This housing market
10-May-22 8:57am
#1 MrBean
I hope none of you are currently in the market. I've been in my house for 13 years and we committed to moving out before our oldest starts Kindergarten - which is this August.
I knew that costs were high, but what the fudge, even the interest rates are bat crap right now. I couldn't believe it when we started playing the numbers game and they're in the mid to high 5's right now. Son of a dog. Had we simply done this last year, we would have been in such a better spot.
This is just fudgeed. I really debate if we shouldn't wait longer, but the reality is ... is this the new norm? Will it come back down? Every time we find something in budget, it's gone the same day. Having a contingent bid, we're always behind the 8 ball as cash is king right now.
This is slightly out of our comfort zone for how much we want to spend, but man ... I love it. The problem is, the upkeep of the yard, jesus christ ... it's a bit much. https://www.zillow.c...
#1 MrBean
I hope none of you are currently in the market. I've been in my house for 13 years and we committed to moving out before our oldest starts Kindergarten - which is this August.
I knew that costs were high, but what the fudge, even the interest rates are bat crap right now. I couldn't believe it when we started playing the numbers game and they're in the mid to high 5's right now. Son of a dog. Had we simply done this last year, we would have been in such a better spot.
This is just fudgeed. I really debate if we shouldn't wait longer, but the reality is ... is this the new norm? Will it come back down? Every time we find something in budget, it's gone the same day. Having a contingent bid, we're always behind the 8 ball as cash is king right now.
This is slightly out of our comfort zone for how much we want to spend, but man ... I love it. The problem is, the upkeep of the yard, jesus christ ... it's a bit much. https://www.zillow.c...
2-Jun-23 9:27am
#261 ued222
Some people go straight to the seller and bid way over with a monthly payment and no to little down payment and rent out the property. They go way over asking price and some people buy 50-100s of properties using this method. Simply need to rent it out for a little bit more then the monthly payment.
#261 ued222
Some people go straight to the seller and bid way over with a monthly payment and no to little down payment and rent out the property. They go way over asking price and some people buy 50-100s of properties using this method. Simply need to rent it out for a little bit more then the monthly payment.
2-Jun-23 10:13am
#262 John
Yeah, so, as a landlord, I can tell you that that isn't really common at all and it isn't that easy at all. There are LOTS of things involved that you'll need to pay well above the monthly mortgage payment. Also, from what we're seeing in most markets, you can't even rent them high enough to cover the current market rates for selling houses. As we've seen in this thread, LOTS of people -- ordinary non-landlord buyers -- are also bidding way over asking price and with no inspections.
I'll grant that there were some very large companies who bought up a bunch of houses to use as rentals. From what we're seeing, most of those companies are in some real trouble now because they can't rent them for as much as they expected.
And, of course, real estate varies greatly by area -- so some markets are different.
But, in general, no, there aren't a bunch of landlords doing what you've just stated and having it actually work.
#262 John
Yeah, so, as a landlord, I can tell you that that isn't really common at all and it isn't that easy at all. There are LOTS of things involved that you'll need to pay well above the monthly mortgage payment. Also, from what we're seeing in most markets, you can't even rent them high enough to cover the current market rates for selling houses. As we've seen in this thread, LOTS of people -- ordinary non-landlord buyers -- are also bidding way over asking price and with no inspections.
I'll grant that there were some very large companies who bought up a bunch of houses to use as rentals. From what we're seeing, most of those companies are in some real trouble now because they can't rent them for as much as they expected.
And, of course, real estate varies greatly by area -- so some markets are different.
But, in general, no, there aren't a bunch of landlords doing what you've just stated and having it actually work.
2-Jun-23 7:05pm
#263 HybridCRoW
I wAnT tO bUy YoU @ 10x wHaT YoU HoUsE WoRtH bUt dOnT wAnT to PAY YoU uP fRoNT! I"LL JuSt rEnT It oUt aNd PaY YoU fOr It iN MoNtHlY PAYMENTS!
