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Old 05-02-2018, 02:16 PM
 
Location: The Triad (NC)
26,889 posts, read 57,997,675 times
Reputation: 29332

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Quote:
Originally Posted by photogal9 View Post
From his first post (the other one), he has somewhere around $17K- $20K cash.
If he purchased a condo for around $60K...
If even available... he won't get much. Right?
MSP median home price is close to $200,000

Quote:
He prefers not to rent, so there are options.
He needs to rent until his income qualifies him to afford what he wants
(and will at least meet the health, housing and building codes).

Quote:
Originally Posted by Post#4
Focus your energy on EARNING the income needed to buy the sort of house you want.
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Old 05-02-2018, 02:22 PM
 
Location: Minnesovia
2,510 posts, read 644,325 times
Reputation: 1533
Quote:
Originally Posted by Mr Bruce View Post
That's the key right there. But I don't think many people who have never owned a home have the basic tools you'd need to make this work, and tools can be/are expensive.

I Nth the condo thing. That's what my mentor at the time told me but I bought a house. I should have bought a condo.

Remodeling is MESSY. I hate those stupid shows on TV, they make it look easy and romantic. I remodeled our bathroom one day a week for about 6-8 weeks. It SUCKED having to get all the tools in there to start and clean it all up when done. Rinse and repeat. And that's a small bathroom. If you work you will have to do it after work where most people really don't want to deal with that stuff after work, they want to relax. You will make mistakes and have to start over. You will get tired of going to the hardware store (I score my projects by Lowes/Tru-Value trips).
Thanks for the post. This is the sort of information I have to seriously weigh before I commit/semi-commit to purchasing any property(s).
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Old 05-02-2018, 02:32 PM
 
Location: Denver CO
19,057 posts, read 10,093,838 times
Reputation: 27914
I would split the difference. Not a condo, but not a total gut job either. Learn how to renovate a house in baby steps, not all at once. Find something that is is in decent shape but needs cosmetic updates and learn from doing that. Then the next time, you can tackle something bigger, if you are still interesting in trying, because you'll have better skills to do it.

ETA: and forget paying 100% cash. You are going to need the cash to do the work!

Last edited by emm74; 05-02-2018 at 02:45 PM..
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Old 05-02-2018, 02:43 PM
 
595 posts, read 378,067 times
Reputation: 1021
Quote:
Originally Posted by MrRational View Post
If even available... he won't get much. Right?
MSP median home price is close to $200,000

He needs to rent until his income qualifies him to afford what he wants
(and will at least meet the health, housing and building codes).
Yes, homes in that area are in that price range from what I looked up (I don't live in this area, BTW). There are quite a few condo's under $100K.

What he chooses to do would be up to what the lending requirements are based on his personal finances and income, which are non of by business.

If he cannot afford a property, an LO will tell him and he will need to do what is necessary to eventually afford one. All unknowns at this time.

Last edited by photogal9; 05-02-2018 at 02:59 PM..
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Old 05-02-2018, 04:11 PM
 
17,337 posts, read 14,867,210 times
Reputation: 32958
Quote:
Originally Posted by Kavalier View Post
What are the potential pitfalls or challenges (if this is even possible)?


Let's say...you find a house for $20,000-$40,000 range - and you just want to put money into it as you live in it.



I guess most of you are going to say there are too many variables (what is the neighborhood like? How much is the house missing? What is the property tax? stuff like that...)


But let's assume the foundation is good. Let's assume you have the basics with the house (water heater, furnace, running water) and it's in an older suburb.



How much would it cost to just keep the house going with running water and heat in the Winter?
You can't live in it until you have a Certificate of Occupancy from the city or township, and they won't issue one until everything is up to code.

My fiancé and I bought a foreclosure to live in as our home. We closed in January, and it took until a few weeks ago to get power turned on because they required extensive inspections because the house had been vacant for a year. Every application for a permit you make, they (my township) has up to 20 business days to process, so it can be quite long .

We still have to finish putting drywall in the bathroom, a floor and tiles on shower walls, install a new tub and toilet and stove. We just had pipes replaced that we discovered were cracked when we turned the water on. After we finish all that, we can apply for inspection to get a C.O. All told it will have been more than 5 months from closing to getting C.O. Issued.

