Who's crazy?? (by Robin [WI]) Oct 25, 2024 12:50 PM
Who's crazy?? (by S i d [MO]) Oct 25, 2024 2:12 PM
Who's crazy?? (by elliot [RI]) Oct 25, 2024 6:21 PM
Who's crazy?? (by Phil [OR]) Oct 25, 2024 6:38 PM
Who's crazy?? (by Robin [WI]) Oct 25, 2024 7:25 PM
Who's crazy?? (by RentsDue [MA]) Oct 25, 2024 9:16 PM
Who's crazy?? (by John [NJ]) Oct 25, 2024 9:53 PM
Who's crazy?? (by Ken [NY]) Oct 26, 2024 8:16 AM
Who's crazy?? (by zero [IN]) Oct 26, 2024 11:54 AM
Who's crazy?? (by Bonanza [NC]) Oct 26, 2024 2:40 PM
Who's crazy?? (by Sean [OR]) Oct 27, 2024 1:22 AM
Who's crazy?? (by Oregon Woodsmoke [ID]) Oct 27, 2024 11:29 AM
Who's crazy?? (by WMH [NC]) Oct 27, 2024 11:47 AM
Who's crazy?? (by BRAD 20,000 [IN]) Oct 29, 2024 1:18 AM
Who's crazy?? (by Ray-N-Pa [PA]) Oct 29, 2024 6:54 AM
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Who's crazy?? (by Robin [WI]) Posted on: Oct 25, 2024 12:50 PM Message:
Two of my houses are on the same street. I bought each one within the last 18 months for $35K. Both are 1900s-era, 3/1.5 SFH with three-car garages. Rehab cost for the first was about $30K (rewired and replumbed the whole house, new bathroom and kitchen, new windows, flooring, etc). Rehab for the second will be about $50K (all of the above plus new roof and adding two bathrooms and a kitchenette). So $65-80K all in, and they're new inside and out. The first one rents for $1200 and the second will rent for $1500.
There's a house literally next door to the first one I rehabbed that was undergoing rehab at the same time. I talked to the contractor and he told me some nonprofit out of Chicago had bought it and was going to use it for low-income housing.
ONE YEAR after I had mine rehabbed and rented out, the next-door house finally hit the market. For sale. For $150K. Mind you, my current house three houses up that I'm rehabbing right now has bullet holes in the siding. On three different sides. The one just listed for sale had a bullet hole until they covered it up. No garage, pea gravel driveway, and I'm positive they didn't replace all the knob and tube wiring.
I almost hope they get it, because that means mine will be worth at least $30K more, and I'd love to have a homeowner move in rather than a voucher holder. But I don't want my property taxes to go up.
Is the flipper crazy for asking that much? Or is that a reasonable price these days? What are you seeing happen with your property values?
--104.230.xxx.xxx |
Who's crazy?? (by S i d [MO]) Posted on: Oct 25, 2024 2:12 PM Message:
We've been having some discussions lately about "crazy" pricing. It's only crazy if you can't find a buyer/renter. If you can, then you may actually be UNDER pricing it, especially if they offer full price right out of the gate.
About 7-8 years ago, the only thing I'd buy were "2% Rule" houses. They were all over the place. A little harder to find these days, but yours 1.8-1.9% rule, which tells me prices are a little higher, but not by much compared to rents.
People on Facebook here constantly foam at the mouth about the "crazy" prices. And yet... the units get rented. Crazy is in the eye of the beholder. What's crazy to me is some folks think they should be able to rent or buy a house for what their grandparent's paid.
Ask and ye might receive.
Ask not, and ye definitely will not receive.
--184.4.xx.xx |
Who's crazy?? (by elliot [RI]) Posted on: Oct 25, 2024 6:21 PM Message:
Out of state people will buy it if you have that kind of investors.. Bunch people in my neck of woods go to OH to invest..
On a separate note, for what you did with 30K, I don't know if I can get them done with $60K. Landlord price, not home owner price.. have to say that the rehab costs are much lower inland areas --96.253.xx.xx |
Who's crazy?? (by Phil [OR]) Posted on: Oct 25, 2024 6:38 PM Message:
You would have a hard time buying an improved lot with no building for $150,000 in the Western part of Oregon.