#263 HybridCRoW
I wAnT tO bUy YoU @ 10x wHaT YoU HoUsE WoRtH bUt dOnT wAnT to PAY YoU uP fRoNT! I"LL JuSt rEnT It oUt aNd PaY YoU fOr It iN MoNtHlY PAYMENTS!
2-Jun-23 10:07pm
#264 ryanflucas
So my house that’s was about to go up for sale was inspected by my realtor and it’s not going on market, but instead going up for cash buyers/flippers. It was built in the 50’s and my parents bought it in ‘73. I was born in 80. I’m hoping it goes for a good amount but I don’t have high hopes.
Good news is the house I just bought with my widowed mom has a teenie tiny mortgage. So I don’t need much from the sale to pay that off.
I used to really get angry because my parents were extreme savers. They didn’t update the home unless absolutely necessary. They saved as much as they could. Now it’s paying back like crazy.
The things that are preventing the normal sale of this house are things I probably would have had no idea were an issue, even if my parents had renovated. Things like the electrical system. The capacity was upgraded over time, but the actual wiring/junction box that goes to the bedrooms is still original. Realtor was shocked, said how do I have home owners insurance? They never asked to come inside. Who knows what else is original, lol.
#264 ryanflucas
So my house that’s was about to go up for sale was inspected by my realtor and it’s not going on market, but instead going up for cash buyers/flippers. It was built in the 50’s and my parents bought it in ‘73. I was born in 80. I’m hoping it goes for a good amount but I don’t have high hopes.
Good news is the house I just bought with my widowed mom has a teenie tiny mortgage. So I don’t need much from the sale to pay that off.
I used to really get angry because my parents were extreme savers. They didn’t update the home unless absolutely necessary. They saved as much as they could. Now it’s paying back like crazy.
The things that are preventing the normal sale of this house are things I probably would have had no idea were an issue, even if my parents had renovated. Things like the electrical system. The capacity was upgraded over time, but the actual wiring/junction box that goes to the bedrooms is still original. Realtor was shocked, said how do I have home owners insurance? They never asked to come inside. Who knows what else is original, lol.4-Jun-23 4:52pm
#265 John
What do you mean by "not going on the market, but instead going up for cash buyers/flippers" exactly? I mean, if you're advertising it for sale, it is on the market. Or does it have some issue that won't pass some inspection, so no mortgage is possible -- and, therefore, it would only be of interest to flippers/cash-only buyers?
I don't see a reason other than that to not list a house like any other. Why target it to the low-end crowd only?
#265 John
What do you mean by "not going on the market, but instead going up for cash buyers/flippers" exactly? I mean, if you're advertising it for sale, it is on the market. Or does it have some issue that won't pass some inspection, so no mortgage is possible -- and, therefore, it would only be of interest to flippers/cash-only buyers?
I don't see a reason other than that to not list a house like any other. Why target it to the low-end crowd only?
4-Jun-23 8:43pm
#266 ryanflucas
John wrote:
What do you mean by "not going on the market, but instead going up for cash buyers/flippers" exactly? I mean, if you're advertising it for sale, it is on the market. Or does it have some issue that won't pass some inspection, so no mortgage is possible -- and, therefore, it would only be of interest to flippers/cash-only buyers?
This. It’s an old enough house with money I’d need to sink into repairs and upgrades to make it worthy of local realtors to sell “on market” with a mls registered sign out front. At least this is what I’m being told by multiple people. I’m still suspecting they could be wrong.
— There’s mold on one corner of the basement.
— There’s a small wall break in the dining room. I have wall patches and repair spackle but was told by my realtor don’t even waste my time because there’s hairline foundation cracks which require wall brackets to remedy so there’s no movement.
— The yard has some dead ash trees and branches that fell off them. I haven’t paid to have them removed since quotes were in the thousands.
