Opportunity to strike a deal on a very rare, Lustron Home. (these homes are made of steel and manufactured/built for a very short time)
Does anyone have any experience with them?
The property also has an underground oil tank-which may be expensive to remove.
Owner still has a “nightmare” loan on property, mother refinanced, passed away and left him with it.
He doesn’t have a strict timeline to sell, though ASAP are his exact words.
Rapport still developing, though it’s off to a good start.
Any tips help :)
Interesting! Thanks for inviting me to the question, @Ryan Sports . I honestly never heard of this home and had to google it. I don't know that the home is worth anything more just because it's a Lustron home, if that' what you're asking. But I could be way off?!
With the underground tank, I kind of wonder if it's worth messing with it. I suppose it all depends on how good of a deal it really is. I always say, there is a price to pay for everything and anything could be worth it. So, if he's really motivated, then see how low he'll go. You can get it tied up and then decide if it's something you want to continue with during due diligence - like figuring out how much it would take to remove the tank and whether your lender will have any issue with it having been there. You may end up dealing with potential phase 1 and/or phase 2 issues.
Great response Justin. I had never heard of such a home either, though there is a neat history behind them that make them unique. It was an awesome history lesson! Thank you for the feedback! 😁
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you