Just bought EXTREMLY cheap house... - Posted by Jason

Posted by David C. Cooper on July 19, 2007 at 18:31:33:

Show it to your investors and ask $8-10k. See what offers come back.

Good luck.


Just bought EXTREMLY cheap house… - Posted by Jason

Posted by Jason on July 19, 2007 at 18:17:41:

I bought it from a bank for $2800 plus closing costs 3 weeks ago. I bought it out of state in a small town. I’ve done a title search and it doesn’t have any real extreme liens on it. It’s 1100 square feet and a real rat’s nest. I plan to just flip it as is. I was wondering…judging by this slow RE market, could I still sell to another investor?

Re: Just bought EXTREMLY cheap house… - Posted by M. Osterman

Posted by M. Osterman on July 21, 2007 at 19:53:03:

I’ve fliped deals in areas’ that I don’t like by finding those who buy in that area. I’d run a report with your favorite data service and see what names come up most. Lots of things to do here IMO.

Re: Just bought EXTREMLY cheap house… - Posted by ken

Posted by ken on July 20, 2007 at 15:21:21:

Where is it? Someone here may want it

Honor Among Slumlords - Posted by Jimmy

Posted by Jimmy on July 20, 2007 at 15:01:49:

I buy this kind of stuff all the time, except I do it with my eyes open. You have already been castigated for your sin. I will not salt thy wound…

I, an unapologetic slumlord, am willing to anoint you with some of my ever-so-valuable advise and counsel.

feel free to ping me privately, if you fear being stoned to death by the observers.

  1. WTF, exactly, did you buy?

  2. WTF is it located?

  3. if you are not certain what “WTF” means, understand that there in an expletive in the abbreviation…

  4. how extensive is the rehab? I suspect we are talking 25-40K of work.

  5. are you sure you did not step into any liens? (i.e., did you get a title report?)

  6. what could this thing be worth, if you restore it? make sure your comps really are comps.

  7. once you know the answers to 4, 5 and 6, you can make an intelligent decision about your next step.

best of wishes.

and welcome ot the SLUMLORD CLUB…

why ask now??? - Posted by ib (nj)

Posted by ib (nj) on July 20, 2007 at 08:46:51:

shouldn’t you have asked this question BEFORE you brought the property ?

Re: Just bought EXTREMLY cheap house… - Posted by Darren

Posted by Darren on July 20, 2007 at 08:10:03:

Sell that sucker as-is with owner financing. Get a small downpayment and cash flow it for the next 30 years. You’ll have your entire investment back in under 2 years. The rest is gravy. I would not want to be a long distance landlord.

Re: Just bought EXTREMLY cheap house… - Posted by camgere

Posted by camgere on July 20, 2007 at 06:03:00:

Pardon my “buy and hold” bias, but how much would it take to make this place rentable? There are people who have nothing but social security and need cheap. This could be lifetime income. If you can beat $13 a month you are doing better than the best CD around.

too late - Posted by BigV

Posted by BigV on July 20, 2007 at 04:19:58:

I’m sorry mate, but you are asking your question a little too late.

There were times houses in Gary, IN were given AWAY for free by landlords who owned them and for a good reason too. Crime rates were out of control, there were city problems, etc…

So, if you bought in a similar town, you may have just paid $2800 too much.