— My realtor saw a basement ceiling electrical junction box that leads down to the bedrooms. It’s uncovered. She said that’s original wiring and no insurance company in the state of WI will insure a house with that, no bank will issue a mortgage. The entire electrical system needs to be torn out and replaced. My cousins husband saw it today and said so what, put a lid over it.
#266 ryanflucas
John wrote:
What do you mean by "not going on the market, but instead going up for cash buyers/flippers" exactly? I mean, if you're advertising it for sale, it is on the market. Or does it have some issue that won't pass some inspection, so no mortgage is possible -- and, therefore, it would only be of interest to flippers/cash-only buyers?
This. It’s an old enough house with money I’d need to sink into repairs and upgrades to make it worthy of local realtors to sell “on market” with a mls registered sign out front. At least this is what I’m being told by multiple people. I’m still suspecting they could be wrong.
— There’s mold on one corner of the basement.
— There’s a small wall break in the dining room. I have wall patches and repair spackle but was told by my realtor don’t even waste my time because there’s hairline foundation cracks which require wall brackets to remedy so there’s no movement.
— The yard has some dead ash trees and branches that fell off them. I haven’t paid to have them removed since quotes were in the thousands.
— My realtor saw a basement ceiling electrical junction box that leads down to the bedrooms. It’s uncovered. She said that’s original wiring and no insurance company in the state of WI will insure a house with that, no bank will issue a mortgage. The entire electrical system needs to be torn out and replaced. My cousins husband saw it today and said so what, put a lid over it.
5-Jun-23 12:49am
#267 Noid
Break out that spackle, go with your cousin's husband, and sell that puppy to the sharks 'cause it's still a feeding frenzy out there...maybe not quite as bat-ship crazy as a year ago; but, it's still very much a seller's market most everywhere you go.
#267 Noid
Break out that spackle, go with your cousin's husband, and sell that puppy to the sharks 'cause it's still a feeding frenzy out there...maybe not quite as bat-ship crazy as a year ago; but, it's still very much a seller's market most everywhere you go.
5-Jun-23 10:19am
#269 HybridCRoW
ryanflucas wrote:
I’m just trying to make sure there’s no legal pitfalls.
That's where the term "Sold as is" comes in, as long as you disclose everything that you're aware of. There are people out there that will buy without the inspection, etc....
#269 HybridCRoW
ryanflucas wrote:
I’m just trying to make sure there’s no legal pitfalls.
That's where the term "Sold as is" comes in, as long as you disclose everything that you're aware of. There are people out there that will buy without the inspection, etc....
5-Jun-23 10:34am
#270 ryanflucas
I’m being told differently by a lawyer. As-is can still mean they can come after me later. At least in the state of Wisconsin. Anything I don’t list in a condition report or other paperwork that they find post sale can be used in a lawsuit. So I need to weigh if there’s anything I don’t know enough about but selling the property for more vs accepting less but hedging less risk.
The numbers we’re talking about here aren’t huge. The property is assessed at $165k according to latest assessment. I assume assessment means what the city of Milwaukee thinks the property would sell for (provided it was in sellable shape compared to other homes). Sure houses go for more than assessed value but not like outside the city. I’d feel great if I walked with $150k. Realtor says she thinks the property based on condition could bring an offer of $125k. I won’t accept less than $100k no matter what. But im going to entertain offers and see what they come up with. There’s a few home buying organizations here too I can meet with (Hmong, urban initiatives, etc) that may be interested.
#270 ryanflucas
I’m being told differently by a lawyer. As-is can still mean they can come after me later. At least in the state of Wisconsin. Anything I don’t list in a condition report or other paperwork that they find post sale can be used in a lawsuit. So I need to weigh if there’s anything I don’t know enough about but selling the property for more vs accepting less but hedging less risk.
The numbers we’re talking about here aren’t huge. The property is assessed at $165k according to latest assessment. I assume assessment means what the city of Milwaukee thinks the property would sell for (provided it was in sellable shape compared to other homes). Sure houses go for more than assessed value but not like outside the city. I’d feel great if I walked with $150k. Realtor says she thinks the property based on condition could bring an offer of $125k. I won’t accept less than $100k no matter what. But im going to entertain offers and see what they come up with. There’s a few home buying organizations here too I can meet with (Hmong, urban initiatives, etc) that may be interested.
