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Topic Review (Newest First)
10-20-2019 05:50 PM
gregj50
Quote:
Originally Posted by Juztyn00 View Post
Yes, Pretty much everything on the south side of broadway and east of 27th is the problem area. Some cheap houses in there if you don't mind dealing with the people that want to live there. Where I bought is an older side of town, not very desirable, but quiet working class neighborhood. Lots of older houses, some in disrepair and some that have had a lot of money put in to rehab. Had flooding earlier this year and a lot of the houses near this house got condemned and are due to be demolished by the city, Mine is on top of the hill so less neighbors to deal with. This house went fast, only on the market 4 days since it was put up on Friday of a holiday weekend. I paid a little more than asking price as a cash deal since there were multiple offers. Sounds like I will get to close a little sooner than the 30 day mark so hopefully will be getting into it soon.







I was warned about the local PM companies that they will put anyone in and take their cut not caring on how they will treat the property. I'm good friends with a local Realtor that has a lot of rental properties. I'm taking his advice on how to proceed.



Edit: Prop taxes are about $840/yr not bad, not great.


I thought I could do a better job managing myself!!! Once I got PM involved I realized how bad a job I was doing!!!
It doesn’t make sense that they would just put anyone in there. Problem tenants are just problems for them. If there’s quality tenants in the area a good PM knows how to get them.... at least that is the case in our area!!!!


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10-19-2019 02:37 PM
Juztyn00
Quote:
Originally Posted by 2big bronco View Post
Is there a really good and really bad side of town? Looking at houses for sale there it looks like there are some $30k houses that dont look much different from some $200k houses.

How much are property taxes?
Yes, Pretty much everything on the south side of broadway and east of 27th is the problem area. Some cheap houses in there if you don't mind dealing with the people that want to live there. Where I bought is an older side of town, not very desirable, but quiet working class neighborhood. Lots of older houses, some in disrepair and some that have had a lot of money put in to rehab. Had flooding earlier this year and a lot of the houses near this house got condemned and are due to be demolished by the city, Mine is on top of the hill so less neighbors to deal with. This house went fast, only on the market 4 days since it was put up on Friday of a holiday weekend. I paid a little more than asking price as a cash deal since there were multiple offers. Sounds like I will get to close a little sooner than the 30 day mark so hopefully will be getting into it soon.

Quote:
Originally Posted by gregj50 View Post
Get yourself a good PM!!!! Especially if your gonna buy more!!!! They always get more
$$$ for rent and you’re detached from the tenant..... can go in and do repairs and just act like the handyman!!!!

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I was warned about the local PM companies that they will put anyone in and take their cut not caring on how they will treat the property. I'm good friends with a local Realtor that has a lot of rental properties. I'm taking his advice on how to proceed.

Edit: Prop taxes are about $840/yr not bad, not great.
10-15-2019 10:32 PM
gregj50
Quote:
Originally Posted by Juztyn00 View Post
unless I fail at finding a good renter.

Get yourself a good PM!!!! Especially if your gonna buy more!!!! They always get more
$$$ for rent and you’re detached from the tenant..... can go in and do repairs and just act like the handyman!!!!



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10-15-2019 08:56 PM
Provience congrats, i hope it works out
10-15-2019 08:36 PM
2big bronco Is there a really good and really bad side of town? Looking at houses for sale there it looks like there are some $30k houses that dont look much different from some $200k houses.

How much are property taxes?
10-15-2019 08:23 PM
Juztyn00
Quote:
Originally Posted by Pook View Post
Wow.

You couldn't even pay the rent on a 1 bedroom basement suite around here for a year for $10k.

I would be buying up rentals at those prices as well. Whats the job market like in the area?
If you have a pulse and can pass a drug test, the tire plant in town will hire you. The job market isn't that bad here, got 2 major interstates running through here, lots of restaurants, Walgreens distribution center, Mine equipment manufacturer, Train locomotive restoration place, plus all the normal stuff a city of 20k has. This house should rent for close to 600 if I shine it up some. 2-3 year return on my investment sounds ok unless I fail at finding a good renter.
10-15-2019 05:17 PM
Pook Wow.

You couldn't even pay the rent on a 1 bedroom basement suite around here for a year for $10k.

I would be buying up rentals at those prices as well. Whats the job market like in the area?
10-15-2019 04:26 PM
Juztyn00 Well, the mold house has been bid up to 11,000 without an accepted offer, however this dropped on the market on Friday and they accepted my offer today.. It's another bank repo, Going to need some work but its structurally solid and in a quiet neighborhood, I'm jumping feet first into the rental business.
https://www.realtor.com/realestatean...-81815?view=qv
09-16-2019 10:31 PM
thefishguy77
Quote:
Originally Posted by Mr Stubs View Post
How much is the lot worth?


Gets it ^^^

Its a knockdown


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09-16-2019 10:22 PM
Mr Stubs How much is the lot worth?
09-16-2019 08:45 PM
Juztyn00
Quote:
Originally Posted by WTF? View Post
Not enough upside for me.

Under absolute best case scenarios, the return on investment seems pretty marginal.

And at that end price point it doesn't take too many unplanned/unexpected hits to the budget to eat up all of your profit margin and then some.

