A SUPER DEAL...CHA-CHING...CHA-CHING! I THINK? - Posted by chris

Posted by chris on April 06, 2000 at 07:46:52:

I mean HUD owns the home!!!

sorry!!

chris

A SUPER DEAL…CHA-CHING…CHA-CHING! I THINK? - Posted by chris

Posted by chris on April 06, 2000 at 07:45:23:

HERE IT IS.

I found a home unoccupied…foreclosure…bank owns.

It was on the market for $34,000. it was on the market for a few months, price was reduced to $32,000, then recently to $22,000!

Details:
Location: Central NY (syracuse)
Home: 3-unit
Condition: One foundation wall needs
to be redone, new plumbling
and heating, some electric
and interior renovations.

I recently bought a 4-unit in the same town for $88,500 in ok condition. i think the three unit renovated would be worth $80-$85. Two 2br, one 3 br. Therefore i need to figure out how much it would cost to renovate…i have to be below $63,000 (85,000-22,000) in order to make some cash on the deal.

here is where it gets murky for me. Considering the worst, do you pro’s think that i can make these repairs under the $63,000? i know you haven’t seen it, but… And how are the benfits of the 203k plan set up by HUD???

your help is appreciated. i am looking at the place today again, and will consider offering!!

THANKS!!!

Get estimates - Posted by Carmen_FL

Posted by Carmen_FL on April 06, 2000 at 16:52:15:

Sight unseen, probably the best advice would be to get some estimates from people who do the kind of work the house needs, especially if you are unfamiliar with the cost of these repairs. You can get free estimates, either from a general contractor who can do it all or from individuals. My main concerns would be the foundation, roof, electrical and plumbing.

But putting $63K into a house you buy for $22K sounds like rebuilding, not rehabbing! What are you going to do with this - keep it for income property? Sell it for profit? That would help me determine how much I really wanted to spend on it, and if it’s worth it.