5-Jun-23 10:39am
#271 John
EDIT: Note that this was a same-time post as your last post. I didn't see it until after I wrong this (and replied below in my next reply).
My understanding is that it would be up to the buyer to do inspections and find things like old electrical and such. A lot of people right now are still waiving inspections and making all-cash offers. If it were me, I'd find a realtor to put it on the market in the normal manner.
Now, whether or not you have to disclose anything, I'm not sure. Someone saying that your electrical is "original" doesn't necessarily mean that you know anything, in my opinion. Old "Knob and Tube" wiring is indeed a problem and will likely need to be replaced. But, at this point, I would argue that you don't have knowledge that it is necessarily "knob and tube". So, in my non-legal opinion, you have nothing that you have to "disclose" at this point when it comes to the wiring.
As for the mold -- bleach and scrub clean as best you can. As far as you know, it's mildew, not a dangerous mold.
The other things are non-issues to me in this market. Is it going to go for less than the house next door without those things? Absolutely. But is it also very likely to go for more than only offering it to fixer-upper people off of the normal market? Yes!
I'd put in a tiny amount of work to fix the little things and then find someone to get it listed properly. 👍
#271 John
EDIT: Note that this was a same-time post as your last post. I didn't see it until after I wrong this (and replied below in my next reply).
My understanding is that it would be up to the buyer to do inspections and find things like old electrical and such. A lot of people right now are still waiving inspections and making all-cash offers. If it were me, I'd find a realtor to put it on the market in the normal manner.
Now, whether or not you have to disclose anything, I'm not sure. Someone saying that your electrical is "original" doesn't necessarily mean that you know anything, in my opinion. Old "Knob and Tube" wiring is indeed a problem and will likely need to be replaced. But, at this point, I would argue that you don't have knowledge that it is necessarily "knob and tube". So, in my non-legal opinion, you have nothing that you have to "disclose" at this point when it comes to the wiring.
As for the mold -- bleach and scrub clean as best you can. As far as you know, it's mildew, not a dangerous mold.
The other things are non-issues to me in this market. Is it going to go for less than the house next door without those things? Absolutely. But is it also very likely to go for more than only offering it to fixer-upper people off of the normal market? Yes!
I'd put in a tiny amount of work to fix the little things and then find someone to get it listed properly. 👍
5-Jun-23 10:45am
#272 John
ryanflucas wrote:
I’m being told differently by a lawyer. As-is can still mean they can come after me later. At least in the state of Wisconsin. Anything I don’t list in a condition report or other paperwork that they find post sale can be used in a lawsuit. So I need to weigh if there’s anything I don’t know enough about but selling the property for more vs accepting less but hedging less risk.
My understanding is that a condition report is meant to be a very surface-level overview. You aren't a housing inspector. You could list known issues like:
- Some cracks in the walls
- Mildew in basement
- Tree branches in yard. (Although, that seems obvious, so you shouldn't have to list it -- and also doesn't concern the structure of the building)
Heck, you could even put "Age of wiring is unknown" in there if you wanted -- because, well, you don't know.
The numbers we’re talking about here aren’t huge. The property is assessed at $165k according to latest assessment. I assume assessment means what the city of Milwaukee thinks the property would sell for (provided it was in sellable shape compared to other homes).
These days, it is very hard to trust those unless they have looked at it recently and adjusted. The market has been up for the past few years and most municipalities have not yet adjusted their assessed values. Also, in many areas, there are limits on how much they can increase those each year. It is fairly normal, these days, for a property to be worth significantly more than the assessed value.
Sure houses go for more than assessed value but not like outside the city. I’d feel great if I walked with $150k. Realtor says she thinks the property based on condition could bring an offer of $125k. I won’t accept less than $100k no matter what. But im going to entertain offers and see what they come up with. There’s a few home buying organizations here too I can meet with (Hmong, urban initiatives, etc) that may be interested.
