A major fixer upper - what would you do? - Posted by Chris (TX)

Posted by terryr on April 25, 2002 at 23:30:05:

we bot 8 homes all at once in one park and one of them was an el dumpo - water heater laying nest to home - freeze up - a real beauty - manager told us we would have to move it out if we bot deal of all 8 - would cost us $600 to pull out and dispose - new owner bot
park and said if we fixed it up it could stay - we put ad in paper $500 fixer upper - lot so work needed - sold it in 3 days - $1100 swing from having to pay $600 to pull out to actually making $500

A major fixer upper - what would you do? - Posted by Chris (TX)

Posted by Chris (TX) on April 25, 2002 at 13:10:08:

1985 14 X 66 Titan 3/2 Roof is great- no leaks!! Ceiling needs paint. Needs siding for one entire side (66’) of the house (easy enough). Exterior needs paint. Needs 50% of flooring replaced (the pressed wood). Needs all carpeting and vinyl replaced except posssibly one small bedroom. Most of the panelling has been damaged (vandals-they beat some of the walls with chains??) with holes or tears… some large, some small (do I really have to replace this panelling??). Breakers are missing and it needs several plugs/wall switches replaced. Needs a couple of celing fans re-installed (looks like a moron put them up). Needs one comode. Needs all appliances, CHA, and water heater (all stolen). Needs maybe one or two interior doors replaced or new veneer? Needs both exterior doors replaced and 2 windows.

Yeah… bad huh?.. BUT… I can get it for $500.00. Must be moved… moving cost $350.00. Would you buy it? Would you try to sell as is? (Though it is in non-liveable condition and you have to sell with a disclaimer, and what would be the market for something non-livable?) Or would you fix it up? What price would you ask (both ways)?

Actually… it doesn’t look as bad as it sounds… especially the exterior!.. sigh if only I had a park of my own to move it to… could be a great long term fix-up project huh?

Thanks for any advice/suggestions!

Re: A major fixer upper - what would you do? - Posted by Brad

Posted by Brad on April 25, 2002 at 13:34:29:

THERE IS nothing great about a long term fixer uper unless you have alot of spare time and this is your Hobby-hobbies usually do not make money. after the one i just finnished i would not buy it. it always turns into more work. i would suggest to figure out what it will take to fix it up and add that to your 500 bucks and find annother home that does not have to be moved or fixed up, at least so much and get it. contractors are expensive, good handyman are always buisy and it will only sell at a good profit once its fixed. this sounds like a hungry cash cow. its doable but i would only do it if i couldn’t find anything else to do. but if you look there is always something. and you will be suprised at how fast 50% of the floor becomes 75% once you pull the carpet.

The only way I would consider this is… - Posted by Dr. Craig Whisler CA

Posted by Dr. Craig Whisler CA on April 25, 2002 at 14:20:06:

…if it were free and the PM would give me 30 days to move it (in writting). I would then put ads in several papers and offer it as a fixer that must be moved for only $1,200. If you can make an EASY $1,000 I would probably go for it (that’s two round trip tickets to Europe…if my math is correct, that’s one for you and one for me). Otherwise it might be good to pass on this one. I think that you could probably put your time and money to more profitable use by looking for a better deal. One final thought. If it is in a park, would the PM change his mind about you having to move it if it was all fixed up? By CHA, if you mean the central heating unit is gone, I would pass on repairing this one.

Better Luck Next Time, doc