Is this an insanely good deal or am I missing something

Most Popular Reply

Brandon Gale
Rental Property Investor · Worcester, MA · Member since 2018 · 131 posts · 135 votes
3y

Been on market for 162 days and price cut over 50% with 1 month on market since price cut and no interior photos.

Almost certainly unlivable with non functioning utilities.

Don't mean to come off as an a-hole but if you couldn't see the issues with this listing, or were about to jump on it before even seeing the inside then you have a lot to learn before jumping on a deal. Spend more time in the forums, reading, listening to podcasts, etc.

5Reply
See this reply in the discussion

12 Replies

Jump to latestLatest
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Shankar Kantharaj

    Have you seen the inside? Do you know the neighborhood? It if was an investor special and went from $60k to $30k I would be very suspicious.

    7e investments53 Reviews
    WebsiteView Page
    3Reply
  • Brandon Gale
    Rental Property Investor · Worcester, MA · Member since 2018 · 131 posts · 135 votes
    3y

    Been on market for 162 days and price cut over 50% with 1 month on market since price cut and no interior photos.

    Almost certainly unlivable with non functioning utilities.

    Don't mean to come off as an a-hole but if you couldn't see the issues with this listing, or were about to jump on it before even seeing the inside then you have a lot to learn before jumping on a deal. Spend more time in the forums, reading, listening to podcasts, etc.

    5Reply
  • Scott E.
    Contractor · Scottsdale, AZ · Member since 2010 · 2k+ posts · 3k+ votes
    3y

    Just because a house is cheap, doesn't make it a good deal.

    4Reply
  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    3y

    What they said^^^^

    What's your budget? Assume this is a full-gut remodel.....so maybe a minimum of $150 SF x 2000 SF = $300k for you to get it back to legal/code habitable condition.

    Remember you need a CO from the local city to be able to sell or rent this to people. That means you must comply with all applicable codes. And that can get very expensive.

    So in answer to your question - how much do you want to spend? The price of the property means nothing. If it were a great deal, it would be gone by now....

    0Reply
  • Dwayne GhantPro Member
    Investor · Member since 2022 · 53 posts · 23 votes
    3y

    What they said^^^^

    No inside pictures, No basement pictures, No surrounding pictures with other homes in it!!  

    Pro tip: Feel free to use google maps to walk the neighborhood

    3Reply
  • Pixel Rogue
    PA · Member since 2013 · 136 posts · 19 votes
    3y

    Consider due diligence w/township for example, such a if there could be a property line issue (something that happened locally where a long standing garage ended up being 50% on neighbors property... it wasn't pretty. This might be to get rid of a headache, or considered a tear down for reconstruction. 

    0Reply
  • Gregory Nelis
    Real Estate Coach · NC · Member since 2023 · 32 posts · 23 votes
    3y

    Have you seen the inside? Do you live anywhere near the area? It can be easy to forget how local real estate is.  I am aware of people picking up their neighbor's properties for as little as a $900 processing fee with the city. 

    0Reply
  • Shankar Kantharaj
    OP
    Member since 2023 · 9 posts · 2 votes
    3y

    Thanks for all the great replies. I'll spend some time looking into the property neighborhood and get some photos of the property.

    0Reply
  • Steve K.
    Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
    3y

    Cheap is expensive. Location, location, location. Cheap is expensive. Location, location, location. Repeat until committed to memory. 

    2Reply
  • Matthew Irish-JonesBusiness Member
    Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
    3y

    @Shankar Kantharaj you would lose money of the price was $0

    Irish Jones Realty4.947 Reviews
    View Page
    1Reply
  • Todd Jones
    Member since 2023 · 243 posts · 199 votes
    3y
    Quote from @Shankar Kantharaj:

    Thanks for all the great replies. I'll spend some time looking into the property neighborhood and get some photos of the property.

    Looking at Google street view was a good idea. I’ve done this countless times. It reveals things their beautiful pics hid. I do this even when I look for out of town non-franchise hotels.


    My rule is “If there are no interior pics, there is a reason…next”. They would have taken pics even if it was garbage or holesin the ceiling. My guess is water or fire damage they don’t mention.
    if was a good deal, someone would have gotten it. My vote is either check it out in person or 100% skip.

    0Reply
  • Carlos Ptriawan
    Member since 2019 · 7k+ posts · 4k+ votes
    3y
    Quote from @Shankar Kantharaj:

    Recently starting looking for deals. I found this deal:

    https://www.redfin.com/MI/Detr...

    4 bed 2 bath for $30k. Locality looks good. Anything I'm missing?


     Two things you should do:

    1. Really really really ask your local handyman/contractor if they are willing to work in that house/neighborhood. Are they okay to leave their expensive equipment in that house ? ?

    I ask because I saw the car in front of that house just got robbed.  If your contractor do not want to work there, forget about it.

    2. Ask the PMC that's very local to that house, whether it is a good buy or shall avoid at any cost , are they willing to take that property ?

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free