I'm not a lawyer, so definitely be careful, of course. But, if it were me, I'd have trouble not wanting to list it on the normal market. I don't think you are walking into liabilities here because you just don't have much real knowledge of the situation. Those lawsuits down the road are usually for known, hidden things like a known foundation issue that you knowingly hid with some quick patches to the cement. Or a septic field that doesn't work that you just keep pumping every few weeks while you try to sell the place -- without disclosing that you knew the septic field was gone.
It is generally not an issue for things that you don't have specific knowledge of -- especially if the buyer waives inspection. That's on them, not you, IMO.
#272 John
ryanflucas wrote:
I’m being told differently by a lawyer. As-is can still mean they can come after me later. At least in the state of Wisconsin. Anything I don’t list in a condition report or other paperwork that they find post sale can be used in a lawsuit. So I need to weigh if there’s anything I don’t know enough about but selling the property for more vs accepting less but hedging less risk.
My understanding is that a condition report is meant to be a very surface-level overview. You aren't a housing inspector. You could list known issues like:
- Some cracks in the walls
- Mildew in basement
- Tree branches in yard. (Although, that seems obvious, so you shouldn't have to list it -- and also doesn't concern the structure of the building)
Heck, you could even put "Age of wiring is unknown" in there if you wanted -- because, well, you don't know.
The numbers we’re talking about here aren’t huge. The property is assessed at $165k according to latest assessment. I assume assessment means what the city of Milwaukee thinks the property would sell for (provided it was in sellable shape compared to other homes).
These days, it is very hard to trust those unless they have looked at it recently and adjusted. The market has been up for the past few years and most municipalities have not yet adjusted their assessed values. Also, in many areas, there are limits on how much they can increase those each year. It is fairly normal, these days, for a property to be worth significantly more than the assessed value.
Sure houses go for more than assessed value but not like outside the city. I’d feel great if I walked with $150k. Realtor says she thinks the property based on condition could bring an offer of $125k. I won’t accept less than $100k no matter what. But im going to entertain offers and see what they come up with. There’s a few home buying organizations here too I can meet with (Hmong, urban initiatives, etc) that may be interested.
I'm not a lawyer, so definitely be careful, of course. But, if it were me, I'd have trouble not wanting to list it on the normal market. I don't think you are walking into liabilities here because you just don't have much real knowledge of the situation. Those lawsuits down the road are usually for known, hidden things like a known foundation issue that you knowingly hid with some quick patches to the cement. Or a septic field that doesn't work that you just keep pumping every few weeks while you try to sell the place -- without disclosing that you knew the septic field was gone.
It is generally not an issue for things that you don't have specific knowledge of -- especially if the buyer waives inspection. That's on them, not you, IMO.
5-Jun-23 6:22pm
#273 Datanuke
ryanflucas wrote:
John wrote:> What do you mean by "not going on the market, but instead going up for cash buyers/flippers"> exactly? I mean, if you're advertising it for sale, it is on the market. Or does> it have some issue that won't pass some inspection, so no mortgage is possible --> and, therefore, it would only be of interest to flippers/cash-only buyers? This. It’s an old enough house with money I’d need to sink into repairs and upgrades to make it worthy of local realtors to sell “on market” with a mls registered sign out front. At least this is what I’m being told by multiple people. I’m still suspecting they could be wrong. — There’s mold on one corner of the basement. — There’s a small wall break in the dining room. I have wall patches and repair spackle but was told by my realtor don’t even waste my time because there’s hairline foundation cracks which require wall brackets to remedy so there’s no movement. — The yard has some dead ash trees and branches that fell off them. I haven’t paid to have them removed since quotes were in the thousands. — My realtor saw a basement ceiling electrical junction box that leads down to the bedrooms. It’s uncovered. She said that’s original wiring and no insurance company in the state of WI will insure a house with that, no bank will issue a mortgage. The entire electrical system needs to be torn out and replaced. My cousins husband saw it today and said so what, put a lid over it.
