Also running comps solely by using a computer has problems because you have no idea about the condition of the house, or whether for some reason the property was overbid. Remember, running comps fueled the pre-2006 bubble.
@James S. Hi James. All property has a value. It all depends on the individual deal you are considering. Some deals however are more valuable than others. Just do your homework and determine what it is that these types of properties can earn for you. If it is viable then buy, if not move on.
One of the leaders of my investment group specializes in historic restorations. He lives in a 1910 Victorian and the city gave him grants to repair the house in a historically accurate way, especially any area of it which can be seen from the street - including the garage. He has acquired two more in his neighborhood which have turned out well.
im working with a double agent so hes going to say good things but its a old country house on a old country road needs about 15k to 20k worth of work built 1900 put every last dime including christmas money my family has im not rich ive got 3 young girls and no prier education just a ged im on disability i was hurt serving for are country i really could use some advice please anyone help im lost .
It sounds like you have no idea what you are doing in this case. I suggest passing on this deal, and waiting until you have more fully educated yourself.
I have to agree with Katie. Btw, I'm sorry to hear about your disability from serving. You must be a very brave person. Take care of yourself. Also, you don't have to have a Harvard education to be successful in real estate, which is nice. I know I certainly don't. I read a lot, I wrote up a business plan with the help of SCORE, which is a group of volunteer retired executives. I highly suggest you contact them. It's free. They might even have mentors.
Anywho, I wish you much success on your journey. A great quote I have heard on BP is - how do you eat an elephant? One bite at a time.
Depends on the condition and the location. I can tell you that in Portland there is a plethora of homes built around this time and I would love to get my hands on all of them.
under contract is it worth moving forward and buying
Well, only you can make that determination.
It sounds you need to get educated QUICKLY on raising funds for your deals.
You'll want to explore all options including partners, private lenders, maybe even hard-money if looks like you can increase the value and borrow some equity out then to pay them off.
This is one of the dangers of "jumping in head first before learning how to swim".
You can do it, but you'll be scrambling, drawing on all the resources you can find for knowledge, experience, etc.
Drop me a note privately. I'll see if I can help.
Otherwise might be best to chalk it up to lessons learned, exercise your escape clauses and try again when you're better prepared.