Comments on: The “Ick” Factor http://www.biggerpockets.com/renewsblog/2007/12/18/the-ick-factor/ Learn, Network, Invest Mon, 23 Nov 2009 07:23:11 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Blake http://www.biggerpockets.com/renewsblog/2007/12/18/the-ick-factor/comment-page-1/#comment-53058 Blake Thu, 20 Dec 2007 19:29:18 +0000 http://www.biggerpockets.com/renewsblog/2007/12/18/the-ick-factor/#comment-53058 Awesome read about the icky factor! I like how you cross it off your list if your wife says "this is nice", and become more interested with her comments of how icky it is! I would love to get into this business. Thanks for the great site! Awesome read about the icky factor! I like how you cross it off your list if your wife says “this is nice”, and become more interested with her comments of how icky it is! I would love to get into this business. Thanks for the great site!

]]> By: Tampa Real Estate http://www.biggerpockets.com/renewsblog/2007/12/18/the-ick-factor/comment-page-1/#comment-53031 Tampa Real Estate Wed, 19 Dec 2007 04:18:23 +0000 http://www.biggerpockets.com/renewsblog/2007/12/18/the-ick-factor/#comment-53031 The house we made the most profit on was the absolute ickyist home in the world. It was road hard for sure but only about 8 years old. There was mold on all exterior windows around the pool, the screened pool cage. The carpets were black, the tile floor grout was black and sticky - had to be scrubbed with a tooth brush. There was a thick wax build up on the shower tile. Never could figure out what styling product that must have been. The refrigerator was so gross and smelly, we trashed it. The stove inside and out had inches of build up. And to top it all off - there was a big turd in one of the toilets. I still can't believe we took on this monster. It turned out beautiful and we made a nice profit. The house we made the most profit on was the absolute ickyist home in the world. It was road hard for sure but only about 8 years old. There was mold on all exterior windows around the pool, the screened pool cage. The carpets were black, the tile floor grout was black and sticky – had to be scrubbed with a tooth brush. There was a thick wax build up on the shower tile. Never could figure out what styling product that must have been. The refrigerator was so gross and smelly, we trashed it. The stove inside and out had inches of build up. And to top it all off – there was a big turd in one of the toilets. I still can’t believe we took on this monster. It turned out beautiful and we made a nice profit.

]]> By: Steven Boorstein http://www.biggerpockets.com/renewsblog/2007/12/18/the-ick-factor/comment-page-1/#comment-53023 Steven Boorstein Tue, 18 Dec 2007 18:49:44 +0000 http://www.biggerpockets.com/renewsblog/2007/12/18/the-ick-factor/#comment-53023 Nice article and very, very true. Personally, I have tended to buy nice rental properties that haven't needed a lot of work. Buy on occasion, I have bought the "ick" factor houses. (In any case, what you are looking for a motivated seller.) I think some of the best deals are the "icky" houses. But, for new investors especially, they have to be careful. Doing a thorough inspection is extremely important as Richard shows us in his article by walking away from an "icky" house that might have been a good deal on the surface, but had foundation problems. That's one of the problems with newer investors looking at these properties... there is so much cosmetically wrong with them, sometimes it's also hard to see what is structurally and mechanically wrong, too. So, if in doubt make sure you use a home inspector. However, the "icky" factor is definately alive an well. In this market of excess inventories of homes, these should stay on the market even longer and should sell at even great discounts than "nice" houses. Just make sure the "icky" is simply cosmetic and not something more difficult and expensive to deal with or your cash cow might just turn out to be an alligator (and eat up your profits)! Steven Boorstein Landlord Business Insider Nice article and very, very true. Personally, I have tended to buy nice rental properties that haven’t needed a lot of work. Buy on occasion, I have bought the “ick” factor houses. (In any case, what you are looking for a motivated seller.)

I think some of the best deals are the “icky” houses. But, for new investors especially, they have to be careful. Doing a thorough inspection is extremely important as Richard shows us in his article by walking away from an “icky” house that might have been a good deal on the surface, but had foundation problems. That’s one of the problems with newer investors looking at these properties… there is so much cosmetically wrong with them, sometimes it’s also hard to see what is structurally and mechanically wrong, too. So, if in doubt make sure you use a home inspector.

However, the “icky” factor is definately alive an well. In this market of excess inventories of homes, these should stay on the market even longer and should sell at even great discounts than “nice” houses. Just make sure the “icky” is simply cosmetic and not something more difficult and expensive to deal with or your cash cow might just turn out to be an alligator (and eat up your profits)!

Steven Boorstein
Landlord Business Insider

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