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Old 06-30-2018, 04:47 PM
 
10,274 posts, read 6,519,194 times
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You can if someone was living in it and is not selling it only for land value or if it's not been condemned.

There is a house in my town that looks like it's falling apart it's one of the rare 2 story homes in this area and the second level looks uninhabitable from the outside. A lot of junk outside too, but it's on a dead end street with lots of trees around and a crazy old man who does drugs owns it and no one has complained to the town. that's bad of a place I would not suggest.

But you may be able to find a place that does just need the roof patched and just very outdated and everything works.

There was another home in town that was in bad shape. Didn't have the plumbing/septic working, the electric line was bad and knocked out after Hurricane Irma and the rear sliding door was partially held in with duct tape, boarded window in the back. People actually lived there. the person went to jail, sold it cheap and someone bought it and is taking their time, fixed it up somewhat but it's still empty.
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Old 06-30-2018, 04:51 PM
 
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https://www.realtor.com/realestatean...-83841?view=qv
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Old 06-30-2018, 05:00 PM
 
Location: Minnesovia
2,504 posts, read 640,463 times
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Quote:
Originally Posted by LifeIsGood01 View Post
That's actually right up my alley.

I could make that work, I think.


It's out in the Sticks, for sure, but I'd make it work, especially since I have a totally legit renter lined up.


Quote:
Originally Posted by LifeIsGood01 View Post
In your opinion, does that house (just looking at the photos) look like something a clean human being could live in for the foreseeable future?


Dang...I see it was built in 1870!
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Old 06-30-2018, 05:03 PM
 
10,274 posts, read 6,519,194 times
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Quote:
Originally Posted by Kavalier View Post
Thanks for the responses.



Let me pose another question.



Houses that are in the $120K range versus the $70-80K range.



Are you more likely to get a "lemon" in the $120K range? Versus a "fixer upper" - at least you know you're working with a turd and issues might not be covered up?
First of all get an inspection no matter what you are buying even if it's cash. Can cost just about $300 depending on the area. All the expensive things you can check real fast. Make sure the furnace is working, turn it on even if it's summer. Check the roof as best as you can. Google satellite photos, look for water stains in the ceiling. Online records may tell you when the roof was last replaced if they got a permit. Check the electrical, you don't want fuses, you want a box with switches. You don't want cloth or knob and tube electric nor aluminum they are harder to insure. Make sure the plumbing is good too.
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Old 06-30-2018, 05:07 PM
 
10,274 posts, read 6,519,194 times
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Quote:
Originally Posted by Kavalier View Post
That's actually right up my alley.

I could make that work, I think.


It's out in the Sticks, for sure, but I'd make it work, especially since I have a totally legit renter lined up.




In your opinion, does that house (just looking at the photos) look like something a clean human being could live in for the foreseeable future?


Dang...I see it was built in 1870!
Bathrooms look very clean, needs painting maybe a window, some cheap flooring.


The only problem is that with Foreclosures you are dealing with a bank and the closing is not as fast. The price may go higher too, I'm not that familiar with it,

But you can't buy a flop house to rent out, better buying a decent mobile home on land to rent out.
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Old 06-30-2018, 05:10 PM
 
Location: Minnesovia
2,504 posts, read 640,463 times
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Quote:
Originally Posted by LifeIsGood01 View Post
First of all get an inspection no matter what you are buying even if it's cash. Can cost just about $300 depending on the area. All the expensive things you can check real fast. Make sure the furnace is working, turn it on even if it's summer. Check the roof as best as you can. Google satellite photos, look for water stains in the ceiling. Online records may tell you when the roof was last replaced if they got a permit. Check the electrical, you don't want fuses, you want a box with switches. You don't want cloth or knob and tube electric nor aluminum they are harder to insure. Make sure the plumbing is good too.
I appreciate the advice.



How fast will a home like that get scooped up?



I looked at this one last week https://www.zillow.com/homedetails/1.../2131873_zpid/

- it had been on the market four days...she called me back the next day and told me it was sold.


FANTASTIC neighborhood - a block from the Minnesota State Fair grounds. But I walked through that house and it literally needed any and everything you could possibly imagine from top to bottom. I don't think it was the point it needed to be razed...but it was bad.


As far as the one you just showed me for $45K, do you think a house of that nature just gets swarmed on right away with all kinds of potential buyers?
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Old 06-30-2018, 05:45 PM
 
Location: Silicon Valley
2,773 posts, read 1,219,983 times
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Quote:
Originally Posted by Kavalier View Post
I appreciate the advice.



How fast will a home like that get scooped up?



I looked at this one last week https://www.zillow.com/homedetails/1.../2131873_zpid/

- it had been on the market four days...she called me back the next day and told me it was sold.


FANTASTIC neighborhood - a block from the Minnesota State Fair grounds. But I walked through that house and it literally needed any and everything you could possibly imagine from top to bottom. I don't think it was the point it needed to be razed...but it was bad.


As far as the one you just showed me for $45K, do you think a house of that nature just gets swarmed on right away with all kinds of potential buyers?
Not to worry. Lots to pick from in Detroit. You can live like in the movie 8 mile here for $9K, including air conditioning!

https://www.zillow.com/homes/for_sal...05_rect/11_zm/
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Old 06-30-2018, 05:47 PM
 
Location: Minnesovia
2,504 posts, read 640,463 times
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Quote:
Originally Posted by artillery77 View Post
Not to worry. Lots to pick from in Detroit. You can live like in the movie 8 mile here for $9K, including air conditioning!

https://www.zillow.com/homes/for_sal...05_rect/11_zm/
That is genius.
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Old 06-30-2018, 05:56 PM
 
Location: Raleigh NC
7,781 posts, read 6,136,961 times
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you know, there's a very old saying.

"If it sounds too good to be true, it probably is"

they don't get to be "old sayings" without largely being true.

I would assume in any reasonably populated/desirable area that any house that hits the market day 1 that's "too good to be true" will have activity from investors that push sales price >> list price, and all-cash transactions. All cash, because they'll pump the $20-50K that makes it rentable.
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Old 06-30-2018, 05:57 PM
 
Location: Erie, PA
2,276 posts, read 930,377 times
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You can get a lot better than a "flop house" here for $50-$70K:

https://www.trulia.com/p/pa/meadvill...35--2014956773

How do you like that "flop house" ? It's a duplex so buy it and let the tenants pay your mortgage!

Or one under $40K that is pretty decent:

https://www.trulia.com/p/pa/meadvill...35--2014955798
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