I presume in a market where houses are that dirt cheap, that there's not many interested buyers, so it could take a while to get decent money out of it if/when SHTF.
The liveable houses for sale in the neighborhood this is in range from 60-120k. This one is dirt cheap for a reason. Looks like they spent some money making it nice and air tight then cut the power so the leaky basement could fill up. It

Quote:
Originally Posted by IEATRKS84 View Post
who the fuck can afford $600 a month rent but not a $10,000 house?
People that suck at planning life.... in other words the vast majority. This isn't a move in ready place either or one that would qualify for financing.


Quote:
Originally Posted by v6toy4x View Post
even with gutting all the drywall you are never going to get it all that kitchen is BAAAAAAAAD news
Plaster and lath walls throughout, No removing that delicately. Biggest reason I'm walking away is I hate that stuff even when mold isn't present.
09-16-2019 06:57 PM
thefishguy77
Quote:
Originally Posted by DavidVanVorous View Post
True BUT...2% peroxide you get at Wally world isnt a particularly good disinfectant on molds. It needs to be at least 3% and 10% better still. Thats more commonly available from hair places, chem houses possibly industrial supply houses (Amazon maybe).



The big headache is it takes scrubbing along with the disinfectant and peroxide will cause skin burns on contact with the higher concentration.


Look at fiberlock products. Many dont require scrubbing however at the mold level in that house they might.
As always where appropriate PPE. I buy it at janitorial supply stores but amazon also carries most of their line.




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09-16-2019 06:40 PM
v6toy4x even with gutting all the drywall you are never going to get it all that kitchen is BAAAAAAAAD news
09-16-2019 06:34 PM
IEATRKS84 who the fuck can afford $600 a month rent but not a $10,000 house?
09-16-2019 06:25 PM
WTF? Not enough upside for me.

Under absolute best case scenarios, the return on investment seems pretty marginal.

And at that end price point it doesn't take too many unplanned/unexpected hits to the budget to eat up all of your profit margin and then some.

I presume in a market where houses are that dirt cheap, that there's not many interested buyers, so it could take a while to get decent money out of it if/when SHTF.
09-16-2019 05:04 PM
aczlan
Quote:
Originally Posted by DavidVanVorous View Post
True BUT...2% peroxide you get at Wally world isnt a particularly good disinfectant on molds. It needs to be at least 3% and 10% better still. Thats more commonly available from hair places, chem houses possibly industrial supply houses (Amazon maybe).
Hence why I said industrial peroxide...
Quote:
Originally Posted by DavidVanVorous View Post
The big headache is it takes scrubbing along with the disinfectant and peroxide will cause skin burns on contact with the higher concentration.
Time for a tyvec bunny suit and a lot of sweat...

Aaron Z
09-16-2019 11:16 AM
DavidVanVorous
Quote:
Originally Posted by aczlan View Post
Exactly, bleach will not go "into the wood" like peroxide will and as a result, the mold will grow back if you use bleach.

Aaron Z
True BUT...2% peroxide you get at Wally world isnt a particularly good disinfectant on molds. It needs to be at least 3% and 10% better still. Thats more commonly available from hair places, chem houses possibly industrial supply houses (Amazon maybe).

The big headache is it takes scrubbing along with the disinfectant and peroxide will cause skin burns on contact with the higher concentration.
09-16-2019 09:13 AM
ky scrambled Its in Mt. Vernon also. The location is worse than the mold!
09-16-2019 09:04 AM
Juztyn00 It's worse now than when the pics were taken. It would be a complete gut, Every room is molded and it is all plaster walls (I hate removing plaster). Basement has about 4" of water in it currently and it has been up to about 2 feet, furnace and water heater are rusted. Its a level of nasty I don't feel like dealing with. Going to pass on this one.
09-15-2019 09:02 PM
thefishguy77 Bring a decent moisture meter with you if you can, or better a FLIR camera if you have one. I think your going to find WAY more than 10,000 worth of damage. Lowball them another 30-50,000 off the price and treat it as a knock down...


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09-15-2019 08:02 PM
Hooligan Holy mold Batman! How long does it take for the kitchen ceiling to get that bad?
09-15-2019 05:58 PM
Juztyn00 Called a realtor buddy of mine, going to go look inside tomorrow to see how bad it really is. I'll take some more pics...

Edit: he said our city could care less about remediation as long as its clean and up to code before you call to get a rental inspection.
09-15-2019 12:56 PM
drummer9479 I saw mold in that light blue room, in the bathroom, and the stairwell to the basement. You'd end up gutting that entire house and starting over. If it only sells for 45 thousand in good condition and it's 10,000 now you'll be upside down quick.
09-15-2019 11:19 AM
aczlan
Quote:
Originally Posted by thefishguy77 View Post
Be prepared for doing the whole house. Use peroxide not bleach. Buy the correct stuff.
Exactly, bleach will not go "into the wood" like peroxide will and as a result, the mold will grow back if you use bleach.

Aaron Z
09-15-2019 08:02 AM
thefishguy77 Be prepared for doing the whole house. Use peroxide not bleach. Buy the correct stuff. Then hate yourself for buying a mold house after your done. Or light it on fire and contact insurance about a LiPo battery causing another house fire...


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