All Forum Posts by: Denise Holder

7e,

Thank you. I'll try to get it at a substantial discount, or pass.  

Thanks!

Hello,

Here it is. There's a house at the end of my street that is condemned, the owners were hoarders and have filed for chapter 13.   I want this house. Not only to take control and eliminate the eyesore but to raise all of our property values.  Not only that but to have a rental practically next door!  One problem. I'm between jobs and need an investor.  I do however have time to wholly take on the project. I can clean up and do the smaller jobs myself. I have an incredible contractor willing to do the renovation.  The owners still owe about ~58k and I think the house would be worth around $110k-$125k once renovated. Mine is.  And this one is a bit more charming.  It's also at the end (of the street, no neighbors/more privacy on one side) adjacent to the city pool and a park that's about to be upgraded by the city.  We are actually waterfront to a large creek (small river size).

I'm located in Warren, Pennsylvania.

Comps sold for ($129,900)/($125,000)/($87,000(needed two new bathrooms))/($114,000)/($225,000)/($103,000).  

What do you think?

Thank you Chris!  Read the whole thing.  So enlightening, Chapter 13 is much different than I was expecting. What I don't understand is can I negotiate how much to offer for the house. Meaning, they owe ~58k.  Do they have any incentive to take less?   

Thank you everyone,

Asking the question in this forum somehow broke me free from my paralyzed state. 

I just talked with them.  They've already filed for bankruptcy.  Chapter 13. They owe approximately $58k on it.  I went inside.  Oh my.  But as bad as it smells most of what I saw would be easy to haul out. The floors would need to be torn up. All mechanics replaced. But it's not THAT bad. Chris, I think I know what realtor to call. And Bruce, I may have a contractor. Yeah, $10k is a big variable in such a low cost area. But it has potential. Lots of charm and we're on the water. It's an anomaly to a big city. We're on the water yet, so-so neighborhood.  What I think is if I owned all 5 houses on the street, made them "shiny"...all 5 houses would go up in value because of each other. 

How does chapter 13 change the previous thoughts?

Thank you all!! I'm so excited.  I want this house. 

Hello, I have this house on the end of my street. It is condemned, the owners are hoarders, the husband is fighting for his life with cancer, they're doing a several-month-long-DIY move to Tennessee that they must be losing money on.   Although these people are friends of mine I need this house to be mine.   I want to clean it up, get good renters in there and improve the look and value of my neighborhood and have it as part of my retirement portfolio.  Oddly, the day I moved into my own house 3 years ago I said to myself, 'someday I'll own that house".  For all its garbage filled yard and filthy outside, it has charm and a good location.  Waterfront.  There are multiple problems. These are the top two.

One: I'm (voluntarily) unemployed, Don't know how I'll get financing.

2) They think they're going to get $75k for it. I think more like $35 ($45?k).  But I do not know how to "run the numbers" on a house like this. I can get comps for houses with the same number of bedrooms and such that are clean and basically maintained. But how do I dig down to the value of this house?  This is my primary question! :)

Thank you!

Denise in Warren PA

Wow.

Ok, Jeffrey, a shock, but better I know.  Thank you. 

Wow.

Ok, Jeffrey, a shock, but better I know.  Thank you. 

Thank you Kislay, I will do as you say.  

This is what happens when you (I) make snap decisions without doing more research. 

Denise

Hi, I've gotten myself into a big pickle by taking a distribution out of my IRA believing that if I transferred the money from my traditional IRA to my Self Directed that I could spend it on Real Estate penalty free, and (some) taxes free. (I'm only 53, not 59.5).

I'm renovating a cabin in the woods for short term rental. Under the verbal approval of my SDIRA advisor I dove into the project without really asking many questions. I transferred $30k from my traditional IRA over to my SDIRA. I believed that once it was in the SD that I could have that money transferred to my checking account out of which I'd pay my contractor. Not so.

The money is now in my SDIRA, separate account than the $100k I have invested in an apartment complex.  

Is there any way at all for me to get that $30k without paying penalty and/or tax ?

Thank you so much,

Denise

OH, and Alexander!  I'm checking all three sites out.