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RE: Home purchase-mistakes and shrewd moves - 2/22/2007 2:23:22 PM

SusanofO

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When I was about 10 years old, my parents purchased a house in a terrific neighborhood, that had not been renovated since 1923 (this was in 1970). They bought it due to the neighborhood - because for the area in which it was located, it was a really great deal. However - everything (I mean everything) in it needed work. The kitchen didn't have counters - just a sink protruding from the wall. The wallpaper was all peeling off the walls, It had an oil furnace. Etc, etc.

So - my parents took an entire year, where every week-end, they would drop us off at a sitter's house and then they'd go work on this house. Because they did almost all of the work themselves (and at the time, both of them worked, so they coudn't really do it during the week).

But - it saved them tons of money, doing the work themselves. And of course when it came to things like the furnace, they hired an expert.

But my dad is going to make a huge profit when-if he sells that house (my mother died 3 years ago). He bought it for $11,000. And it is currently valued at about $275,000. That's a pretty big profit.

So, if you're patient and willing to do some of the work yourself (unless you've got extra money to toss around and hire other people to do the work), you can make a big profit renovating an older house that needs lots of work.

- Susan

< Message edited by SusanofO -- 2/22/2007 2:27:06 PM >

_____________________________

"Hope is the thing with feathers,
That perches in the soul,
And sings the tune without the words,
And never stops at all". - Emily Dickinson

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Post #: 41

RE: Home purchase-mistakes and shrewd moves - 2/22/2007 2:43:01 PM

cjenny

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Joined: 11/27/2006
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Heyyy my house had an oil furnace til I had an LP gas one put in. You say oil furnace like it's a horribly expensive, filthy dirty & bad smelling thing

.

Then again, this house has devoured 3 LP furnaces in 8 years...

ph? Buy a place with electic heat okay?

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Post #: 42

RE: Home purchase-mistakes and shrewd moves - 2/22/2007 2:46:07 PM

SusanofO

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Joined: 12/19/2005
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My father also owns four other properties in the town where I live (two six-plex apartment buildings, and two free-standing houses), and two condominiums in other states (Estes Park, Colorado and Orlando, Florida).

All of these properties are in relatively nice neighborhoods - his policy has always been to let his tenants fix up the property if they want to do things like paint, etc (but he keeps them pretty nice to begin with - he is not a "Slum Lord" kinda guy).

He was always doing things like propery and lawn up-keep himself, until a few years ago (he just turned 73 years old), so he saved some money that way.

Now that I look back on it, I am not really sure how he did all this - because for most of his life, he was a social work administrator (he made great money about the last 10 years of his career, due to a well-deserved promotion, but up until then, well, social workers don't generally make the big bucks).

He didn't borrow money from his own parents (because they really didn't have much). I think he was just really careful with money (although he certainly wasn't ever a tight-wad when it came to us kids, although we weren't spoiled, either).

He originally invested in these properties because the place he worked at had such a crummy retirement pension program, he wanted to make sure he had some money to live on when he retired. And now, well, it certainly looks like he's got that. Good luck.

- Susan

< Message edited by SusanofO -- 2/22/2007 2:47:41 PM >

_____________________________

"Hope is the thing with feathers,
That perches in the soul,
And sings the tune without the words,
And never stops at all". - Emily Dickinson

(in reply to SusanofO)

Post #: 43

RE: Home purchase-mistakes and shrewd moves - 2/22/2007 2:49:47 PM

SusanofO

Posts: 5672
Joined: 12/19/2005
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cjenny: There was an oil furnace in the duplex building my husband and I lived in when we first got married. It used to scare me to be in the basement and even look at it - it had these huge, claw-like feet (an Octopus furnace, the landlord called it), and it was always making weird, loud noises.

- Susan

< Message edited by SusanofO -- 2/22/2007 2:52:36 PM >

_____________________________

"Hope is the thing with feathers,
That perches in the soul,
And sings the tune without the words,
And never stops at all". - Emily Dickinson

(in reply to cjenny)

Post #: 44

RE: Home purchase-mistakes and shrewd moves - 2/22/2007 6:01:28 PM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
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Mom has been crying her eyes out! Im pumped- I cant believe mineral rights come with it!!!!!!! Hope they accept

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Post #: 45

RE: Home purchase-mistakes and shrewd moves - 2/22/2007 6:21:33 PM

SusanofO

Posts: 5672
Joined: 12/19/2005
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Good luck, sweetheart.

