Posted by reality on June 12, 2006 at 03:42:28:
What the H are you talking about? What is your answer to the man’s question?
How close is too close between train and house? - Posted by ErickaD
Posted by ErickaD on June 06, 2006 at 15:25:54:
I have seen a house sitting on the market for some time, because the train track is near the backyard (That is my reasoning). I have also seen a board-up that the only thing separating it from the train tracks is the street alongside the train tracks. Should I even look at these houses unless they are giving them away? The train tracks are for the Metra train here in Chicago, which is a commuter train line. When is the train too close to be acceptable by a prospective homeowner?
Thanks,
Ericka
Re: - Posted by Sean
Posted by Sean on June 07, 2006 at 14:25:48:
Any house will rent or sell, assuming it is functionally and structurally sound. If someone can live there, and the price is right, someone will… the question is what situation/price is going to make it worth while?
Someone who can only afford a relatively cheap market rent, which would normally put them in an apartment or a sleeping room, may be thrilled to have a whole house for equivalent rent/payment even if it does have a train running right behind/beside it.
The question is, can you get it cheap enough to make it worth it? and then can you market it well enough to find those people?
I am sure there are other houses along those train lines… and I bet odds most of them aren’t vacant.
The basic premise . . . - Posted by Joe Kaiser
Posted by Joe Kaiser on June 07, 2006 at 11:59:04:
When you own this sort of property, you have a problem.
When you’re an investor contemplating offering on this sort of
property, if you understand what you’re doing, you merely have a
potential “situation.”
There’s a big difference between problems and situations, that’s the
basic premise of distressed property investing.
Problems are troubling or unbearable or whatever (or someplace in
between all of that).
This is why I like problem properties.
I can effectively “charge” an arm and a leg to relieve the seller of his
problem, (often disproportionately so), resulting in me now with a
situation.
Essentially, a huge problem is reduced to merely a situation to be
handled when discounted appropriately (and then some!) . . . and I’ll
take on situations all day long.
Problem vs. Situation, understand the concept and you’ll understand
how to get paid.
Joe
Re: How close is too close between train - Posted by Pat
Posted by Pat on June 06, 2006 at 22:37:09:
I don’t know enough about your situation but I can relate a similar experience. Some years ago, a bank REO officer cantacted me about a property he had and wanted to get rid of. It was a 3 br 1 b ranch. The front door was less than 15 feet from the edge of the higway pavement and the back door was less thatn 50 feet from the railroad tracks leading into the local paper mill. We agreed on a price of 25K. At the time there was a tenant in the house who had been paying rent on time but because of “bad credit” was turned down for a loan with the same bank. We ran him and found out that his “bad credit” was based on a $60 gas payment he overlooked from a previous tenancy. We got him financed and flipped the place to him for 50K. The point I’m trying to make is this: He lived in the place because he liked it (railroad tracks not withstanding). If your price and or deal is right, you’ll get a buyer.
Re: How close - Posted by michaela-FL
Posted by michaela-FL on June 06, 2006 at 19:11:48:
If you can get it for an awesome price, then you could advertise it at an organization that supports deaf people.
Michaela
Re: How close - Posted by Kristine-CA
Posted by Kristine-CA on June 06, 2006 at 16:59:17:
In my experience there is no such thing as too close to the tracks or
too much crime or too much repair needed. It’s all about value vs.
those issues. There is a buyer for everything. If you could by the
house for $100, could you sell it for $1K? 10K? If you could buy it for
10K, could you sell it for 20K?
Obviously prospective buyers buy/rent and live right near the tracks. If
you take the EL or ride around NYC on subways you’re able to look into
people’s kitchens and see what they are cooking.
IMO it’s always about the price vs. the problem. The problem doesn’t
exist in a vacuum. Kristine
Apparently, THAT close! - Posted by jason
Posted by jason on June 06, 2006 at 16:05:29:
THAT close is too close if they wont sell, RIGHT???
Re: The basic premise . . . - Posted by reality
Posted by reality on June 12, 2006 at 03:49:19:
I think you mean he should only purchase the property IF he can get it for next to nothing? right? Why not just say so, instead of this problem-situation tongue twister?