1950-60 3/1 basic house is $375,000--if you can find one for sale. --76.138.xxx.xxx |
Who's crazy?? (by Robin [WI]) Posted on: Oct 25, 2024 7:25 PM Message:
What makes no sense to me is paying $150K for a house that will rent for $1200--MAYBE. If they don't have the right local connections, they'll end up having to take section 8 which for that neighborhood is only going to pay $975. Ah well--maybe I'll have a chance to buy it from them cheap in a couple of years! --104.230.xxx.xxx |
Who's crazy?? (by RentsDue [MA]) Posted on: Oct 25, 2024 9:16 PM Message:
You are looking at it as a rental. Look at it as someone who will buy it for 150K and live in it. Their mortgage will be cheaper than rent. --68.191.xx.xx |
Who's crazy?? (by John [NJ]) Posted on: Oct 25, 2024 9:53 PM Message:
$35K for a house in Wi? Houses going for $150k elsewhere? WOW!!! In New Jersey you can't touch ANYTHING for near that price regarding of condition, rental or not. For my multi-family that I bought in 2001 for $325K in a decent area can't be touched for under $650K.
John
New Jersey --24.228.x.xx |
Who's crazy?? (by Ken [NY]) Posted on: Oct 26, 2024 8:16 AM Message:
John,I am buying a 1 family upstate ny $26000 with $20000 of it being owner financed. i will rent it for $1200 --208.115.xxx.xx |
Who's crazy?? (by zero [IN]) Posted on: Oct 26, 2024 11:54 AM Message:
But Ken, you are the atypical dealer.
Somehow you literally step in crap and come out smelling like a rose.
Yes, that is envy you detect from me. --107.147.xx.xx |
Who's crazy?? (by Bonanza [NC]) Posted on: Oct 26, 2024 2:40 PM Message:
Yes Ken would be an educational speaker at a Mr LL meeting --174.243.xx.xxx |
Who's crazy?? (by Sean [OR]) Posted on: Oct 27, 2024 1:22 AM Message:
$35k for a house. Please post pictures!!
We can’t even look at dirt for three times that price. --68.186.xx.xxx |
Who's crazy?? (by Oregon Woodsmoke [ID]) Posted on: Oct 27, 2024 11:29 AM Message:
Robyn, for folks outside your area, $150,000 for any house seems so cheap, let alone a 3 bed 2 bath with a garage. Of course, foolish of them to not shop around a little bit and compare prices and neighborhoods.
I can't buy a small bare building lot for that, although there are no buildings with bullet holes anywhere near me on this side of the Idaho/ Washington border. You will find plenty of bullet holes in Spokane which is just on the other side of the border, and house prices are substantially cheaper there... although nothing as low as $150K. --76.178.xxx.xxx |
Who's crazy?? (by WMH [NC]) Posted on: Oct 27, 2024 11:47 AM Message:
The locals here btch about the 'northerners' who came south during Covid and drove up the housing prices...well they did -because everything here was cheaper by comparison than the beach houses in Jersey I guess.
Now I see a bunch of those overpriced houses on the market, with "Price Cut!" "Price Reduction!" and "Price Correction!" (love that one) in all the recent ads.
Houses falling into the ocean, astronomic insurance increases and RETURN TO WORK orders have changed the values.
We'll see how much. --108.4.x.xxx |
Who's crazy?? (by BRAD 20,000 [IN]) Posted on: Oct 29, 2024 1:18 AM Message:
So sell yours for $300 and 1031 into an easy to manage apt building.
Sure there are cray cray prices but I see many LLs complaining about these high prices but not cashing in on the trend.
BRAD --68.50.xxx.xxx |
Who's crazy?? (by Ray-N-Pa [PA]) Posted on: Oct 29, 2024 6:54 AM Message:
I don't if the question isn't who is crazy or will the normal rules that we have learned and followed for decades have been forever changed? --24.101.xxx.xxx |
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