- Susan

_____________________________

"Hope is the thing with feathers,
That perches in the soul,
And sings the tune without the words,
And never stops at all". - Emily Dickinson

(in reply to pahunkboy)

Post #: 46

RE: Home purchase-mistakes and shrewd moves - 2/22/2007 6:54:03 PM

popeye1250

Posts: 18104
Joined: 1/27/2006
From: New Hampshire
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If that doesn't work out there's always condo living!
No outdoor maintainance!

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Post #: 47

RE: Home purchase-mistakes and shrewd moves - 2/22/2007 7:46:24 PM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

Thanks Susan and Popeye.

mom is going to a condo tho they did not find it yet. i told her to get flexicore.

she is upset- cos now she sees why i was so upset earlier- that i sized up the new owner as a slicker. i said- i will be ok. im sure of it. just cash out- and be able to live a happy life.

meanwhile- my brother is pumped up....on this new place. man. wow. it actually has a separate stairway for the servants!!!!

in its hey day the builder had to be affluent- and teh quality better then alot of new stuff.

i want to go wild with it. make it a landmark- i wanta do soemthing big with it. i design or sculpture. sorta like the statue of liberty = new york- i want to do something that is bold- astounding.

wanna help? throw me some ideas.....

(in reply to popeye1250)

Post #: 48

RE: Home purchase-mistakes and shrewd moves - 2/22/2007 7:50:57 PM

popeye1250

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Joined: 1/27/2006
From: New Hampshire
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PaHunk, you want to do "something different?"
You could add a cupola on top of the roof with twin machinegun mounts on it!

(in reply to pahunkboy)

Post #: 49

RE: Home purchase-mistakes and shrewd moves - 2/22/2007 9:50:37 PM

sub4hire

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About the only sure fire way to get rid of pet odors is pure bleach. Mop the floor with it. Need to tear out the carpet to do this obviously. Also the baseboards if the pets pee'd on them.
There are items on the market...but even the pro's who guarantee their jobs cannot get rid of the odor. Unfortunately I've had first hand experience with them.
So, stock up on a few gallons of clorox.

(in reply to pahunkboy)

Post #: 50

RE: Home purchase-mistakes and shrewd moves - 2/22/2007 10:37:04 PM

UtopianRanger

Posts: 3251
Status: offline

quote:

ORIGINAL: slaveish

quote:

ORIGINAL: UtopianRanger

PS - Don't let anyone tell you that my approach with the realators and low offers doesn't work; because I learned it from someone very close to me in San Francisco who owns {outright} 30 - 35 properties that way

Sure it'll work sometimes. Other times it won't. ~shrug~ An investor wants to buy low and rent or sell high. A good investor does it often. Lowball a whole bunch of properties without purchasing one and yeah, you're going to piss people off (namely your Realtor). Does anyone like to work for free?

And remember, after you've found your property, she still has to work with the people you can now forget (namely other Realtors who now think she cannot give good advice to her buyers and will make life very difficult for her because they're still pissed).

Heh.... It only needs to work a few times in a certain time period in order for it to be successful. Part of my job entails being able to ''size up'' many different types of people very quickly.....So I would tell you that as an investor when dealing with agents, I look for more of an ''order taker'' personality with low expectations and who is not looking to make selling real-estate a lifelong career.

- R

_____________________________

"If you are going to win any battle, you have to do one thing. You have to make the mind run the body. Never let the body tell the mind what to do... the body is never tired if the mind is not tired."

-General George S. Patton

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Post #: 51

RE: Home purchase-mistakes and shrewd moves - 2/22/2007 10:51:24 PM

subfever

Posts: 2895
Joined: 5/22/2004
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quote:

i want to do something that is bold- astounding.
wanna help? throw me some ideas.....

Invite all your friends in for a painting party. Provide plenty of paint in plenty of colors, plenty of paint brushes, and plenty of electric kool-aid...

