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Message
re: I'm bidding on a home right now. I'm getting one hell of a house.
Posted on 7/13/15 at 3:37 pm to stout
Posted on 7/13/15 at 3:37 pm to stout
quote:
Oh man...someone educate Mud on the FL real estate market.
Quit just being a douche because to the guy. There are many areas of Florida that have been coming back strong for the last few years now. The only inventory you can find in many places is the completely run down foreclosures. Don't know anything about Thomatosso (or whatever)
This post was edited on 7/13/15 at 3:40 pm
2
Posted on 7/13/15 at 3:37 pm to 777Tiger
quote:
that's FL for you, Tiger woods has several trailer parks within a 2-3 mile radius of his Jupiter Island crib
Is this where he keeps his inventory of blondes???
Posted on 7/13/15 at 3:40 pm to Tiger in NY
The market is so good right now for buyers even in Florida. The market is already on the rise. Houses we've looked at have been on the market for a few days and have been placed under contract.
Posted on 7/13/15 at 3:44 pm to Pettifogger
SW Missouri has a great home market right now. In 2010 my wife and I bought a 3,000 sq/ft foreclosed home built in 2004 for $175,000. It appraised for $220,000. Just before we purchased the home, the bank had completely painted the house in a nice neutral tan, installed new kitchen appliances, and re-carpeted the entire home.
It was move in ready.
In the past 4.5 years we installed a nice tile floor and a wet bar in the finished basement and we completely remodeled the kitchen at a total cost of approximately $12,000. I also redesigned the front landscaping last summer for about $600 simply because I did all the work myself.
We sold the house two months ago for $215,000 which means that we made $40,000 on the sale. Take away approximately $13,000 for the improvements made to the basement and kitchen and we came out ahead about $27,000 which, with earnings from our first home sale in 2010 combined with the home sale two months ago plus savings that we've accrued over the past 10 years, enabled us to put $85,000 down on a 4,000 sq/ft custom home while keeping our monthly payment the same (less than $1,200/month).
The foreclosure allowed us to upgrade to a custom home (our "dream home") about 10 years ahead of schedule and now we have very solid equity in the our new custom home.
We may have been a little lucky in being in the right place at the right time with the foreclosed home we purchased 4.5 years ago, but we also made smart upgrades to an already great home that enabled us to sell it fast and at a higher price than almost every home in that neighborhood.
I would encourage everyone to consider a foreclosed home to build immediate equity. Essentially use a foreclosed home to eventually trade up.
It was move in ready.
In the past 4.5 years we installed a nice tile floor and a wet bar in the finished basement and we completely remodeled the kitchen at a total cost of approximately $12,000. I also redesigned the front landscaping last summer for about $600 simply because I did all the work myself.
We sold the house two months ago for $215,000 which means that we made $40,000 on the sale. Take away approximately $13,000 for the improvements made to the basement and kitchen and we came out ahead about $27,000 which, with earnings from our first home sale in 2010 combined with the home sale two months ago plus savings that we've accrued over the past 10 years, enabled us to put $85,000 down on a 4,000 sq/ft custom home while keeping our monthly payment the same (less than $1,200/month).
The foreclosure allowed us to upgrade to a custom home (our "dream home") about 10 years ahead of schedule and now we have very solid equity in the our new custom home.
We may have been a little lucky in being in the right place at the right time with the foreclosed home we purchased 4.5 years ago, but we also made smart upgrades to an already great home that enabled us to sell it fast and at a higher price than almost every home in that neighborhood.
I would encourage everyone to consider a foreclosed home to build immediate equity. Essentially use a foreclosed home to eventually trade up.
This post was edited on 7/13/15 at 4:02 pm
Posted on 7/13/15 at 3:44 pm to Mud_Till_May
Isn't that area kinda trashy? Honest question.
Posted on 7/13/15 at 3:46 pm to mizzoukills
Thanks mizzoukills, that's very encouraging.
Posted on 7/13/15 at 3:46 pm to Tiger in NY
quote:
Quit just being a douche because to the guy
Not being a douche. I work in the foreclosure industry and have a few contacts in FL so I have some knowledge. More so than most here.
I also have been a contractor for several years and I think his $15K is way off base. I have seen it hundreds of times from building to remodeling. People always go conservative then run out of money half way through. I can't tell you how many foreclosures I manage right now that this has happened to so the people just quit and let the house go back. I have also bought a few to finish and flip.
quote:
The only inventory you can find in many places is the completely run down foreclosures. Down know anything about Thomatosso (or whatever)
Right. The only inventory YOU can find.
There is a guy on this board that does what I do in FL and he will tell you 100% differently. Are there run down foreclosures? Yep. Are there a lot of those on the market there? Yes that is the case in every market but there is still a large inventory of middle-class homes like this.
What you don't see is the houses in pre-foreclosure. Several of those can stay in pre-foreclosure for years that someone not in the industry will not even know about. Trust me when I say there is still a lot of inventory for the banks to work through that will take them years to do so.
This post was edited on 7/13/15 at 3:53 pm
Posted on 7/13/15 at 3:51 pm to stout
going to grill out some chicken. Thanks for all the interest, yall have a good day.
Posted on 7/13/15 at 3:58 pm to stout
quote:
What you don't see is the houses in pre-foreclosure. Several of those can stay in pre-foreclosure for years that someone not in the industry will not even know about. Trust me when I say there is still a lot of inventory for the banks to work through that will take them years to do so.
I hear you, we went through a bunch of short sale options and I know there is a ton waiting to be foreclosed on. That said, up-and-coming areas are still doing very well at the moment. In our area you see nothing but foreclosures being sold and torn down. We are much closer to the beach than 18 miles though. I can speak to that from experience. Buying a house for $114k and putting $20k into it should leave you in a good position, even in Florida. That is, unless the area is total shite.
