Just picked up a nice 110k home for 28k!

thefed

thefed

Thinks s/he gets paid by the post
Joined
Oct 29, 2005
Messages
2,203
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!
 
Good deal! Perhaps you can get the county to lower the taxes based on the new purchase price?
 
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.
 
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.
 
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
 
Congratulations! Do you mind saying what neighborhood? Remember, I'm local.
 
THAT'S what I am talking about !!

Nice grab!
 
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.
 
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.
 
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
 
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
 
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.
 
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.;)
 
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.
 
honobob said:
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®
Click to expand...

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
 
calmloki said:
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.
Click to expand...

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!
 
thefed said:
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!
Click to expand...


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?
 
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?
 
calmloki said:
So what's the big round thing at the neighbor's place - satellite dish? hot tub? Where's your sense of paranoia?
Click to expand...

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?:LOL:
 
You must log in or register to reply here.

Latest posts

Back
Top Bottom