Looking to buy a hoarder house in a class A area .

Buying & Selling Real Estate
7yFollow

Looking to buy a hoarder house in a class A area .

Billy Smith
Shawnee Mission, KS · Member since 2016 · 719 posts · 313 votes

Just looked at a hoarder house, owners are unable to catch up on the note in a class A neighborhood.

Partner’s wife walked out the stink was too much.

Now we just run numbers, pay off note give them a few grand to get to different location.

Never seen a hoarder house like this, I see dollars but still wonder if it is wise?

1Reply
21 views

Most Popular Reply

Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y

that is the smell of money. .. you just have to buy it very cheap.. 

many times you have to take the house to the studs and rebuild to get the stink out.

although I bought 5 last year and bulldozed all of them.. those are prime target for mc mansion infill rebuilds.

Podcast Guest on Show #222
JLH Capital Partners51 Review
WebsiteView Page
2Reply
See this reply in the discussion

7 Replies

Jump to latestLatest
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y

    that is the smell of money. .. you just have to buy it very cheap.. 

    many times you have to take the house to the studs and rebuild to get the stink out.

    although I bought 5 last year and bulldozed all of them.. those are prime target for mc mansion infill rebuilds.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    2Reply
  • Frank Wong
    Real Estate Broker · Bay Area · Member since 2018 · 1k+ posts · 3k+ votes
    7y

    LOL Jay.  That is a great smell.  If the overall structure is in good shape and the numbers make sense go for it.  The smell will go away once you start dumping everything and taking the carpets out.

    0Reply
  • Billy Smith
    OP
    Shawnee Mission, KS · Member since 2016 · 719 posts · 313 votes
    7y

    The foundation is good shape needs new roof ,windows ,gut most of the house is some form or another  .Dump 50 to 60k should leave around 20 to 30k profit .

    The smell of money I am going to steal that lol 

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y

    Billy I did a hoarder last year that I took 300,000 obs to the dump.. cost me 75k just to remove all the crap.. 

    now that included the houses that was wasted and of no value.. but still.

    that guy lived there about 10 years so I figure he went out daily and brought back about 100 lbs of junk  LOL  now that included a few cars an RV a boat. you know all those prized possessions and in our area you don't beat back the shrub's etc the whole place was not visible from the street half the stuff was intertwined with vegetation.  and the two vans were stuff to the roof with crap.. and no way to walk in the house.  18 dead cats. one live boa though scared the heck out of the first crew that went in.. we made the evening news. !!!!  Boa on the loose.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    1Reply
  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    7y

    @Billy Smith, Brian Burke wrote about his experience with a cat house hoarder. It's an entertaining read, but he is so descriptive I can smell the house as I read it... https://www.biggerpockets.com/forums/223/topics/133059-cat-litter-house-flip-653-and-it-could-be-the-worst-one-yet-look-at-the-pics-and-you-decide

    [email protected]Podcast Guest on Show #261
    BiggerPockets
    2Reply
  • Billy Smith
    OP
    Shawnee Mission, KS · Member since 2016 · 719 posts · 313 votes
    7y

    Wow,that is amazing Mindy , if we buy it I may take some pics for the wall of hoarders .The dryer is not hooked up blowing crap all over the boxes looks like  the Munsters house add smell of cat/dog  urine .

    0Reply
  • Clifford Paul
    Rental Property Investor · Member since 2018 · 483 posts · 956 votes
    7y

    I bought one in 2012 in B neighborhood for $16,000 in back taxes. 17 loads with 30 yard dumpster. All in $94,000. Current market value $187,500. Rent $1900. I wish I could find 10 deals a month like this.

    2Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free