Yea me too! I don't disagree with any of the critics I set myself up for
Trouble is this particular place is an old (30+ yrs) starter home 1200sf
that will probably sell for around 80K. It was a trashed forclosed home
bought cheap, but unfortunately, before the shit hit the fan last fall or
it would have been a lot cheaper even. Many bucks put into it to get the
inside and outside in well above condition of comps, including both heat
and AC system. So, a few more K can cut in percentage-wise.
I realize I may just have to eat this. Heck, some of these people in
parts of the country have been screwed 100k+ just doing their everyday
living thing. Some deserve it for being fools and some are victims of the
acts of the fools.
No one denies it's a buyers mkt but less so here. Being in a military
town many homes are VA. The VA never allowed home prices to skyrocket
like in many areas. The rest of the work done on this place, the exterior
and interior daily living space, is very nicely done. No hacks or
patches. New stuff from the HVAC to countertops to flooring to lighting.
Yea I suspect these "buyer's market" people would try for new driveway
and new windows and new roof just since it's dirty and 'someday' it'll
need replacing...and whatever else they can get out of any seller.
Shit happens - good shit, bad shit...but shit always happens.
Since you don't plan to be there too much longer, if you are not going to be
moving too far way, the property sounds like it may be a good one to keep as
an investment and rent out. You said you are near a military area, so maybe
it would be a good rental for a military family.
Either way, doing the patch should be quick, easy, very inexpensive, and
maybe fun to do. You could always try that for now and decide later if you
want to do anything more.
Red Green wrote:
Thanks for the comments.
Yea could easily rent it. Based on what I've seen, high probability it
would get trashed. Also, it would be the only rental I would have. All
eggs in one basket is a big no-no. No other good/successful ones to
offset things. Cost of it getting trashed and maybe more so the cost of a
non-payment renter - loss of income as well as cost of legal fees to
evict. Once they know they are getting evicted they go into turbo-trash
mode. Just the way it is here. In other areas the loss would most likely
be limited to booting for non-payment. And with the way people, good
people, are losing jobs these days, it's often not the renters choice.
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