Negotiating my first house...

[Mightyfordranger]

I wouldn't trust a dirtman furnace, even if he drop shipped it directly from the manufacturer he'd still find a way to poop in it.

So is this place on a city lot? Is city sewer nearby? That would kind of put you in a bind if there's no sewer available and the lot size requirements prevents septic... I guess you could buy a porta potty, lol

Ha ha! If he couldnt get it in there he'd send it separate lol. Or I could just go in the furnace like dirtman...lmao

5639 ravenna road newton falls ohio 44444 Google it. It's right on the edge of the city nice corner lot.

But I called the county...
Seems one could install new septic then promptly burn down said house and start over lol ha ha.

 

[MikeG]

Bulldoze it and start over.

You are buying a lot with an eyesore that needs demolished, land value minus cost of demolition is about where I'd start offering money.

Place sounds like a hole with no bottom.

 

[Mightyfordranger]

Bulldoze it and start over.

You are buying a lot with an eyesore that needs demolished, land value minus cost of demolition is about where I'd start offering money.

Place sounds like a hole with no bottom.

Yeah that's about what everyone I talked to about it has said. I'm thinking I'll walk away unless they just give it to me more/less

 

[RonD]

Yes, +1 ^^^

It reads like land value with zoning and electric installed is the Value of this place, even less because demolition is not free

Does it have city water or a well/pump
If well/pump is the water OK and at what depth?


Friend bought a place years ago and ended having to have a fresh water tank install and get water deliveries ever 2 weeks, because the well water was so bad, even filtered it stained every fixture in the house that used water, and that was on 20 acres and not a spot under it had good water

 

[Mightyfordranger]

It's got a well but it's condition is unknown. There's no pump there or even power hooked to it. Both are there but neither are actually useable currently.

There is a 15year old water filter system in the basement. Tho so that tells me it's prolly crap too. Yep prolly not gonna bother with it.

 

[RonD]

You can often find a mobile home cheap and its not all that much to move them, companies that do that have the axles and wheels for them, and get the permits to hook up to power and water/sewer(if required)
Its good for temporary housing while you are doing tear downs and rebuilds

Larger travel trailers work but are often more money because they "move" and have holding tanks for water and septic, which might work out in this instance, lol

 

[Dirtman]

$129.99 delivered...

 

[Mightyfordranger]

$129.99 delivered...

View attachment 56118

Why would I want that? it has a kid in it!

 

[Dirtman]

Why would I want that? it has a kid in it!

That's just the building inspector...

 

[Rick W]

Seriously, a few thoughts.

Send a few pictures of this house, and send pictures of the neighboring houses.

You can go on Zillow and get an idea of what houses in the neighborhood are selling for. Don’t use rose-colored glasses and cherry pick the highest. Then go look at those houses and see if they’re better or worse from a value stand point (1 car garage vs 2). Also look at the general condition of comparative homes.

If you donate your labor, how much are the materials? If you add the cost of the property and the cost of septic and materials are you VERY far below the comparative home values.

On a different level, are you young and single? Wife? Kids? Go and sit in front of the highschool. Look at the people, how they’re dressed, what they’re driving, etc. That is what’s in the neighborhood now. Then go and sit in front of the grammar school. That’s where the neighborhood is going. Is it moving up? Or down?

How much do you love and want the house? It really does sound like a tear down. But if you’re by yourself with free time and money and you’ve got a thick skin, you can probably relatively quickly get a bedroom and a bathroom you can live with, and then work out from there.

What are they asking? Do they want the purchase price lump sum? Can you give them $5000 down, and then $500 a month or something like that? It’s a mortgage like a mortgage with a bank, except it’s probably not reported so it won’t affect your credit. Then you can use your credit to get some of the work done, but don’t get in over your head.

If you’ve got specific questions beyond that, I have some experience, and you are welcome to message me off the TRS thread. My gut feeling is you’ll do better to buy a bare lot and build, or tear this down and build. It’s just like restoring a car, it’s almost universally more expensive than just buying a finished car, and you don’t have use of the car while you’re doing it. I don’t know what you do for a living, but if you do it well and you can do some side work, do that and make some money and buy a better place.

My 2 cents, hope it helps.