Luckily we are ok for now on roof and septic, but if we were not, we might have had to replace that prior to getting a C.O. Too. So I will say it depends what is wrong. But in general you can't just move into a home that's not up to code.

You can look on your cities website to see the requirements for a C.O. The power company's website will have info on requirements for getting power turned on.

Also my fiancé is in an area of contracting, and everyone we are paying to do work is people he knows. One person did a service exchange where he fixed something in our home and my fiancé did work on his in exchange. Without this benefit we would be farther behind and more in debt. Our home was still $100,000 even with the work it needs. I can't begin to imagine what sort of work will be needed for a $30,000 home.
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Old 05-02-2018, 08:03 PM
 
Location: north narrowlina
762 posts, read 225,521 times
Reputation: 3075
um..... i think it depends on the zoning laws in your area.... if there is no viable running water, i doubt you can legally live in a residence, but this could vary from one town to another. Check your ZONING LAWS. that's where i'd start
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Old 05-02-2018, 08:56 PM
 
Location: Raleigh
8,007 posts, read 5,309,613 times
Reputation: 9647
Do you have the skills? Carpentry, masonry, plumbing, electric, and finish work? If not, walk away.
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Old 05-02-2018, 08:57 PM
Status: "Looking for peace. Where do they hide it?" (set 16 hours ago)
 
Location: Rocky Mountains
1,413 posts, read 439,191 times
Reputation: 3081
Quote:
Originally Posted by Electrician4you View Post
Yeah. I remodeled my house while living in it. It’s not easy. My stove was a Coleman stove on a set of saw horses. It sucks.
Same here. Did it twice, because I was too stubborn to learn from the 1st experience. Depends on what you're doing... ceilings, walls, floors, pluming, electrical work, minor decorative work? Everything? All sorts of issues can appear, such as I had a severe foot injury in the middle of renovations & couldn't continue 'til I'd recovered from surgery. Had to live an entire winter in Boston with no heat in my gutted apt. Being in pain while freezing in a bare house isn't any quality of life to endure for many months. Sure, I had electric heaters to take the chill out of the air... but, I still remember my quadrupled electric bills. I had no stove/fridge & only a hotplate, so ate a lot of peanut butter toast instead, cuz it was easier. Gained 10-lbs in 6-mos eating that way... then another 10 the following 6-mos. I had to hobble down to the 2nd floor to use the bathroom, cuz I'd ripped out the toilet & shower.

I'd never do it again for major renovations. Painting, fine. Refinishing 1 floor, fine. It's a lot more annoying than you think & if you're doing the work alone, as I did, it took double the time for all kinds of glitches, delays & varying reasons. Living with fumes & sawdust gets really old, really fast & the 1st time, I was also working FT... having to come home to work many nights from 7-midnight & all weekend, when you need some downtime is mentally grueling, trust me.

If you do it, good luck. I was in my 20s 1st time & 30s the 2nd. Now that I'm 40s... Valhalla, no!
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Old 05-03-2018, 04:07 AM
 
Location: Anchorage
760 posts, read 1,423,732 times
Reputation: 724
Quote:
Originally Posted by Diana Holbrook View Post
There is always a reason cheap houses are cheap...
True - though, foreclosed homes are sold often at much cheaper prices, but are not necessarily in that awful of a shape. OP, check out HUD listings: https://www.hudhomestore.com/Home/Index.aspx
Then there are those with "cash only" prices, due to not being financeable - their problems vary, but could still be fairly livable from the get-go, then can maybe get a personal loan to fix the most major issue...

But I agree with those who say it's probably best to use the cash for down payment and get a better quality house to begin with - at least, as a first experience.

Last edited by HappyNewMe; 05-03-2018 at 05:19 AM..
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Old 05-03-2018, 08:02 AM
 
12,404 posts, read 9,221,478 times
Reputation: 8868
Quote:
Originally Posted by Kavalier View Post
What are the potential pitfalls or challenges (if this is even possible)?


Let's say...you find a house for $20,000-$40,000 range - and you just want to put money into it as you live in it.



I guess most of you are going to say there are too many variables (what is the neighborhood like? How much is the house missing? What is the property tax? stuff like that...)


But let's assume the foundation is good. Let's assume you have the basics with the house (water heater, furnace, running water) and it's in an older suburb.



How much would it cost to just keep the house going with running water and heat in the Winter?
Yes, you can. But don't expect to invite your date over for dinner!
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