$60k for a 6 bed 2 bath...

[krwell]

Okay I found a place that is 6 bedroom 2 bath for $60k. It has been vandalized but its not too bad. It looks like it was once a duplex and the wall inbetween taken down. I've never owned a house before and I'm still building credit. You guys think I should get it?? I could rent it out if I want to. pros?? cons??? Help me out.

Thanks
krwell

 

[Angrymarshmello]

6 bedrooms? I'd take it in a heartbeat if it wasn't in a $hitty neighborhood. How many living areas and square feet is it?

 

[Farbio]

i would seriously check out the area its in.....i almost rented a 6/2 once.....it was a very cheap price - actually less than the 3/2 i'm in now, but the catch was it was in the middle of the projects and i would have been afraid to walk outside in daytime, much less at nite......

if everything else is good, and you like the look of it and can stand living in it for a few years or more, go for it - but make sure u have it inspected first!

 

[Gonad the Barbarian]

Originally posted by: krwell
Okay I found a place that is 6 bedroom 2 bath for $60k. It has been vandalized but its not too bad. It looks like it was once a duplex and the wall inbetween taken down. I've never owned a house before and I'm still building credit. You guys think I should get it?? I could rent it out if I want to. pros?? cons??? Help me out.

Thanks
krwell

If it was a load bearing wall and they just knocked it out stay far, far away.

 

[krwell]

over 2000 sq ft. I need to take a closer look of the inside. I've called the agent assigned to the property and left a message. I'm awaiting her call.

Anyone know how much property management places charge?

 

[krwell]

If it was a load bearing wall and they just knocked it out stay far, far away.

Good point

 

[Hayabusa Rider]

Man you couldnt buy an outhouse in the Boston area for 60k

 

[iamwiz82]

what zip code is the house in?

 

[krwell]

The place is in a smaller town approx 30,000

 

[d33pt]

that's crazy.. around here something like that would cost 600k..wish i could afford a house..any house

 

[Miramonti]

A good rule of thumb to start with is that you get what you pay for...

Project houses usually aren't a great place to start your first house with. If your going to pay alot of money to fix it or bust your butt to fix it, you want to have the expectation that you're going to live there a long time so that you can reap the rewards of all that you've done and invested in.

On the otherhand, if you know what you're doing and can do most of it yourself, you can make alot of money by rehabbing it and then selling it.

 

[Evadman]

Originally posted by: d33pt
that's crazy.. around here something like that would cost 600k..wish i could afford a house..any house

Thats about what it would cost around here too.

 

[Miramonti]

Originally posted by: Hayabusarider
Man you couldnt buy an outhouse in the Boston area for 60k

I'll sell you one.

 

[TallBill]

Originally posted by: jjsole

Originally posted by: Hayabusarider
Man you couldnt buy an outhouse in the Boston area for 60k

I'll sell you one.

i'll sell you a used one for half off..

 

[krwell]

so what would be the chances of getting a loan for this place?... I only have like $3k in the bank and I've been at my job for about 8 months, but I make $45k/yr....

 

[holden j caufield]

sounds really good, almost too good. Seriously though if it was such a great deal the agent would've probably bought it themselves and then sold it higher. There has to be something extremely undesirable about it but you never know

 

[KMurphy]

What do you mean over 2000 square feet. I have a 3/2 that is 2500 square feet and this house is average. Those six bedrooms must be the size of closets in my house. You need to take a look. A 6/2 arrangement doesn't sound like a stock build; more like someone converted carport space to extra bedrooms. That doesn't sound like a good deal to me. Also, you mention the home has been vandalized? Sounds pretty ghetto to me.

 

[Miramonti]

so what would be the chances of getting a loan for this place?... I only have like $3k in the bank and I've been at my job for about 8 months, but I make $45k/yr....

I always thought that 20% is what you should put down to get good terms and 10% was somewhat the minimum (but I don't know for sure.).

Originally posted by: KMurphy
What do you mean over 2000 square feet. I have a 3/2 that is 2500 square feet and this house is average. Those six bedrooms must be the size of closets in my house. You need to take a look. A 6/2 arrangement doesn't sound like a stock build; more like someone converted carport space to extra bedrooms. That doesn't sound like a good deal to me. Also, you mention the home has been vandalized? Sounds pretty ghetto to me.

Sounds more like a 2 bedroom with 2 additional makeshift walls put up in each bedroom.

 

[amdskip]

Get RossMan in here for the financial part of this cause he is the man for that

Otherwise, probably not a firm investment but you should take a closer look and it could be a real steal.

 

[hans007]

something like that would probably cost about half a mil in my hometown. its wierd though 6 bedrooms and only 2 baths? are some of those bedrooms really closets?

 

[tm37]

Originally posted by: krwell
so what would be the chances of getting a loan for this place?... I only have like $3k in the bank and I've been at my job for about 8 months, but I make $45k/yr....

WHat other debt do you have?

 

[Moonbeam]

I would suggest that you study the market and look at lots of places before you jump. With 45 thousand anual you could easily afford that house, but it might be better to buy something better. In other words don't go off half cocked with enthusiasm not grounded in information. As you must know there are three important factors in buying real estate, location, location, location. Study the market, know the going prices, learn about loans. A home is the biggest purchase most people ever make. Do it right.

 

[Bkas]

Check the neighborhood...sounds like crap to me. Check the house itself...sounds too good to be true.

My family's 1984 4 bedroom 2.5 bath (+a study room) that's around 2500 sq. feet has been recently appraised for $390k...

I can't imagine a $60k house with 6 bedrooms being in a great neighborhood.