Have you considered that the junction box with exposed wiring might be "retired in place?" If so, you could have an upgraded wiring system while the old system sits idly in place. That could also explain why the j-box would be left uncovered. In any case, I recommend you get an assessment from an actual electrician before jumping to any conclusions. Unless your agent is a building inspector AND a certified electrician, I would not take their advice. Similarily, their opinion on the foundation is meaningless unless they have a Structural Engineering license. It shouldn't be compromised by hairline fractures.
You may want to consider paying for your own inspector before making the drastic decision to dump it at a cash auction/sale. $500 or so could give you the peace of mind you need to list the house, or confirm that you don't want to. Either way, you'll have better information to make the right decision. I'd also consider getting the opinion of another agent before not listing.
About your current agent; I would question their motivation. It's not logical that your agent would not want the house on the market. If it doesn't get listed, then what would you need them for? Wouldn't they be out their commission check? I certainly wouldn't keep an agent around just for a fire sale, A lot of agents do house-flipping as a side-hustle. My spidey-sense tells me that this agent has someone with cash standing-by to snatch houses like yours on the cheap.
#273 Datanuke
ryanflucas wrote:
John wrote:> What do you mean by "not going on the market, but instead going up for cash buyers/flippers"> exactly? I mean, if you're advertising it for sale, it is on the market. Or does> it have some issue that won't pass some inspection, so no mortgage is possible --> and, therefore, it would only be of interest to flippers/cash-only buyers? This. It’s an old enough house with money I’d need to sink into repairs and upgrades to make it worthy of local realtors to sell “on market” with a mls registered sign out front. At least this is what I’m being told by multiple people. I’m still suspecting they could be wrong. — There’s mold on one corner of the basement. — There’s a small wall break in the dining room. I have wall patches and repair spackle but was told by my realtor don’t even waste my time because there’s hairline foundation cracks which require wall brackets to remedy so there’s no movement. — The yard has some dead ash trees and branches that fell off them. I haven’t paid to have them removed since quotes were in the thousands. — My realtor saw a basement ceiling electrical junction box that leads down to the bedrooms. It’s uncovered. She said that’s original wiring and no insurance company in the state of WI will insure a house with that, no bank will issue a mortgage. The entire electrical system needs to be torn out and replaced. My cousins husband saw it today and said so what, put a lid over it.
Have you considered that the junction box with exposed wiring might be "retired in place?" If so, you could have an upgraded wiring system while the old system sits idly in place. That could also explain why the j-box would be left uncovered. In any case, I recommend you get an assessment from an actual electrician before jumping to any conclusions. Unless your agent is a building inspector AND a certified electrician, I would not take their advice. Similarily, their opinion on the foundation is meaningless unless they have a Structural Engineering license. It shouldn't be compromised by hairline fractures.
You may want to consider paying for your own inspector before making the drastic decision to dump it at a cash auction/sale. $500 or so could give you the peace of mind you need to list the house, or confirm that you don't want to. Either way, you'll have better information to make the right decision. I'd also consider getting the opinion of another agent before not listing.
About your current agent; I would question their motivation. It's not logical that your agent would not want the house on the market. If it doesn't get listed, then what would you need them for? Wouldn't they be out their commission check? I certainly wouldn't keep an agent around just for a fire sale, A lot of agents do house-flipping as a side-hustle. My spidey-sense tells me that this agent has someone with cash standing-by to snatch houses like yours on the cheap.
6-Jun-23 4:21pm
#274 Chad
Hire someone to fix the known issues.
— There’s mold on one corner of the basement. - Mostly a DYI. Spray hydrogren pyroxide on the mold, let it sit 10-15 minutes, scrub, repeat if necessary. Get dehumidifer installed in basement. Ideally you have some interior drain and solve it with a $200 mobile dehumidifier and some H202. Could install something for like $2k and pay someone like $500-1000.
