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Old 05-03-2018, 07:55 AM
 
Location: Saint John, IN
10,638 posts, read 3,319,645 times
Reputation: 12748

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Quote:
Originally Posted by Kavalier View Post
Sorry.


I've never bought a house, owned house, nor do I have the slightest idea where I would even begin to start with any of it.


I don't know if I call a real estate agent or if I would have to talk to a financial person of some sort.


I don't have a lot of people in my life - in fact I don't really have any. I don't have a lot of people in my world at all that I even would know to ask.


I don't want to get into my personal finances too much here but that is the ballpark range of money I am working with.


So instead of giving it all for rent somewhere for a couple years, I figured if I buy a house, at least it will be a tangible something, instead of giving it away to rent. But I need to know what kind of obstacles I will run into or what kind of money just to keep it a livable place while I'm actually living in it, stuff like that.



Ok, first of all (I saw your previous thread too) can you live in a home while you fix it up? Yes, and insurance will cost less doing that. As far as utilities go, the only one who answer that would be someone who lives in that area or better yet a realtor. If the home has bad windows and poor insulation heat/AC will cost more to run. Water also depends on use.


I do think because you have no experience living there while you fix it up would be beneficial as long as its habitable! You really should talk to a lender (if you're getting a loan) and a realtor in the area. If you're not fixing the home yourself, but hiring contractors instead I would also suggest speaking to a few ahead of time as they can tell you what the cost will be to fix certain things.
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Old 05-03-2018, 08:04 AM
 
10,271 posts, read 6,506,221 times
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You need something like this

https://www.realtor.com/realestatean...104390&view=qv
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Old 05-03-2018, 10:19 AM
 
Location: Dayton, OH
504 posts, read 198,828 times
Reputation: 2121
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.
I washed dirty dishes in the bathtub for several months while we gutted and remodeled our kitchen. Not fun, but in retrospect, we sure saved a lot of $$$$, and the inconvenience didn't kill us.

You know what they say - You can have it fast, you can have it cheap, or you can have high quality. Pick two.
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Old 05-03-2018, 10:27 AM
 
25,833 posts, read 49,727,953 times
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Can't speak to how things are in other areas... all of my fixers have been in the SF Bay Area.

As far is occupying the property I have found there to be no enforcement as long as you are the owner... all the rules come into play when the property is rented or you have guests or even minor children...

A big plus is my first property did have the utilities still on... that helped tremendously.

Tools needed are really very basic... did my first home with hand me down and borrowed tools for the most part... critical is a Sawzall, Circular Saw, Cordless Drill/Driver... hammer, snips, screw drivers, hand truck, extension cords, channel locks, sledge hammer and some pry bars.... I redid the plumbing so I needed a torch and thread dies and hole saws... oh... don't forget the protective gear... for me that included safety glasses, respirator and heavy duty gloves and boots...

I did the entire job not even owning a truck... I bought a used and cheap box trailer that proved indispensable... it carries 3500 pounds and had dimensions of 4x8 making it perfect for sheet goods... towed it with my 1972 Plymouth Valiant and still have the Valiant and trailer today... also had a roof rack for long items like 21' lengths of pipe...

When the trailer was not used to bring in material it was used to take debris to the dump...

Trucks are expensive all around here due to weight fees... my trailer costs $18 for a 5 year tag...

As to getting things done... there is so much online and I bought had an old Reader's Digest Home Improvement Book and another by Ortho that is excellent... also had a 88 year old new neighbor that was a concrete finisher that was a wealth of information... actually so many were willing to give advice and 98% was spot on...

On the home front... I introduced myself to the neighbors... told them I bought the place and was moving in... to some looks of disbelief... keeping neighbors in the loop proved invaluable... they wanted me to succeed and being the owner made it real.

The building department was helpful too... I pull electrical and plumbing permits... but never called for an inspection until the property was cleaned up and fixed up... ie windows and doors repaired... new coat of paint, yard mowed... etc...

As to the over all plan... keep it simple and clean... I totally reconfigured the kitchen and bath... the rest was clean and repair... don't splurge on expensive things on a modest home... at the time... I had only one thing that was an extra and really only cost a few dollars more ant that was a Garden Window at the Kitchen Sink... it looked great with flowers when I had my open house!
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Old 05-03-2018, 10:29 AM
 
Location: San Diego
32,801 posts, read 30,052,880 times
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Quote:
Originally Posted by Electrician4you View Post
Yeah. I remodeled my house while living in it. Itís not easy. My stove was a Coleman stove on a set of saw horses. It sucks.
We used the fireplace, wood burning stove and a gas BBQ for months. Yes it sucked. For a while we heated water on the wood burning stove to do dishes and take baths.
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Old 05-03-2018, 12:53 PM
 
1,073 posts, read 988,623 times
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Has anyone here bought a "cheap" house and tore it down and used that land/utility hookups/etc to build a new house?
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Old 05-03-2018, 12:55 PM
 
Location: Minnesovia
2,462 posts, read 635,779 times
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Thanks for all the posts. I am learning from a lot of what you guys are giving me here.


