Alright my niggas, I'm considering buying a house that was trashed for around 600k, the house sat open for years and had coons living in it(both 2 and 4 legged). It's about 2500sqft.There is mold throughout the whole thing and every piece of drywall needs to come off. Basically the entire house needs to be torn down the studs.In theory the property is worth about 1-1.2million after repairs but obviously there are a lot of repairs. Anyone here ever do a job like this? I work full time so I'm going to need to pay someone for the demo at least as I dont have time to do it. I figure once it's ripped up I could technically move in as I don't mind living in construction but it's currently unsafe to spend time in.
>>2989885Money pit. Even if it was only from a vindictive inspector that will never give it clearance just to see you fail on it. Anytime your plan for success relies on approval of some bureaucrats who are not friends or relatives, don't do it.
>>2989885Your total cost for the lot is 600k plus the cost of demolition and disposal. Let's modestly guess that puts you at 650-700k. This leaves ~500k to plan, fees, rebuild and actually profit from the endeavor. Does that seem feasible? Not really. Unless you are 100% certain it isn't a total demolition, it sounds like a major gamble.
>>2989891The argument is it has a couple acres which are probably worth some money but yeah, the house could possibly be a demo(though the pictures dont look that bad - I suppose it comes down to if there were leaks/rot).
Move the decimal to 60k and sure. If you have a good crew and subs, sure.
move somewhere cheaper?
>>2989885Jewish lightning.
>>2989885That house ain't selling for $600K. It isn't selling for shit. People are terrified of The Black Killer Mold - an inspector says one word and they'll run like hell. Only way I see this as any kind of a deal is you wait for the price to drop to below $100K and it will, then pay someone to tear out all the drywall and shit, you move in and spend a few years slowly remodeling it.
>>2989885Man, if only you knew of some way to post pictures of the place here on this thread. Or maybe some kind of technology that allows us to view the full real estate listing. Too bad you don't know how to do that huh?I mean, its not like we get tons of fucking larpers on this board posting about dogshit real estate they want to buy all the time anyway. Anyone remember that 3 story tower of failure posting some time ago? It was like, a huge DIY house covered in balconies out in the boons of Tennessee or Georgia or something. Every picture was an example of 'the longer you look, the worse it gets.' That thread was a hoot.
>>2989973the land could be worth that much you dont know where it is
>>2990002In my experience living in a very hot market, if a lot in a good area pops up, it usually sells quickly and for a good deal. Based on the little bit of data you posted, the properly is likely a teardown being presented and priced as a fixer upper, waiting for a fool to come and pay for it. Im a tradie and bought an actual fixer upper for about 3-400k less than if it was fixed up nice, with about 6 acres. If I spend about 100k on material, some trades and a couple of years of my own labor I can sell it for 1.4 at most, I paid 950k. It wasn't a teardown though, very rough but I knew I could salvage it.
>>2990003ok good for you but without knowing what the area is...a teardown could be worth a lot more than bare land because building restrictionshaving an existing foundation can make permitting a lot cheaper and easier
>>2989885if the house could be rehab'd for a profit the current owner would do that instead of selling it to you.
>>2990007where I live, having an existing foundation and permitting does not make things easier. Once you remove a certain percentage of the existing structure, you basically have to start from scratch regarding permits, fees etc. The cost of pouring a new foundation would be offset by engineering and inspections etc. if it was that simple it would have been done, just hire experts before jumping on this.
>>2990019bro are you dumb? im not the op