Whether or not he can do the work for $15k, I don't know, I'll let you keep telling him he can't unless everything in the house is particle board.
Posted on 7/13/15 at 3:59 pm to Mud_Till_May
quote:
going to grill out some chicken. Thanks for all the interest, yall have a good day.
Just ending a good thread so abruptly? Smh...
Posted on 7/13/15 at 4:01 pm to mizzoukills
quote:
I would encourage everyone to consider a foreclosed home to build immediate equity. Essentially use a foreclosed home to eventually trade up.
There is nothing wrong with buying a foreclosed property. I think the warning pertains more to areas that were flooded with foreclosed properties because they experienced unnatural housing booms without an innate source of value for the area to keep those inflated prices anywhere near where they were pre-crash.
California, Florida, Arizona and Nevada especially. All are states with certain allure (coastal, oasis, etc.) where you had folks paying way above what the dirt could truly yield to be a part of something that was, quite apparently now, fleeting.
I think the point is that a lot of people have lost their arse expecting Florida or Arizona homes to rebound to pre 2008 levels, and for a lot of those areas, it's not going to happen. People with modest ambitions and objective evaluations can do well, as apparently you did.
Posted on 7/13/15 at 4:08 pm to Pettifogger
Did he win the auction?
Posted on 7/13/15 at 4:08 pm to GeeOH
quote:
Did he win the auction?
I think he abandoned his dream of home ownership because he needed to grill some chicken.
Posted on 7/13/15 at 4:09 pm to Tiger in NY
quote:
Buying a house for $114k and putting $20k into it should leave you in a good position, even in Florida.
It should, but if 2007 taught us anything, it's that you should never buy a house with the idea that it will someday turn you a profit unless it's a quick flip or something. I really think we are currently on the cusp of another bubble, and though it won't be as bad as 2007, it will still hurt a lot of people. I just encourage people to be smart about purchases. I wouldn't buy anything in NOLA right now for example.
quote:
Whether or not he can do the work for $15k, I don't know, I'll let you keep telling him he can't unless everything in the house is particle board.
I assume you are referring to my post about cabinets. Have you priced out cabinets and countertops lately? A 10x10 kitchens can easily eat up his $15K alone. Just cheapo cabinets will run you $5K and the only thing solid wood on them is the fronts. The rest is particle board/MDF.
Again, you look at it as bashing and I look at it as trying to give him some perspective from someone with years worth of experience buying, managing, and remodeling repos. Bought my first one in 2003 so I have been doing it a long time. I also manage repo houses in 8 states currently.
Posted on 7/13/15 at 4:13 pm to stout
This thread is so frickin weird
Posted on 7/13/15 at 4:14 pm to stout
quote:
It should, but if 2007 taught us anything, it's that you should never buy a house with the idea that it will someday turn you a profit unless it's a quick flip or something.
If you get f'ed at $114k, you just can't win. That seems like a pretty low risk. If this were a foreclosure at $200k, I'd be singing a different tune.
quote:
I assume you are referring to my post about cabinets. Have you priced out cabinets and countertops lately? A 10x10 kitchens can easily eat up his $15K alone. Just cheapo cabinets will run you $5K and the only thing solid wood on them is the fronts. The rest is particle board/MDF.
I was serious and joking with you. I have no idea what that stuff costs, but a nice quartz countertop alone would probably use that budget, but he may have connections that you and I don't know about. it doesn't all have to be crap.
Posted on 7/13/15 at 4:22 pm to Pettifogger
quote:
There is nothing wrong with buying a foreclosed property. I think the warning pertains more to areas that were flooded with foreclosed properties because they experienced unnatural housing booms without an innate source of value for the area to keep those inflated prices anywhere near where they were pre-crash. California, Florida, Arizona and Nevada especially. All are states with certain allure (coastal, oasis, etc.) where you had folks paying way above what the dirt could truly yield to be a part of something that was, quite apparently now, fleeting. I think the point is that a lot of people have lost their arse expecting Florida or Arizona homes to rebound to pre 2008 levels, and for a lot of those areas, it's not going to happen. People with modest ambitions and objective evaluations can do well, as apparently you did.
I agree with everything you posted.
Posted on 7/13/15 at 4:22 pm to GeeOH
Not yet I've gone mobile and it's hot as hell out in this Florida heat
Posted on 7/13/15 at 4:27 pm to Tiger in NY
quote:
If you get f'ed at $114k, you just can't win
Your breaking price is pretty relative to what you can afford though.
I built a little 14 house subdivision on 2005 with small FHA starter houses in it. The most expensive house was $129K. I am not exaggerating at all when I say 6 of those houses have been foreclosed on in the past 10 years.
quote:
I was serious and joking with you
quote:
, but he may have connections that you and I don't know about. it doesn't all have to be crap.
I have connections and get volume discounts and I am telling you that $15K with a kitchen remodel is pretty unrealistic.
Posted on 7/13/15 at 4:28 pm to Tiger in NY
quote:
but a nice quartz countertop alone would probably use that budget
Not necessarily. My wife and I completely remodeled our kitchen, laid nice tile in the basement, added a wet bar to the basement, and redesigned the landscaping in the front of our foreclosure for approximately $13,000.
We installed quartz countertops which required 3 slabs. We cut our quartz cost by 2/3rds simply be consulting with an overstock building supply store first. We were able to purchase all three quartz slabs for around $1,500 when other granite places were quoting us $1,500 per slab.
And our smart research paid off in the end when we sold our house two months ago.
Research everything. Negotiate the price of everything. An honest and fair contractor is worth FAR more than his weight in gold.
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