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Old 06-30-2018, 10:32 PM
 
167 posts, read 72,684 times
Reputation: 371

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Quote:
Originally Posted by Kavalier View Post
I'm only trying to make the biggest decision of my life.
No. it's not. It's just the most imminent.

As damn near everyone has told you. Sit on it for a minute. Nothing wrong with renting somewhere for a year.
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Old 06-30-2018, 10:49 PM
 
Location: Stephenville, Texas
911 posts, read 1,357,135 times
Reputation: 1658
Does it just need painting, new carpeting, minor repairs? Or major remodeling, like a totally new kitchen?
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Old 06-30-2018, 11:45 PM
 
98 posts, read 40,325 times
Reputation: 248
Wait so. A “flop house” which is essentially decrepit and you’re going to rent it out?
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Old 07-01-2018, 05:44 AM
 
1,778 posts, read 868,438 times
Reputation: 3779
I thought a flop house was the same thing as a fleabag boarding house. Rooms for rent by the week. No standard of living. Bedbugs. Illicit activity going on.

I think the OP is referring to a property that is near condemned. Because they don't understand the benefits of having a mortgage interest tax break.

The way I read this is that the OP has a little money burning a hole in their pocket and want to throw it away as soon as possible. Common sense would advise that buying something you know is broken and not having the funds to make it unbroken (and not being willing to borrow those funds) will provide a very uncomfortable lifestyle.
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Old 07-01-2018, 06:36 AM
 
Location: Minnesovia
2,462 posts, read 633,999 times
Reputation: 1505
Quote:
Originally Posted by CapitalBat View Post
Wait so. A “flop house” which is essentially decrepit and you’re going to rent it out?
No. Something I could live in - preferably with a two-car garage to keep my two cars "storaged" and yes, to partly rent out.


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.
Here is the article she found. Doesn't say the property was used for production of meth, just that the person that lived there caught a charge related to meth possession.

Quote:
Rachel Ann Gates, 37, 24055 Hogan Ave., Hampton, summoned to appear Sept. 25 on a charge of gross misdemeanor possession of a controlled substance. The charge resulted from the discovery of a glass pipe while police were at a New Trier residence to serve an arrest warrant on another person at about 12:45 a.m. March 21.


Summer of Meth
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Old 07-01-2018, 06:59 AM
 
167 posts, read 72,684 times
Reputation: 371
Quote:
Originally Posted by Kavalier View Post
No. Something I could live in - preferably with a two-car garage to keep my two cars "storaged" and yes, to partly rent out.




Here is the article she found. Doesn't say the property was used for production of meth, just that the person that lived there caught a charge related to meth possession.





Summer of Meth
The only people that are going to want to rent a room in a dump will make the tweakers look good.
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Old 07-01-2018, 07:51 AM
 
Location: North Carolina
2,371 posts, read 1,644,143 times
Reputation: 4657
If you buy a "flop house" without an intention to fix it up, along with the other unpleasant structural and cosmetic issues themselves, you're also more likely to be around other "flop houses" and the stress inducing occupants that come with those.
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Old 07-01-2018, 12:15 PM
 
5,751 posts, read 1,290,186 times
Reputation: 2984
Quote:
Originally Posted by Kavalier View Post
What are the issues I will face if I buy a "fixer upper" and don't want to fix it up?

In theory could I live in a house that is decrepit?

Why? Why not?

What are jobs that I will HAVE to fix if they come up? Roof that leaks?

I DO NOT WANT TO FINANCE! I don't want a mortgage? Some of you are aware with which the ballpark of lump sum of money I will have in the not-too-distant future.

Why is this a terrible idea? Why is it potentially a doable/workable situation?

Get it inspected before you buy. Make sure its not targeted by the city for being condemned and there are no issues turning the utilities on. I have bought fixers in cities where you need an inspection to turn the power on. If they want everything up to code first it could get expensive just to get the power on.



If you clean the yard up and paint the outside you might be able to move in.



However If you never plan on fixing it up why buy it at all? Better to rent forever. Why live in a decrepit house as you call it?


And there are lots of areas where you can pay all cash for a house for less than you want to spend and have one in pretty good shape. Do a nationwide search with Zillow.



Personally I would rather have a house I like in an state that might be a compromise than a horrible house in the area I like best. If it has to be one or the other.
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Old 07-01-2018, 12:31 PM
 
Location: Floribama
13,498 posts, read 29,454,867 times
Reputation: 11906
I just bought my third house through an auction, and I got it for $10.5k. These are foreclosures, and it’s guaranteed there will be something that’s needs fixing, whether it be plumbing, electrical, roof, or hvac.

I have used both of these...

https://www.hudsonandmarshall.com
https://www.williamsauction.com

You just have to learn their little tricks, sometimes the seller will bid against you making you lose the auction, and then will contact you later saying they accept your bid (offer). The last one I bought I had no competing bids.
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Old 07-01-2018, 12:40 PM
 
10,271 posts, read 6,500,789 times
Reputation: 10847
Quote:
Originally Posted by southernnaturelover View Post
You just have to learn their little tricks, sometimes the seller will bid against you making you lose the auction, and then will contact you later saying they accept your bid (offer). The last one I bought I had no competing bids.
Isn't that illegal to set up a fake account to try to get the bids higher?
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