I think im about to get a house!

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Woooohoooo!

My realtor just called and he's getting a bite on a house. My buddies haven't seen it yet but because of the price they think its a crackhouse because of the price. Its just a bank repo.

price is $50k
its 1500 sq. ft. 3br, 1 bath, hardwood floors, rear deck, huge covered front porch, enclosed rear and then in front of the porch the previous owner built a very serious looking car port. I'm usually not all that impressed by carports and would much rather have a garage myself, but this thing has a full aluminium roof and a frame made out of 2" box tubing on a concrete pad, its about a story and a half tall. Someone spent a lot of money on this thing.

It has a free standing fireplace but this is an older frame home with wood floors and I'm a little itchy about a woodburning stove in box of tinder....and it sits on 1/4 of an acre within city limits. It does need some work. The floors need refinished, the rear deck, in my opinion, needs to be destroyed and rebuilt, whoever built it the first time didnt seal it or use pressure treated wood and its to the point now that so much of it would need replaced to make it right that you might as well do the whole thing. and i could do wonders with a weekend and some yard tools in this place.

I guess nobody has bid on it because you can't really see it. Because its a foreclosure there's been no yardwork or anything so this thing is practically overgrown with trees and grass. I actually dug down into the grass to look at the house and you can tell its been painted probably within the last year or so and the roof is probably just a couple years old.
  • Profile picture of the author KimW
    If you don't mind me asking, what budget did you have in mind when you started looking? There is nothing wrong with getting a fixer-upper if you have the funds to do what you need,plus the time to do it. Nothing worse than doing something or getting something done half assed thinking you will get it done right later,because later never comes for most people.
    If you yourself are a decent handy man, that's a plus.
    That being said, $50k is cheap for almost any kind of housing, so I wish you good luck. I bought my first house 30 years ago, it had less footage and less land than yours and it cost me $35k!
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  • Profile picture of the author Michael Motley
    I was looking for a house under 100k. There are a LOT of repos and short sales on the market down here right now. This one just barely fit into the lower end of my searches, but it was really a decent looking place in a pretty decent area so I figured what the heck.

    Yeah, i consider myself fairly handy. I've been looking for a fixer upper and when i walked through this place, i didnt see anything that i couldn't handle (plus I have a buddy that is not only handy himself, but well connected in the local construction circles so i know people that know people . I just wont mess with anything to do with roof or foundation, leave that to the experts.

    The biggest thing i saw in this house was probably the bathroom. Its fine right now, but its textbook 1950's st. petersburg tile bathroom. I think it looks pretty cool myself, my other half thinks it needs updating.
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  • Profile picture of the author talewins
    Crack houses do get torched occasionally. The ones I know about got torched because the neighbors take a look at the new arrivals and somehow get the idea it's starting over again. Maybe you should send a get-acquainted story to the local paper and introduce yourself, casually mentioning that your best friend, a great policeman, tipped you off to the auction.
    Van Buren County, Arkansas describes one of the biggest foreclosures I got involved in. Saving 50% on foreclosures is a real regular event. We've done that a few times and made good money every time. Right now is a great time to be doing any kind of buying, but especially if the land prices are STAYING UP where you are. That means property there is quite likely to be a good, solid investment. Policemen and teachers can get even better bargains from the city for moving into troubled areas. Their presence is supposed to stabilize and improve the neighborhood. Firemen can get in on the act sometimes too. If I was a doctor or a nurse I'd go see how much my weight was worth too.
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    • Profile picture of the author ThomM
      Good luck with that Mike.
      $50,000 huh, you know what your mortgage payments will look like?
      Well I'll tell you, not much
      I had to take out a $50,000 mort. on my place in 02. Got a 15 year fixed at a slightly higher interest then whats out there now.
      Payments before escrow (for property taxes) are $435 a month.
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  • Profile picture of the author Michael Motley
    Yeah, thats why I would like to get this. I figure with the low payments i'll be able to update and do the minor fixing up that it needs and in 3 years when im a 'first time buyer' again, i'll use this one for rental income and buy another
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    • Profile picture of the author ThomM
      Originally Posted by Michael Motley View Post

      Yeah, thats why I would like to get this. I figure with the low payments i'll be able to update and do the minor fixing up that it needs and in 3 years when im a 'first time buyer' again, i'll use this one for rental income and buy another
      Sounds like a pretty good plan.
      Heck with the low mortgage payments you could actually make a buck off the rent.
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      As you are I was, as I am you will be
      You can't fix stupid, but you can always out smart it.

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  • Profile picture of the author greenfin
    Banned
    Congratulates buddy if you gone get your own home, I hope that will be good start for you, but tell me have you checked all the things means walls, roofs, floor, door etc, because these are the things which really plays a big role in every home and can give a big tension to home owner, so i suggest you to inspect home fully with some home repair services providers.
    Wish you all the best
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  • Profile picture of the author Alvin Gregg
    Hi,

    You can buy a forclosure properties at affordable prices.

    Foreclosures are properties which are being sold at reduced prices, less than the average market value. They are properties that the previous homeowners could no longer afford. Foreclosure properties are fastly becoming a attractive market for buyers.
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