— There’s a small wall break in the dining room. I have wall patches and repair spackle but was told by my realtor don’t even waste my time because there’s hairline foundation cracks which require wall brackets to remedy so there’s no movement.- Get a foundation guy out to check your foundation. Hairline cracks don't matter, its once you've got a gap that you need to really worry. If there are cracks, they are repairable. Fix the interior dining room yourself. If you need to do anything on teh foundation, figure it starts at $500-1000. Might go up to like $8-10k if its really bad. But I bet its fine.
— The yard has some dead ash trees and branches that fell off them. I haven’t paid to have them removed since quotes were in the thousands. - call up a few churches looking to fund raise for something and tell them you'll pay minimum wage for as many kids as they send out, maybe like $10 an hour if you are federal minimum wage. Bet you can get it done for $100-200. If you can burn onsite do it, otherwise add $50 for them haul away.
— My realtor saw a basement ceiling electrical junction box that leads down to the bedrooms. It’s uncovered. She said that’s original wiring and no insurance company in the state of WI will insure a house with that, no bank will issue a mortgage. The entire electrical system needs to be torn out and replaced. My cousins husband saw it today and said so what, put a lid over it. - Do you have rag wiring? This would be the most expensive thing to replace. Minimum like $10k I would think. Probably $20k would be more average price.
If that is it, I would get that done and sell it as a turn key house.
Do not hire a home inspector. He will find lots of stuff that isn't necessarily a life and safety issue but is just deferred maintenance. If you know something, you then have to disclose it. Fix the stuff you know needs fixed. Depending on how long ago it was painted, consider hiring a painter for both interior and exterior, but I would prioritize interior.
Selling with a realtor vs selling to flippers is like a difference of 50%. Like $300k for the house I described vs $150k for cash offer. And I bet $20-40k and 4-8 weeks to get it done.
#274 Chad
Hire someone to fix the known issues.
— There’s mold on one corner of the basement. - Mostly a DYI. Spray hydrogren pyroxide on the mold, let it sit 10-15 minutes, scrub, repeat if necessary. Get dehumidifer installed in basement. Ideally you have some interior drain and solve it with a $200 mobile dehumidifier and some H202. Could install something for like $2k and pay someone like $500-1000.
— There’s a small wall break in the dining room. I have wall patches and repair spackle but was told by my realtor don’t even waste my time because there’s hairline foundation cracks which require wall brackets to remedy so there’s no movement.- Get a foundation guy out to check your foundation. Hairline cracks don't matter, its once you've got a gap that you need to really worry. If there are cracks, they are repairable. Fix the interior dining room yourself. If you need to do anything on teh foundation, figure it starts at $500-1000. Might go up to like $8-10k if its really bad. But I bet its fine.
— The yard has some dead ash trees and branches that fell off them. I haven’t paid to have them removed since quotes were in the thousands. - call up a few churches looking to fund raise for something and tell them you'll pay minimum wage for as many kids as they send out, maybe like $10 an hour if you are federal minimum wage. Bet you can get it done for $100-200. If you can burn onsite do it, otherwise add $50 for them haul away.
— My realtor saw a basement ceiling electrical junction box that leads down to the bedrooms. It’s uncovered. She said that’s original wiring and no insurance company in the state of WI will insure a house with that, no bank will issue a mortgage. The entire electrical system needs to be torn out and replaced. My cousins husband saw it today and said so what, put a lid over it. - Do you have rag wiring? This would be the most expensive thing to replace. Minimum like $10k I would think. Probably $20k would be more average price.
If that is it, I would get that done and sell it as a turn key house.
Do not hire a home inspector. He will find lots of stuff that isn't necessarily a life and safety issue but is just deferred maintenance. If you know something, you then have to disclose it. Fix the stuff you know needs fixed. Depending on how long ago it was painted, consider hiring a painter for both interior and exterior, but I would prioritize interior.