Quote:
Originally Posted by HappyNewMe View Post
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.
What's the story about HUD houses, anyways?


I have always heard rumors around the neighborhood about certain properties that are "HUD" (housing urban development) and always wondered what they are all about. Some of them look small (and really nice - and I like "small", so no issue there for me).


Do you have to be a low-income person to get one of these houses?
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Old 05-03-2018, 12:57 PM
 
Location: Minnesovia
2,462 posts, read 635,779 times
Reputation: 1505
Quote:
A HUD home is when a government-insured loan (FHA) gets foreclosed and the Federal Housing and Unban Development pays the defaulted loan off, and then puts the home on the market. Many people are interested in buying HUD owned houses because of a possible low market value of the home.

Quote:
People also ask
How do you qualify for a HUD home?
HUD is not a lender for homes. Anyone with the cash or an approved loan can qualify for a HUD property. For FHA-insured properties, buyers can qualify for FHA financing with only 3.5 percent down with a minimum credit score of 580. FHA-uninsured properties don't qualify for further FHA loans.


So you just plop down the funds for the house? Is it mostly for disabled and seniors?
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Old 05-03-2018, 01:51 PM
 
10,271 posts, read 6,506,221 times
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Quote:
Originally Posted by Kavalier View Post
So you just plop down the funds for the house? Is it mostly for disabled and seniors?
It's for anyone, you can buy it with cash. Anyone can buy an with an FHA loan if they qualify there are no income limits but your debt to income ratio must be at a certain point to qualify and you have to live in the home. If you buy with cash you can rent it out.
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Old 05-03-2018, 03:36 PM
 
Location: New Britain, CT
582 posts, read 185,223 times
Reputation: 747
Can you build a bird house?
Can you build a dog house?
Can you build a 12x12 tool shed with a gable roof?
Can you wire a 20 amp circuit to the appropriate number of electrical outlets?
Can you sweat a pipe?
Can you tape gyp board?

Then YES, you can. But you probably need a month NOT living there to renovate the bathroom (I did one on a long weekend start to finish), and your bedroom. Then you work ONE ROOM AT A TIME.....Try to do more than one room at once and you will feel overwhelmed and get frustrated. If the house only has a 60 amp service, you probably need to hire an electrician to upgrade the panel and may as well have him run the new circuits. Could easily be an $8-$10 grand job....Got that kind of cash? You may have to get a construction loan. If the bathrooms are rip out old and put in new with no layout changes, might not be too tough.... (3 days start to finish if you use mix it yourself quick set joint compound and know how to tape and know how to sweat pipe)

I'm assuming a 1,000ft ranch which are cake to work on. If a cape cod or colonial, electrical you kind of need to work from the top down, which may mean slots cut in the first floor walls so sparky can run his wires.

Hardwood floors? Only fools refinish their own hardwood floors. If you ever watch the pros do it, you would say NO F'N way..... They are beasts. Worth every penny for them to do it. And rent a motel room for the duration of that job. Even the waterborn finishes take a day per coat to dry. And obviously, floors get done last, after finish painting.

And if you are laying NEW hardwood floors.......easy peasy. During the project you WILL be buying a pancake compressor and a finish nailer. You only need to RENT, the floor nailer and buy the nails. The last place I rented from only charged me for nails used. huge flat of like 5000. Only charged for what you used....they inventoried the box. Knew what was in it when you rented, knew what you used. that's what you paid for, plus the daily rental. and if there are existing floors with a section here and there that are shot, You figure out whether it's white oak, red oak, or pine (the most common ones) and with a Roto-zip, you can cut out the shot areas and "tooth in" new wood. THEN have the floor guy come in and sand it all smooth....or pay him to do it.

By no means easy, but you can do it.

Roof: If a ranch, and you have buddies (4 minimum) willing to help strip the old roof and schlep 80 pound bundles of shingles up a ladder, in exchange for grilled steak dinners and beer at quitting time, go for it..... you bought the pancake compressor (not sure if it's up to a roofing nailer) just rent the nailer and buy a case of nails. Just check with the inspector when you get your permit if they require a 3ft barrier or a 6 ft barrier. Cape Cod, pitch is too steep, hire a roofer. Colonial, pitch might be close to a ranch, but from the edge to the ground is 20 feet. You might want the pro's (with insurance) for that.

I can probably go on forever.....

Good luck with your deal.
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