I inherited a disaster!

That sure is a disaster. I went over to your myspace and took a look. LOL!
I know some people would gladly pay you to live in that house BUT you will be out a small fortune trying to bring it up to codes so a family could safely live in it.

It would be a whole lot cheaper to tear it down. Maybe put a couple mobile homes on the property and bring in $$$ every month off the MH's.

Good luck on this one!

Check on www.angieslist.com and get some contractors in your area to quote you some prices on fixing it up.

Unfortunately the city dosent allow Mobile Homes in the city limits any more. Part of there "clean up the city" program i guess. Other wise i would deffinantly do it. I wonder if i should remove the old structure or Part of it and then rebuild onto it? Then again i have no idea how Expencive it is to build a house! There has to be some way i can turn a profit from all this lol! Hell ill recycle the solid wood siting if i have too lol.

Wow , don't think Bob Vila would touch it. First of all its a free property or should I say 3 since its 3 lots. I take it that it's zoned residential and has 3 different PIN #'s. Get an appraiser and get a value on just the land. If its worth $5000 a parcel ,you'd have $10000 profit.

You might have to look at classified ad in your local newspaper. Some contractors usually advertise their services on there. Good luck! I've seen the photos too and it's an eye sore, lol. You probably better off tear down and build from scatch. It's just a suggesting.

Lloyd

It needs some work, to say the least. But if it's in a good neighborhood it could be a little gold mine. You also might try to find a rehabber that you could go in partnership with. Or possibly sell it to him cheap, I don't know what you want for it. But these are some options for you to consider. Let us know what you decide!

God bless,

Could you perhaps talk to the town zoning board and see if it can be used for commercial purposes?? You may have a gold mine there if they would allow it to be used for commercial space.

Im not sure i understand completely what a different zoning would do. I do however understand it is residental. in the location it is in literally one street over is a main road and gas stations and such. i think i am on the wrong side of the street though. Please help me inderstand what bennifet that would be. I am really clueless.

If you decide to tear it down and rebuild, it would be wise to check with the city permits dept. In most cities the building permits and fees are much less demanding for remodels, as opposed to new construction. You can usually call it a "remodel" if you leave any part of the original structure standing (such as part of a wall buried inside of a new wall). If you tear it all down and remove everything, you will have to live by all the latest rules of the city for new construction -- a much more expensive and lengthy process.

Very wise advice.
Things we don't think of sometimes.

Rina

P.S. This sounds like a really cool "project" to inherit. Just thinking of the possibilities will be fun. And a great learning experience thrown into your lap! lol

Hey thanks for the remodel advice with only tearing down part of it. I was acually sitting here with my wife brian storming ideas. The house has acually been added onto and that is where the foundation problems came from. See the main structure is acually the part that is closest to the fence line on the left with the electrical meter hookup. and the addition is the part that acually comes fwd towards the road. Its literally stuck onto the side of the house. I was told if i pull sheetrock down i would see wood sighting lol. the main structure of this house is solid except for one corner where the addition is. If i were to remove that addition i think i would be able to level the house with a few house jacks my self. removing the addition shouldnt be too hard. the only thing then is the Roof. I really think it is going to have to come down completely not just shingles! It would then be a 2 BR 1 Bath.
I can do all the demo my self but ill have to fid some way of getting rid of the debris.

So I have come to the conclusion the house being on the property may acually be lowering the entire property value.

I want to remove the addition the the house that is causeing the foundation problems. and remove all the sheetrock from the inside of the house as well.

This way new electical can be run as well as any plumbing and foundation repair can be done a little easier.

I plan to salvage as much of the house as i can wood wise and stack it off to the side. that way if everything goes south i can advertise free wood you haul lol.

Oh did i mention the house has hardwood floors al the way through? yeah there covered by crappy lenolium in the kitchen and carpet in the bedroom. so they could be refinished and look great!

I plan to do all the demo my self to save as much as i can.

Anyone else do alot of renovating?

My thinking on this is. Ok...to tear it down it will cost 5k roughly. I dont have a clue how much it would cost to have some one else do all the demo and fix everything.

So my thinking is...to build a house it would cost X amount of dollars due to the fact I have to buy wood and pay some one to put it together and all the permits. So if the house is already "built" and strong. (Verified with inspection) doing repairs should be Much cheaper as i wont be changing the shape or layout of the existing structure. The repairs should be minor once everything is taken apart. I can install sheet rock my self and maybe even tape and float it. I can run wiring to the point a certified electrician has to legally do something. As for plumbing i dunno what a plumber acually has to do. Im pretty sure i can run PVC if i tried.