 

[Mightyfordranger]

But there's another house that's been empty for about 3 years I think last I knew anyway. I been scouring pubic records and looks like old feller past away (not in the house). So I gotta find next of kin. I'm after a cash deal. If can find a house for 65 I have like A decent amount of monies I'll get a little morgage for the rest. Have it paid off in like 5-6 yrs

 

[Rick W]

Banks won’t usually lend against houses that aren’t finished and ready to live in. You can get financing from finance companies, but that’s rarely a good decision. Also, for this kind of property, make sure you get title insurance for the lender, and for yourself. If the old guy died and has relatives who think they’re owed something, they can come after the house even after you own it! Or there may be lienholders for unpaid bills or unpaid utilities and things like that. Not only get the title insurance, but read the cotton-picking thing and make sure it covers all of these things. The guarantee on the insurance should be to satisfy any claims that show up. There’s actually, amazingly, some policies that will simply refund your money for the policy, or there are policies that will sell the house and give everybody what they are owed. You’ll never guess, but the policies are specified and written by lawyers, usually real estate closing lawyers

 

[Mightyfordranger]

Seriously, a few thoughts.

Send a few pictures of this house, and send pictures of the neighboring houses.

You can go on Zillow and get an idea of what houses in the neighborhood are selling for. Don’t use rose-colored glasses and cherry pick the highest. Then go look at those houses and see if they’re better or worse from a value stand point (1 car garage vs 2). Also look at the general condition of comparative homes.

If you donate your labor, how much are the materials? If you add the cost of the property and the cost of septic and materials are you VERY far below the comparative home values.

On a different level, are you young and single? Wife? Kids? Go and sit in front of the highschool. Look at the people, how they’re dressed, what they’re driving, etc. That is what’s in the neighborhood now. Then go and sit in front of the grammar school. That’s where the neighborhood is going. Is it moving up? Or down?

How much do you love and want the house? It really does sound like a tear down. But if you’re by yourself with free time and money and you’ve got a thick skin, you can probably relatively quickly get a bedroom and a bathroom you can live with, and then work out from there.

What are they asking? Do they want the purchase price lump sum? Can you give them $5000 down, and then $500 a month or something like that? It’s a mortgage like a mortgage with a bank, except it’s probably not reported so it won’t affect your credit. Then you can use your credit to get some of the work done, but don’t get in over your head.

If you’ve got specific questions beyond that, I have some experience, and you are welcome to message me off the TRS thread. My gut feeling is you’ll do better to buy a bare lot and build, or tear this down and build. It’s just like restoring a car, it’s almost universally more expensive than just buying a finished car, and you don’t have use of the car while you’re doing it. I don’t know what you do for a living, but if you do it well and you can do some side work, do that and make some money and buy a better place.

My 2 cents, hope it helps.

I feel I am capable of doing most of the work. I have a background in industry machine shops etc. And sat in on a few jobs in houses and such. It would be the biggest endeavor I have ever embarked on.

But I like that idea of watching what kind of people are around the schools. Mite even get to tour one of em if I say I got kids (I don't but want them later). And I'm 25. I make decent monies and don't have a taste for finer things I'll post up pis of this house next time I roll by it. Even if I don't buy it you guy will get to see it.

I posted the address if anyone's interested in googling it. I think that's right I double check

 

[Mightyfordranger]

https://trumbulloh-auditor-classic.ddti.net/Data.aspx?ParcelID=51-572700

Here's the actual county site link.
Oh you guys asked price...lady on the phone told me 35,000 bout hung up on her...

 

[Mightyfordranger]

Banks won’t usually lend against houses that aren’t finished and ready to live in. You can get financing from finance companies, but that’s rarely a good decision. Also, for this kind of property, make sure you get title insurance for the lender, and for yourself. If the old guy died and has relatives who think they’re owed something, they can come after the house even after you own it! Or there may be lienholders for unpaid bills or unpaid utilities and things like that. Not only get the title insurance, but read the cotton-picking thing and make sure it covers all of these things. The guarantee on the insurance should be to satisfy any claims that show up. There’s actually, amazingly, some policies that will simply refund your money for the policy, or there are policies that will sell the house and give everybody what they are owed. You’ll never guess, but the policies are specified and written by lawyers, usually real estate closing lawyers

Of course they'll shaft you friggin lawyers.