Got accepted on an offer on a house

[Squisher]

I'm going to rent it to my 22 year old son. I told him he can fix it up (with my help) and we'll split the profit. Houses in this price range are still seeing very brisk sales.

1000 sq. ft., 3 bedrooms, 1 bath, 2 1/2 car garage, corner lot 120' X 139', remodeled kitchen, natural fireplace. Came with washer, dryer, stove, and dishwasher.

$18K, Wayne, MI (about 15 miles west of Detroit)

side pic

front pic

 

[ebaycj]

Please tell me he already lives in / has a job in / around Wayne.

 

[vi edit]

Rent it to your son? For $18,000 he couldn't swing a 30 year mortgage payment of $100 a month?

 

[mugs]

Is it in really bad shape, or do houses just go for $18k there? The exterior looks pretty good. How much profit do you figure you'll end up with from an $18k house?

You could probably sell the trees and cover a good portion of the cost of the house. :Q

 

[vi edit]

Originally posted by: mugs
Is it in really bad shape, or do houses just go for $18k there? The exterior looks pretty good. How much profit do you figure you'll end up with from an $18k house?

You could probably sell the trees and cover a good portion of the cost of the house. :Q

Hell, a two stall garage can easily run $10,000 if you had someone put one up for you. The roof looks like it needs some serious attention, some real sag going on up front. And is this on a slab, crawl, or full basement?

 

[Corporate Thug]

I don't know what shocks me more: a 3d bedroom house that's 1000 sq ft or the fact that it costs 18k.

 

[Squisher]

Originally posted by: ebaycj
Please tell me he already lives in / has a job in / around Wayne.

yes

Originally posted by: vi edit

Originally posted by: mugs
Is it in really bad shape, or do houses just go for $18k there? The exterior looks pretty good. How much profit do you figure you'll end up with from an $18k house?

You could probably sell the trees and cover a good portion of the cost of the house. :Q

Hell, a two stall garage can easily run $10,000 if you had someone put one up for you. The roof looks like it needs some serious attention, some real sag going on up front. And is this on a slab, crawl, or full basement?

Crawl space, but it looks pretty inaccessible, maybe 12" off grade.

It looks like the previous owners were going to flip it and ran out of money. They put in a new kitchen, new vinyl windows, and the siding. The bulk of the sag on the roof is in that porch roof. The roof itself has architectural shingles, so I'm guessing it's less than 15 years old.

 

[ViviTheMage]

My car costs more, ahhaha

 

[Squisher]

Originally posted by: Corporate Thug
I don't know what shocks me more: a 3d bedroom house that's 1000 sq ft or the fact that it costs 18k.

MBR: 9x11
BR2: 9x11
BR3: 9x10

Kitchen: 9X14
Living Room: 13X13
Laundry: 8X9

Not everybody lives in McMansions.

 

[Crusty]

Originally posted by: ViviTheMage
My car costs more, ahhaha

 

[KLin]

Originally posted by: ViviTheMage
My car costs more, ahhaha

What's going to be worth more 10 years down the road? aHAHAHAhahaAHah

 

[CRXican]

Originally posted by: ViviTheMage
My car costs more, ahhaha

seriously

that's crazy

 

[coldmeat]

Edmund & Annapolis?

 

[BarneyFife]

Originally posted by: KLin

Originally posted by: ViviTheMage
My car costs more, ahhaha

What's going to be worth more 10 years down the road? aHAHAHAhahaAHah

In this economy, don't be so sure that house isn't worth $10k in 10 years.

 

[BudAshes]

wow 18k, thats ridiculously cheap. I thought the house on my street that went for 250k was cheap and I don't think it was any bigger.

 

[rh71]

you forgot a zero!

Looks like one priced at 350k with 10k annual taxes here.

On a related note, I was looking at some foreclosures in San Diego last night... $400k gets you nearly 3000sq ft. Real value is $750k. Why aren't those being gobbled up?

 

[KLin]

Originally posted by: rh71
you forgot a zero!

Looks like one priced at 350k with 10k annual taxes here.

On a related note, I was looking at some foreclosures in San Diego last night... $400k gets you nearly 3000sq ft. Real value is $750k. Why aren't those being gobbled up?

Nobody can afford 400k?

 

[ponyo]

What are taxes like? Looks like nice plot of land and love the trees.

 

[theflyingpig]

Originally posted by: Squisher
(about 15 miles west of Detroit)

Too close to that shit hole. I wouldn't buy.

 

[Squisher]

One very attractive thing about this house are the taxes, ~$1500/yr. and they'll probably go down from there with this sale. The last record of a sale on Trulia.com for the house shows a price of $69K in 1/09 and is probably the size of the mortgage when during foreclosure the ownership reverted back to the bank.

I've seen some foreclosures that were selling for $20K that the taxes were $6K/yr.

 

[ponyo]

Originally posted by: Squisher
One very attractive thing about this house are the taxes, ~$1500/yr. and they'll probably go down from there with this sale. The last record of a sale on Trulia.com for the house shows a price of $69K in 1/09 and is probably the size of the mortgage when during foreclosure the ownership reverted back to the bank.

I've seen some foreclosures that were selling for $20K that the taxes were $6K/yr.

So what's the downside? Looks like win, win, win from every angle. :thumbsup: Congrats and heck of a deal/steal.

 

[Yzzim]

just curious, but can a person take out a mortgage on a foreclosure? I thought I remember hearing that there was some difficulties with that or something. Maybe it was for a first time homebuyers mortgage...I don't remember.

 

[Corporate Thug]

Originally posted by: theflyingpig

Originally posted by: Squisher
(about 15 miles west of Detroit)

Too close to that shit hole. I wouldn't buy.

I've never been to Wayne, MI (or anywhere in MI) but Inglewood, CA is less than 10 miles away from Beverly Hills, so I'm not sure why a 16 miles proximity to Detroit would change anything.

 

[wiredspider]

Originally posted by: Yzzim
just curious, but can a person take out a mortgage on a foreclosure? I thought I remember hearing that there was some difficulties with that or something. Maybe it was for a first time homebuyers mortgage...I don't remember.

You can, but typically they are in bad condition so the bank won't give you the mortgage.

The bank holding the foreclosure property will also typically prefer a cash transaction for this reason.

 

[zinfamous]

Originally posted by: Squisher

Originally posted by: Corporate Thug
I don't know what shocks me more: a 3d bedroom house that's 1000 sq ft or the fact that it costs 18k.

MBR: 9x11
BR2: 9x11
BR3: 9x10

Kitchen: 9X14
Living Room: 13X13
Laundry: 8X9

Not everybody lives in McMansions.

If they were adjacent, I would tear out a wall b/w BR 1&2, make larger master or master suite from entire space, or make a smaller office/ semi-bedroom.

but WTF? $18k????