Anyone else have any suggestions for what i may run into?

Only 5 K to demolish and cart away???

As a Realtor, I am selling a house now that estimates are $20-25,000.

What is the area? What are the comps??

As a firefighter, can the fire department burn the house for a "Drill"????

We do it here in MA all the time as long as there are no other structures within a 100 feet or so....

Agent Greg
Also, who needs a golf course??? Just listed by myself for $2,225,000..... Summer fun.....

Those 3 words are the most expensive words in real estate.

You have a place with great potential and "expandability" (such as a big lot) it is definitly worth doing the fixing yourself -- if you have the skills and the time. If you have to hire others to do the work, then it will really cost you money -- however, it the work will get done faster. So the choice is yours, depending on the time and skills you have availble.

Several years ago I took a beatup old house in a great location (Seattle) and lived in it for 6 months while I fixed it up, rented it out for 2 years, and then made $100,000 when I sold it. Making money in real estate is often hard work in one way or another, but definitely worth the effort. If you don't want to get dirty, this is not the best way for you to make money.

With all the evidence of rot or termite damage located in your pics, get a termite inspection 1st.

Regards,
Bruce

Have you had an appraisal on the land? You may be able to sell it for profit w/o even touching the exsisting house if you market it right? Than take your proceeds and invest in something you can cash flow. Just a thought:)

When I went to go look at the house a few months ago i initially thought the same thing But after closer inspection i realized its mearly the wood on the sighting. that wasnt properly treated. I even went as far as remoning some of it to check the boards behind it and there all solid. However there is one where the kitchen area is in back that is bad but from water damage and one on the side of the house from water damage. it seems as if they we not treated as the other wood had been. for what ever reason the wood behind the solid wood sighting is fine. its mainly the sighting that looks so bad. Ill be there friday and im going to pull some more off and take some more pics and talk to some contractors i have schedualed to go down there.

cbrpower is right it could be a disaster if you don't know what you are doing. If there is any doubt I would suggest hiring those items. Of course, time is money as well. What kind of time do you have? It takes a lot of time and determination to complete a project like that.

I would suggest talking with the city's building and permit department. Some cities have revitalization areas that you can get assistance (money and contractors) to help with this type of property. If you have a home building association they might be able to help you with finding qualified contractors to complete the work. Check www.nahb.org to locate a local association.

Don't get me wrong..... There is a lot of money to be made if you have the talent and time to complete the work.

Comps in the area first.......Then look at the ARV........Look at the value of the Bare Land......Decide if the Rehab costs are too great to warrant moving forward. It could be a better bet to clear it and sell it, or sell it "as is" and let someone else clear it or remodel it.

The MOST valuable thing you can be doing with your time is FINDING great deals and locking them up.

While you are remodeling someone else is finding a deal that could have made YOU thousands more than the potential of the remodel....but you missed it..

Time is of the essence....use it wisely.

The first thing you should do is related to the 11th pic that shows the "inside" of the house. If I counted wrong, it's the photo BEFORE the one that shows the bed. The pic I'm referring to has a mop standing upright in the corner.

My instinct is that you need to take that inconspicuous piece of artwork that's in the frame AND HAVE IT APPRAISED. Might solve your money problem. Stranger things have happened.

I'm seeing this slide show more than a year late (from when it was posted) and perhaps the art is in the trash already. Hope not.

~ S

P.S. Having said that ... you could probably be successful also in (blackmailing) having the neighbors chip in to tear your place down. Tell them you can't afford to --- and convince them this action would improve their own property values. No lie.

I have found a buyer for this property, no longer do I have to mess with it. I am recieving payments now in the ammount of 400$ a month for the total ammount of 26400. I am then in turn taking this money and investing it back into my self and my wife and we are doing the success academy and moving on to bigger and better things. Since the house is literally staing in the family. I have a good chance of getting this house back later. its a verry odd thing but hey i guess ill sell it again lol.

Its my opinion, to find out what the lot is worth and ask the neighbors if they would like to buy it. Even if they want to buy it on a monthly lease. Put a for sale sign in the yard "For sale as Is" Sell it for the worth of the lot, minus the tear down price. Since you got it for free and you will still have to pay taxes or even fines if the city starts siting you. The thing is you can only sell it for what the neighborhood allow. I think your costs to redo everything including permits won't allow you to remodel it and make a profit. The other thing is you want to check if someone buys it with a house instead of bare land, it may be better for them tax wise. So give them tear down money at closing. (Grab that head board and foot board on the single bed and sell it on ebay.)