perhaps his health went bad? he lives in florida so managing such a undertaking would be tough? prhaps he got ownership as part of a bad debt trade? that might explain the low prices?
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17 years ago
Rehab house in crummy neighborhood
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17 years ago
Can't help you with your specific problem...but...if the prices continue to go down you should buy the two vacant properties next door. Would probably be a great long term investment.
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17 years ago
Was just talking to my sil last night as he wants to start doing this. I have watched others do it, and it is a heck of a lot more work than it appears going in and you never know what you are going to run in to. A lot of sweat equity goes into those fixer uppers if it is done right, and if you factor that in, you aren't always that much ahead in the long run.
You have several options, but I wouldn't be to quick to bail out at this point although that may be your most viable option now.
I'd sure check with the city like some posters suggested. Mine has neighborhood grants and low-interest loans for neighborhoods like this. It's to the city's advantage to give low-cost loans, etc., to refurbishing properties in deterioating neighborhoods. Raises the tax base.
That property in Texas sure looked interesting and tempting! Couldn't stand their hot summers though, bad enough in the midwest. You have to live near where the jobs are or make your own.
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17 years ago
Who knows? If I weren't in the middle of renovating my future home - a bargain in a posh suburb - I'd be foolishly tempted myownself.
Hell, I'm only a mile or 2 away - it wouldn't hurt to drive by just to read that sign above the entrance...
I'll just empty my wallet first just in case.