.
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01-21-2009, 10:04 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 2,203
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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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01-21-2009, 10:19 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 2,155
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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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01-21-2009, 10:24 AM
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#16
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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Looks like a great buy ! Congratulations !
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01-21-2009, 10:30 AM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,271
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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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01-21-2009, 10:38 AM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,067
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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.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
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01-21-2009, 11:43 AM
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#20
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 3,678
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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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