kingman, AZ · Member since 2012 · 37 posts · 13 votes
I wanted to share a video with guys of my first house. I had no life for two years so I could save up for it. http://www.youtube.com/watch?v=d2ARc2c1eFM&feature=share&list=UUE5zZeFgjUobAgz88_ifIGg Can someone tell me how to make a clickable link?
Rehabber · Albuquerque, NM - New Mexico · Member since 2011 · 283 posts · 38 votes
14y
Originally posted by Richard Evans:
Hey Dave, I actually think I would rather flip it than use in as a rental. I was told I could probably get at least 45k out of it If I fixed the roof and did some cosmetic stuff, I was thinking about trying to turn that carport into a garage too as I think that might boost the price a little. I was told by my realtor, who flips houses, that as long as I don't spend much over 10k on repairs, I should do pretty good. Now if I actually did do that and got about 45k from it, I would either want to buy a little more expensive house, maybe 30k, than use my extra 15k to fix this one even faster! These are all just thought though, probably a lot easier to say than do, how does that sound to you Dave?
Richard Evans, first thing I'd suggest is get some good comps to see if the ARV is correct (the $45k).
Good comps:
-Similar (Age, bed/bath, story, sqft, etc...)
-Close in proximity (1/2 mile or less)
-Recent (3 months or less)
Then tell us what you get, and we'll all help you decide!
Residential Landlord · Chicago, IL · Member since 2012 · 356 posts · 81 votes
13y
Originally posted by Richard Evans:
Is there any sites you would use to do these comps? I know the zillow estimate for it is 42k, is that accurate at all?
Perhaps, but your agent can send you a detailed report of everything that has closed in the immediate area. Important to consider proximity, beds/baths, condition when making any comparison.
Also, you need to consider selling costs. If you spend 10k to improve and pay realtors 2.5k you have less profit.
kingman, AZ · Member since 2012 · 37 posts · 13 votes
13y
Originally posted by Dave Meyer:
Perhaps, but your agent can send you a detailed report of everything that has closed in the immediate area. Important to consider proximity, beds/baths, condition when making any comparison.
Also, you need to consider selling costs. If you spend 10k to improve and pay realtors 2.5k you have less profit.
I'll have to asked my realtor for one of those reports. I know went on a site that showed the prices for the houses all around it,( Maybe estimates) most were over 70k some were 150k. My house is older than most of the houses around it though. Totally forgot about the realtors fee, definitely can't forget about that when adding up the expenses. I appreciate how how helpful all of you are. This is really an awesome online community.
Fort Lauderdale, FL · Member since 2012 · 11 posts · 0 votes
13y
Nice house Dave,
It's going to look great once it's freshened up. If I were doing it, I would see if the wall between the kitchen and living area is load bearing, and if it is not....then I would knock out the top half of that wall to open it up and create a breakfast bar there. People always seem to like those. :) Good luck. Can't wait to see it finished.
Kristin
kingman, AZ · Member since 2012 · 37 posts · 13 votes
13y
Originally posted by Kristin Britt:
Nice house Dave,
It's going to look great once it's freshened up. If I were doing it, I would see if the wall between the kitchen and living area is load bearing, and if it is not....then I would knock out the top half of that wall to open it up and create a breakfast bar there. People always seem to like those. :) Good luck. Can't wait to see it finished.
Kristin
I checked it out and found out it isn't a load bearing wall, that sounds like a good idea to me! I'm kinda bummed, I just got my gas bill and I owe $70 this month for a house i'm not even living in yet! I must have a gas leak or something, It doesn't smell like gas at all around the property though.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
13y
Originally posted by Richard Evans:
... I'm kinda bummed, I just got my gas bill and I owe $70 this month for a house i'm not even living in yet! I must have a gas leak or something, It doesn't smell like gas at all around the property though.
Richard Evans -
Is the hot water heated by gas? The hot water could be leaking from a faucet, causing lots of water to be heated. Or the water heater might have a small tank leak. Is the cooking gas? The stove might have pilot lights that will burn gas. Heating system is probably gas, so there might be a pilot there too, and you have to see what the thermostat is set to (set it somewhere between 50 and 60 degrees F when nobody is living there). And don't forget that the gas company will have a service fee that shows up on the bill even if no gas is consumed.
Involved In Real Estate · Jacksonville, FL · Member since 2012 · 216 posts · 42 votes
13y
Richard Evans I just wanted to say it's amazing that you were able to save that kind of money, very impressive. Have you started on your rehab? How did the comps look from you realtor?
Good luck, it sounds like you are on the right path. Being able to live on less then you make is almost a requirement to get into business and most people simply can't do it.
kingman, AZ · Member since 2012 · 37 posts · 13 votes
13y
I found out that the reason my bill was so high is because the broke-up the initial startup fee into two payments. Tim Czarkowski, Thank you very much, I haven't started anything yet, but I've finally got enough saved-up for the roof. I forgot to ask my realtor for comps... I was actually kinda nervous to ask him. I'm starting a new job as an HVAC Service Apprentice on Monday, I'll be able to do so much more in the real-estate world once I get good enough to make decent money. Pretty excited!
kingman, AZ · Member since 2012 · 37 posts · 13 votes
12y
@Manuel Acuna Sorry I dropped off the planet for a while. The house is coming together slowly but surely. My little brother and I redid the roof, got side paneling up about 1/3 of the way, and turned the carport into a garage. I just got a truck yesterday so that will help a lot with getting materials and hauling away trash. Hopefully I'll be making some real progress soon.