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Old 09-25-2010, 02:03 PM
 
Location: SE Arizona - FINALLY! :D
20,460 posts, read 26,364,565 times
Reputation: 7627

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Quote:
Originally Posted by Zippyman View Post
A fixer-upper is usually any property that won't qualify for FHA financing as-is, and the seller ( usually a bank) doesn't want to spend anything on repairs. It could be very minor repairs, fwiw.

Things like a missing range hood - with wires sticking out of the wall, broken windows (more common than you might think - the bank's agents break windows to get in sometimes). Stolen toilets are my favorite... who buys used toilets? For some reason, people take them though...

If you can get over looks - they often don't require as much cash to repair as you might imagine. Labor is cheap in Phoenix right now - I got large 20" tile laid on the diagonal last summer for $1.10 a sq foot - the tile was $.99/sq foot. I found a great electrician who charges $35 an hour, and gets ALOT done for that price. A complete installed kitchen ( including used stainless appliances) in my little bro's place cost about $5k - those were maple cabinets with plywood boxes - not the cheap stuff you would imagine.
BEST answer so far.

FAR better than mine.



Ken
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Old 09-25-2010, 02:54 PM
 
278 posts, read 623,472 times
Reputation: 173
Quote:
Originally Posted by Zippyman View Post
A fixer-upper is usually any property that won't qualify for FHA financing as-is, and the seller ( usually a bank) doesn't want to spend anything on repairs. It could be very minor repairs, fwiw.

Things like a missing range hood - with wires sticking out of the wall, broken windows (more common than you might think - the bank's agents break windows to get in sometimes). Stolen toilets are my favorite... who buys used toilets? For some reason, people take them though...

If you can get over looks - they often don't require as much cash to repair as you might imagine. Labor is cheap in Phoenix right now - I got large 20" tile laid on the diagonal last summer for $1.10 a sq foot - the tile was $.99/sq foot. I found a great electrician who charges $35 an hour, and gets ALOT done for that price. A complete installed kitchen ( including used stainless appliances) in my little bro's place cost about $5k - those were maple cabinets with plywood boxes - not the cheap stuff you would imagine.

THANK YOU THANK YOU THANK YOU THANK YOU THANK YOU...Oh by the way, did I say "Thank you" for the encouraging message...? Did I? If not THANK YOU!
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