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Old 06-30-2018, 07:26 PM
 
Location: Minnesovia
2,514 posts, read 644,325 times
Reputation: 1536

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Quote:
Originally Posted by LifeIsGood01 View Post
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.

Same girl that brought me to the house on Wynne just texted me about it.


No furnace. No central air. She's not sure about the roof.


So....it needs a furnace, at least.
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Old 06-30-2018, 07:27 PM
 
Location: Minnesovia
2,514 posts, read 644,325 times
Reputation: 1536
Quote:
Originally Posted by Marie Joseph View Post
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
Man there's a bunch of those houses priced like that.


Is it a Pennsylvania thing?
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Old 06-30-2018, 08:00 PM
 
Location: North Beach, MD on the Chesapeake
32,168 posts, read 39,263,926 times
Reputation: 40670
Quote:
Originally Posted by Kavalier View Post
Man there's a bunch of those houses priced like that.


Is it a Pennsylvania thing?
Sorta. Also parts of other states. It's an "economy collapsed 35 years ago and major industries left" thing.
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Old 06-30-2018, 08:30 PM
 
Location: Minnesovia
2,514 posts, read 644,325 times
Reputation: 1536
Quote:
Originally Posted by LifeIsGood01 View Post
Realtor just texted me they found information that house was involved with meth in some way.
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Old 06-30-2018, 08:38 PM
 
Location: southern california
55,237 posts, read 72,484,664 times
Reputation: 47456
Buying beat up property requires profession help before buying
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Old 06-30-2018, 08:48 PM
 
10,279 posts, read 6,528,065 times
Reputation: 10857
If it's an investment property there are different standards to make it habitable to the renter that you would be required to fix upon request of a problem.
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Old 06-30-2018, 08:50 PM
 
10,279 posts, read 6,528,065 times
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Quote:
Originally Posted by Kavalier View Post
Realtor just texted me they found information that house was involved with meth in some way.
If it was a meth production lab I would think it would need to be disclosed because it's my understanding that a place like that is toxic and not inhabitable so they would need to disclose it or sell as land value only and mark it as a tear down.
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Old 06-30-2018, 10:11 PM
 
167 posts, read 73,003 times
Reputation: 371
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?
Save that for next week’s thread.
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Old 06-30-2018, 10:52 PM
 
Location: Erie, PA
2,280 posts, read 932,610 times
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Quote:
Originally Posted by LifeIsGood01 View Post
If it was a meth production lab I would think it would need to be disclosed because it's my understanding that a place like that is toxic and not inhabitable so they would need to disclose it or sell as land value only and mark it as a tear down.
Some states do have disclosure laws but unfortunately there is not a federal law that requires it in all states.

My former co-worker and his wife bought an investment property in rural Kentucky when he retired since they are both "handy" around the house and they enjoy working on homes. They both started to experience sore throats, headaches and just feeling unwell shortly after moving in and working on the house.

After seeing some telltale signs like yellowed walls, metal containers laying all over, and ingredients like paint thinner and acetone--they had the place tested for meth. It turned out that the house was a former meth lab and it was very costly and time consuming to clean it up and make it habitable.

The DEA has a listing of known meth labs in each state:

https://www.dea.gov/clan-lab/clan-lab.shtml

Definitely places to avoid buying
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Old 06-30-2018, 11:27 PM
 
Location: Saint John, IN
10,647 posts, read 3,330,507 times
Reputation: 12754
Any house in any price range can be a problem. Period.
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