(in reply to pahunkboy)

Post #: 52

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 5:41:28 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

quote:

ORIGINAL: popeye1250

PaHunk, you want to do "something different?"
You could add a cupola on top of the roof with twin machinegun mounts on it!

best idea so far!!! Chief Shikelamy is a hero-in that town, actually to place is near fort augusta per the fresh american war. my biz name "sunset cliffs' the view of the river-one sees the sun set in teh west. so orange could be neat. i am zoned r2, meaning, i can put in a computer "store"/office/shop -it is already zoned. :-)

(in reply to popeye1250)

Post #: 53

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 5:42:33 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

quote:

ORIGINAL: sub4hire

About the only sure fire way to get rid of pet odors is pure bleach. Mop the floor with it. Need to tear out the carpet to do this obviously. Also the baseboards if the pets pee'd on them.
There are items on the market...but even the pro's who guarantee their jobs cannot get rid of the odor. Unfortunately I've had first hand experience with them.
So, stock up on a few gallons of clorox.

ummm- bleach on hardwood fooors?

(in reply to sub4hire)

Post #: 54

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 5:46:56 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

quote:

ORIGINAL: subfever

quote:

i want to do something that is bold- astounding.
wanna help? throw me some ideas.....

Invite all your friends in for a painting party. Provide plenty of paint in plenty of colors, plenty of paint brushes, and plenty of electric kool-aid...

LOL- as you may know I LOVE mirrors- i have at least 20 here.

i might put a sign computer lessons, "ebay", computerr rapair. my buddy would do repairs.

as it stands now my femail realtor asked me to teach her teh computer- i will. im not gonna charge her- if she chooses to tip- fine. so there will be a computer lab os sorts there.

(in reply to subfever)

Post #: 55

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 5:50:20 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

quote:

ORIGINAL: UtopianRanger

quote:

ORIGINAL: slaveish

quote:

ORIGINAL: UtopianRanger

PS - Don't let anyone tell you that my approach with the realators and low offers doesn't work; because I learned it from someone very close to me in San Francisco who owns {outright} 30 - 35 properties that way

Sure it'll work sometimes. Other times it won't. ~shrug~ An investor wants to buy low and rent or sell high. A good investor does it often. Lowball a whole bunch of properties without purchasing one and yeah, you're going to piss people off (namely your Realtor). Does anyone like to work for free?

And remember, after you've found your property, she still has to work with the people you can now forget (namely other Realtors who now think she cannot give good advice to her buyers and will make life very difficult for her because they're still pissed).

Heh.... It only needs to work a few times in a certain time period in order for it to be successful. Part of my job entails being able to ''size up'' many different types of people very quickly.....So I would tell you that as an investor when dealing with agents, I look for more of an ''order taker'' personality with low expectations and who is not looking to make selling real-estate a lifelong career.
- R

sure. --the ball is rolling now. for now- i need a place to live.

my poor mother wants to send me money. she sees now how the buyer pulled a bait and switch/decieved.

if i told you what my mortgage would be- you would throw eggs at me. :-D~~

(in reply to UtopianRanger)

Post #: 56

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 6:58:57 AM

sub4hire

Posts: 6775
Joined: 1/1/2004
Status: offline

quote:

ORIGINAL: pahunkboy

ummm- bleach on hardwood fooors?

I didn't know that. The outlook is much worse then. Replace the floor?

(in reply to pahunkboy)

Post #: 57

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 7:59:24 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

quote:

ORIGINAL: sub4hire

quote:

ORIGINAL: pahunkboy

ummm- bleach on hardwood fooors?

I didn't know that. The outlook is much worse then. Replace the floor?

I know of a guy with 6 dogs- in his house. he goes home 2x a week to feed em. feces everywhere- pee. a chrming victorian house-ornate-;

over the many years- the oder is deep into the hardwood. i would not buy his place- no way.

all teh carpet in my new place [hopefully MINE] will be ripped out.....

this place will be a dream come true. i will have complete artistic freeedom to go wild.

BTW- basement perfect for a dungeon.

(in reply to sub4hire)

Post #: 58

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 11:36:35 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
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repeat aftr me. it is fun to pack, sort and move.

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Post #: 59

RE: Home purchase-mistakes and shrewd moves - 2/23/2007 11:37:38 AM

pahunkboy

Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline

The moving truck comes tommorrow for mom. They close on Monday.

She will crash with my brother till she finds a condo

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Post #: 60

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