Need help for my 1st Deal from all you gurus, please (long, but worth it) - Posted by JCP
Posted by JCP on June 05, 1999 at 20:07:49:
Here is the situation, I put the wanted ads in the newspaper, and got a call. I checked out the home this a.m. Here is the scoop.
Nice neighborhood, quiet country area
zoned comm/res, but no big business’ anywhere
Home is owned by a gentlemen who is over 70,
he has owned home for 45 years, and wants cash out, no l/o or short term 6 mo payoff
the home is approx 100 years old.
it is big - 4br, only 1 bath. Kitch, lr, and den
upstairs - needs windows 6-7 sets
floors up are ok, spongy in some rooms, b/c only wide plank 1 layer flooring in most.
roof doesn’t leak, but needs replacing - again wide plank roofing - even can see the tar paper from the inside
the sewer is going to have to be enlarged ( I don’t know much about what is needed. only its cement, small, and old)
the siding is asbestos - not crumbling — can i just side over this??? or is this big $$$
the electrical is old and needs to be updated and replaced (no breakers, no grounds in the outlets, and exposed in some areas)
the cellar is dug and poured to create a 5 foot area
There are 2 attached structures that need to be ripped down or rebuilt — workshop, porch
5-7 year old furnace
2 year old water heater
1 acre of land
The owner wants approx $60,000- for the property
I don’t really know how to approximate the repair costs – This is what scares me.
I thought of renting the prop out – prob 1000 a month rent
I thought of flipping this to an investor or rehaber for only a couple $1000, I would live in the prop if i needed
There is a mortgage on the prop, the owner is finding out the specifics on it.
Please advise, or add comments on this property.
I really enjoy this site, but more importantly, the advice and suggestions everyone adds is awesome.
Thank you in advance. This is my FIRST OF MANY and I just need a push or reassurance.