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"Fixer Upper" houses in Waco going for $1M
Posted on 6/23/17 at 7:07 am
Posted on 6/23/17 at 7:07 am
quote:
It has listed the "Barndominium" for sale at $1.2 million for about a month. With 5 bedrooms and 2 baths on 16 acres, it's located in Lacy Lakeview, just outside Waco.
quote:
a 1-bedroom, 1 bath, 1,050-square-foot house in Waco that the Gaineses had featured on the show was selling for $950,000. Do the math. That's $904.76 a square foot.
LINK
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Posted on 6/23/17 at 7:08 am to TejasHorn
I figured it was a matter of time before people started "acting" and are actually flipping houses lol.
Posted on 6/23/17 at 7:09 am to TejasHorn
Only way I am paying anything close to this for a home in Waco is if Joanna Gaines is included in the deal.
Posted on 6/23/17 at 7:09 am to TejasHorn
quote:
16 acres
Posted on 6/23/17 at 7:13 am to TejasHorn
quote:
Roberts said the house is booked for more than 90 percent of the time on short-term rental sites like Airbnb. So far this year, it has bookings worth $40,000,
So he is making 80k year or 40k, either way, 950k for a business with that much revenue/cash flow is stupid
Posted on 6/23/17 at 7:16 am to NYCAuburn
quote:
So he is making 80k year or 40k, either way, 950k for a business with that much revenue/cash flow is stupid
Meh. Any appreciating asset with positive cash flow is a buy - you can afford an infinite number of them, depending on your bank/investor's tolerance of debt. I'm against debt, generally, but this is the absolute best debt there is.
Posted on 6/23/17 at 7:22 am to Ace Midnight
quote:
Any appreciating asset with positive cash flow is a buy
The asset is not at market value. The added value from this asset is the attachment to a TV show. how long do you think that will last?
This post was edited on 6/23/17 at 7:24 am
Posted on 6/23/17 at 7:23 am to NYCAuburn
If he's making $80k a year on renting it, then $950k isn't out of line. With investment property, you should be making your investment back within about 12 years for it to be a decent deal.
Only problem I see is that if the house's current sale and rental value is inflated because of the TV show, will it cause the value to depreciate back to being in line with the rest of the area once the TV show is off the air and Chip and Joanna's 15 minutes of fame runs out?
Only problem I see is that if the house's current sale and rental value is inflated because of the TV show, will it cause the value to depreciate back to being in line with the rest of the area once the TV show is off the air and Chip and Joanna's 15 minutes of fame runs out?
Posted on 6/23/17 at 7:24 am to TejasHorn
1050sq/ft
That's nearly the size of my garage.
That's nearly the size of my garage.
Posted on 6/23/17 at 7:24 am to TejasHorn
Is 16 acres in waco worth $990k? Bc that's about a $70k house
Posted on 6/23/17 at 7:38 am to SamuelClemens
quote:
Is 16 acres in waco worth $990k? Bc that's about a $70k house
The 16 acres barn property is another location for sale, not the one photoed
Posted on 6/23/17 at 7:41 am to TejasHorn
that's fricking dumb
Posted on 6/23/17 at 7:44 am to Tiger Prawn
quote:
Only problem I see is that if the house's current sale and rental value is inflated because of the TV show, will it cause the value to depreciate back to being in line with the rest of the area once the TV show is off the air and Chip and Joanna's 15 minutes of fame runs out?
I imagine an AirBnB type rental in close proximity to downtown and to Baylor should still do well, but it can't do as well once the show's popularity fades away. Even if they can maintain a solid occupancy rate the price per night will eventually come down in line with the area.
Posted on 6/23/17 at 7:56 am to NYCAuburn
quote:
The asset is not at market value.
Fair enough.
quote:
The added value from this asset is the attachment to a TV show. how long do you think that will last?
Longer than you might think, but certainly we should value the market we're in and reasonably will be for the length of time we will hold the asset and more importantly the debt associated with that asset. Valuation of something associated with celebrity is difficult.
I read Don Felder's book earlier this year, he has a vignette about contemplating selling his 1959 Gibson Les Paul. He was a working musician but hadn't really broken into big money at that point. I think he was offered a few hundred in the early 70s, which would have gone a long way to help his family. He almost sold it, but changed his mind at the last moment and found another way to make ends meet. "Today, the guitar is worth several hundred thousand dollars."
So, it is what it is...
Posted on 6/23/17 at 8:06 am to Tiger Prawn
quote:who are these people
Chip and Joanna
Posted on 6/23/17 at 8:07 am to Kafka
The next Oprah is who they are....they are shitting dollars right now.
White women going cray over them
White women going cray over them
This post was edited on 6/23/17 at 8:08 am
Posted on 6/23/17 at 8:08 am to TejasHorn
Any hope of making a decent return will fade away with the show. Sure there are solid bookings with Airbnb right now. My daughter lives in Waco and I tried to get a hotel room one weekend and couldn't find a thing in town. It was because of that market. I finally found an opening at a super 8 and they wanted $549 for one night!
Faithful daughter found me a place with one of her friends. Ironically, the house was a former fixer upper
Faithful daughter found me a place with one of her friends. Ironically, the house was a former fixer upper
Posted on 6/23/17 at 8:10 am to Kafka
I've seen both of those episodes. The barn is odd.. No easy way to get from downstairs to up. It's like 2 separate houses.
The blue NOLA-style shotgun house was donated for free since the developer wanted the land under it and they moved it to a different location. It's pretty interesting as it's the only shotgun style in Waco and they put in a loft and pulley system to raise the stairs to it out of the way.
Kafka I can't believe you've never heard or seen this show.
The blue NOLA-style shotgun house was donated for free since the developer wanted the land under it and they moved it to a different location. It's pretty interesting as it's the only shotgun style in Waco and they put in a loft and pulley system to raise the stairs to it out of the way.
Kafka I can't believe you've never heard or seen this show.
This post was edited on 6/23/17 at 8:12 am
Posted on 6/23/17 at 8:12 am to L S Usetheforce
quote:and they turn to us during the show and say "why aren't you more charming like Chip?"
White women going cray over them
Posted on 6/23/17 at 8:16 am to NyCaLa
quote:
My daughter lives in Waco and I tried to get a hotel room one weekend and couldn't find a thing in town. It was because of that market. I finally found an opening at a super 8 and they wanted $549 for one night!
I enjoy the show for what it's worth - a fairly entertaining show on a Sunday afternoon while cleaning up the house. But Waco can get fricked if they think I'd spend $549/night for a room at any hotel in Waco, much less a Super 8.
But I'm sure there are people stupid enough to pay it.
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