Selling with a realtor vs selling to flippers is like a difference of 50%. Like $300k for the house I described vs $150k for cash offer. And I bet $20-40k and 4-8 weeks to get it done.
6-Jun-23 6:03pm
#275 ryanflucas
There’s no way that would go 300k in my area at its peak.
Four bedroom homes in perfect condition here fetch $200,000 to $230,000. The higher end of that includes new appliances, windows, everything.
#275 ryanflucas
There’s no way that would go 300k in my area at its peak.
Four bedroom homes in perfect condition here fetch $200,000 to $230,000. The higher end of that includes new appliances, windows, everything.
6-Jun-23 10:10pm
#276 Chad
So then you are looking at $100k vs $200k with probably $20-40k in expenses and some of your time. Still sounds like latter is worth while to me.
#276 Chad
So then you are looking at $100k vs $200k with probably $20-40k in expenses and some of your time. Still sounds like latter is worth while to me.
9-Jul-23 7:30am
#278 HEHEHATE
luckily for me my house is family owned. and has been through now 3 generations. It kinda does what i need out of it, but because it was build in the 40's-50's? the decor definitely matches. My grandfather build it the house by hand which wasnt too hard considering he was a free mason himself. He also built the house next door, but after he dies my grandmother had financial troubles raising 8 kids on her own and decided to sell it.
One day when my credits much better i plan on staying here and taking the profit from having a living tenant already in the residence.
I feel for those buying right now. its nuts and insane and especially in new york i wouldn't dare buy another property where I'm at in my life right now
#278 HEHEHATE
luckily for me my house is family owned. and has been through now 3 generations. It kinda does what i need out of it, but because it was build in the 40's-50's? the decor definitely matches. My grandfather build it the house by hand which wasnt too hard considering he was a free mason himself. He also built the house next door, but after he dies my grandmother had financial troubles raising 8 kids on her own and decided to sell it.
One day when my credits much better i plan on staying here and taking the profit from having a living tenant already in the residence.
I feel for those buying right now. its nuts and insane and especially in new york i wouldn't dare buy another property where I'm at in my life right now
9-Jul-23 3:10pm
#279 Chad
Sorry to hear that Bean.
I've been having an impossible time finding contractors. I thought I was done doing the work myself. But for a fence? Earliest I can find someone to do that is last week of September. And it will cost $15k. There is a tiny bit of earth work in that but fuuuuuuuuuck.
My "apartment" remodel over the garage? Earliest I've heard is they can get me a QUOTE in October with work in February.
#279 Chad
Sorry to hear that Bean.
I've been having an impossible time finding contractors. I thought I was done doing the work myself. But for a fence? Earliest I can find someone to do that is last week of September. And it will cost $15k. There is a tiny bit of earth work in that but fuuuuuuuuuck.
My "apartment" remodel over the garage? Earliest I've heard is they can get me a QUOTE in October with work in February.
9-Jul-23 3:58pm
#280 ryanflucas
My new home supposedly increased 25k in the matter of months. I received cash offers the day I moved in. It's nuts.
#280 ryanflucas
My new home supposedly increased 25k in the matter of months. I received cash offers the day I moved in. It's nuts.
9-Jul-23 10:25pm
#281 SwiftJAB
My brother and I have been looking into real estate investing. We've been doing a bunch of research but haven't decided on which direction we want to take. I think the desire is to get into multifamily, like buying a small apartment complex, but we've also been tempted by the cash flow potential on rental arbitrage and AirBnB, but taxes and ramp up time might kill it for us.
Curious if anyone does real estate investing here and what you would look for in the current market.
#281 SwiftJAB
My brother and I have been looking into real estate investing. We've been doing a bunch of research but haven't decided on which direction we want to take. I think the desire is to get into multifamily, like buying a small apartment complex, but we've also been tempted by the cash flow potential on rental arbitrage and AirBnB, but taxes and ramp up time might kill it for us.
Curious if anyone does real estate investing here and what you would look for in the current market.
This housing market