The good, the bad & the UGLY. SHOW ME THE UGLY!

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The good, the bad & the UGLY. SHOW ME THE UGLY!

James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes

Today I was out scouting properties with two of my colleagues

 @John Holton 

@Account Closed

We were looking into a 24 unit apartment in serious disrepair. After the inspection we decided to pass on the opportunity to do anything with it as it was one of the roughest buildings we have been inside of in awhile.

It did get me thinking though

Members of BP I want to see the UGLIEST building you have been inside of.

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Steve Babiak
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
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That one mug shot is uglier than the building :)

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  • James Wise
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    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
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    2Reply
  • Steve Babiak
    Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
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    That one mug shot is uglier than the building :)

    12Reply
  • Daniel Mohnkern
    Investor · Titusville, PA · Member since 2015 · 298 posts · 150 votes
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    I don't know...I kinda like the artwork on some of the walls.  Maybe consider wholesaling it to someone who appreciates the finer things in life?

    2Reply
  • Dave Fontana
    Rental Property Investor · Western Carolina · Member since 2010 · 144 posts · 66 votes
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    WOW!! I wish I bought in Ohio!! I would be all over the 24 Units.

    This was a buy and hold i did in 2012. There are 2 buildings on this property. This was the nicer one.

    2Reply
  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
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    Originally posted by @Steve Babiak:

    That one mug shot is uglier than the building :)

     That comment comes from the man afraid to show his face LOL

    4Reply
  • Brent Coombs
    Investor · Cleveland, OH · Member since 2015 · 6k+ posts · 2k+ votes
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    @James WiseCurious as to whether it was the price point (vs potential), neighborhood, time-opportunity cost or other factors that caused you to let it slide? Could you share some numbers? Cheers...

    0Reply
  • Ned CareyPro Member
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    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
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    OK the creepiest house was one where the furniture was torn up an tipped on it's side. Toys and misc crap strewn everywhere - Except the front bedroom.

    Just looking in the bedroom was creepy. Why was this room neat and the bed made. It was if someone was still living there.

    Then I turned and saw this on the wall.

    4Reply
  • John Hickey
    Rental Property Investor · Chappaqua, NY · Member since 2015 · 1k+ posts · 947 votes
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    @Dave Fontana did you fix up that place and how did it turn out?

    0Reply
  • Timothy Murphy III
    Real Estate Broker · Cleveland, OH · Member since 2012 · 771 posts · 252 votes
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    @James Wise

    You'd be surprised James. I've seen plenty of SFRs and Duplexs with my rehabber clients that look an awful lot like that before they go in and renovate. Of course, that buy / fix / rent model is only justified if your acquisition and repairs costs are substantially below FMV. Otherwise, the risk and work of the rehab just isn't worth it. That said, you seem like you're running deals with much less hassle all day long so I can't blame you for passing.

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

       looks like minor fixer to me

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  • Bryan R.
    Tacoma, WA · Member since 2010 · 203 posts · 93 votes
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    Here is one I bought at auction 2 months ago. Just got access today. 

    Turns out the occupant was a hoarder. And the entire second story is soaking wet and rotting away. Everything in the picture below is moldy and about to disintegrate.

    Oh and there is a partially abandoned moldy weed grow

    Combine all that with the roller coaster floors and basically everything else...should be a fun one.

    3Reply
  • Lee I.
    Real Estate Professional · Cleveland, OH · Member since 2015 · 55 posts · 20 votes
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    Would make a great buy and hold for renting to horror filmmakers IMO.

    0Reply
  • James Wise
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    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
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    @Steve Babiak

    @Steve BabiakMust have lost his glasses.

    Hope he does not inspect any rental properties before he finds them or he may buy a building that looks like this one.

    0Reply
  • James Wise
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    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
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    Originally posted by @Daniel Mohnkern:

    I don't know...I kinda like the artwork on some of the walls.  Maybe consider wholesaling it to someone who appreciates the finer things in life?

     I like my art to be more classy, like this Swisher collection from my last EVICTION

    3Reply
  • James Wise
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    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
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    @Dave Fontana

    yes lol, that looks like a dog alright.

    What does it look like now?

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

      if that's the worst you have you have it good... really that was not bad at all.

    the hoarder houses are truly much worse than what you presented.. there was nothing in there you could simply take that one down to studs and build it out.. it was half way demo'd for you I would see that as a very easy project frankly

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  • James Wise
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    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
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    Originally posted by @Brent Coombs:

    @James WiseCurious as to whether it was the price point (vs potential), neighborhood, time-opportunity cost or other factors that caused you to let it slide? Could you share some numbers? Cheers...

     Time-opportunity cost more than anything. There is some money to be made with that building but it's a project I don't want on my plate right now.

    0Reply
  • James Wise
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    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
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    @Jay Hinrichs

    No doubt hoarder houses are tough. This was not the absolute worst thing I have ever been inside, but when you take into account the neighborhood it was in, the roof, basement water issues, galvanized sewer lines, asbestos. city violations, etc.....It's a dog.

     I'll have to dig through some of my SD cards. I have some photo's of rougher stuff like grass growing in a living room.

    0Reply
  • Dave Fontana
    Rental Property Investor · Western Carolina · Member since 2010 · 144 posts · 66 votes
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    @James Wise

    2Reply
  • Dave Fontana
    Rental Property Investor · Western Carolina · Member since 2010 · 144 posts · 66 votes
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    @John Hickey

    John this was the back house before. I just posted an after picture of the front house.

    Here is the after picture of the rear house. The cure to cancer was growing in this back house. The mold was a fuzzy blue-ish white.

    0Reply
  • Jim C.
    Investor · IN · Member since 2012 · 263 posts · 168 votes
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    How about the "Silence of the Lambs"??? I bought a place a few years back that had a closet with a slight cutout near the top of the door that had steel bars on the cutout and a sliding barrel lock.  (See picture- closet in back right corner of the bedroom)

    0Reply
  • Jim C.
    Investor · IN · Member since 2012 · 263 posts · 168 votes
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    @James Wise. Ok. I found another one... Would anyone care to use "These Services"????

    2Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
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    @James Wise

      in portlandia the land of mold  its not bad if you can breath normally in the home.. if you need a respirator then your talking bad.

    it just goes to show some property has no value no matter what it is.. if you could not strip that to the bones and rebuild it and have equity or a cash flow then its value is negative and should be knocked down and turned into a community garden like they do here in PDX were all the hipsters grow there veggies... they pick them put them on shelfs on the side walks with cans to put the money in when you buy them. Its all on the honor system. and on the public streets... do you think you could that in these areas !  that's what makes PDX very unique for a city of 2 million.

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  • Ndy Onyido
    Toronto, Ontario · Member since 2014 · 615 posts · 172 votes
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    @Ned Carey

    Seriously,  that note is creepy! did you ever got to knowing who lived in the house last? Hope of death???

    0Reply
  • Ndy Onyido
    Toronto, Ontario · Member since 2014 · 615 posts · 172 votes
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    @Dave Fontana

    You must be a brave man! you mean you put your money on this ......should I call it house?

    Anyways, they say gold is hidden in trash.....the after pic look ok.

    Thanks for sharing..

    0Reply
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