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Old 04-11-2014, 01:43 PM  
MRB
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Sacramento, California
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Bought Another House to Flip

Just when I was looking to venture out on something totally different with the investment money I allot to buy and fix houses to sell, another house damn near fell into my lap. Will have before pictures in a few days and progress pictures over the next 3 or so months if my inspection of this house still justifies the repair and remodel expense to follow through and buy it. Deposit in escrow and have 10 day inspection period. In a nice established neighborhood and backyard is on one of the fairways of a private golf course. Just major deferred maintenance and severely dated, but, hasn't been touched much (no butcher job remodeling to deal with) since it was built in 1963.
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Old 04-11-2014, 04:30 PM  
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Good luck. I would like to get into that, but the housing market is still awful here. They are cheap to buy, but also don't bring much to resell. too many on the market, some for several years.
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Old 04-11-2014, 05:27 PM  
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Houses have increased in price 25-30% in just the last year in Southern California. The prices have finally reached the price they were appraised at 6-7 years ago.
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Old 04-11-2014, 09:52 PM  
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Been hard to find entry level price range for fix up and sell inventory here in Sacramento area since mid last year, but, sales for houses in general, are brisk and prices are through the roof.
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Old 04-12-2014, 02:45 PM  
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Missouri
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There is a 2br one bath house on a 100' x 150' lot a few blocks from me for $13,000. Been for sale for 2 years. Completely redone, it might bring $25,000Not worth messing with. And yes, real estate can be that cheap here.
For example. A house on my block sold for $8,100 20 years ago. It has now been rewired, reroofed, replumbed, has a new furnace and A/C. It was appraised last year at $19,000.
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Old 04-12-2014, 03:48 PM  
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Incredible Rusty,

I added a billiard room a few years ago to my house, and was 450 sq. ft, and cost me nearly $30K just for the concrete, wood, drywall and wiring. And it doesn't have the 1/4 acre that your property has.
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Old 04-12-2014, 04:40 PM  
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Missouri
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I was in a real estate agent's office a few years ago and he was talking to someone from Aspen. He told them he had a fixer upper for $25,000 and they said they couldn't furnish a closet for $25,000 in Aspen.
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Old 04-12-2014, 04:42 PM  
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Missouri
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Standard lot here is 80x150. Some, like mine, are 100x150. A vacant lot in this old part of town goes for about $3500.
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Old 04-12-2014, 04:46 PM  
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A friend from San Bernadino bought a house here about 5 years ago. It is a 3 br, 2 bath with a finished basement and a 2 car attached garage on 2+ acres out in the country. She gave $52,000. And it was ready to live in.
But the average wage here is only about $10 an hour, and taxes and utilities are high.
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Old 04-12-2014, 06:29 PM  
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I had my house appraised at the time of my divorce, and it was $500,000. A year and 4 months later, the price shot to $700,000. Obviously, I got ripped once again.
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