Dead Ol' Homes...what To Do?
In this day and age of reclycling, Im sure there is a bigger market for DEAD ol , preloved, erm, really BAD homes than I am aware of.Some aren't so bad, although in 'questionable' areas.
Can somebody share their thoughts on how best to rmarket and resell these little old fixer uppers?
They are in all states of disprepair and come across my desk about 3 or 4 per day.
thanks 
How are these any different than any other house investors look at every day? Why do they need to be marketed any differently then any of the other houses that investors are buying? They are finding all the other crap shacks they are buying how are these a secret? Put them in the MLS like every other house like them.
How are these any different than any other house investors look at every day?
Why do they need to be marketed any differently then any of the other houses that investors are buying?
* **Well, that was my* question ..
If the house looks super bad, or is in a 'grumpy' area, it's not going to have buyers ringing my telephone off the hook. Did you have any particular marketing suggestions you could share ?
They are finding all the other crap shacks they are buying how are these a secret?
** What secret, I know they're everywhere
, see above, all i meant was, I haven't done a rehab house in a war zone www.before.I would like to hear from somebody who has, that's all.
Put them in the MLS like every other house like them.nullnull
Thanks for that ...can somebody share their experiences in this area with me please?
I'm dealing with the same issue now. I have come accross 25 questionable houses in a multi-unit deal. I have been marketing them as owner finance, rental homes for sale and have gotten a great response. I have advertised here, other sites, my site, local newspaper, etc.... Not the MLS. These are definately rental properties only, and could only see fellow investors interested in them.
Hi, thanks for the response.
I am going to look at your www now.
The last 4 homes I was told about , asking price was under 10K...so somewhat questionable would be a good term.
One was only 1500 , and in a really 'shakey' area, I guess I could run an ad that says :
FOR SALE
U FIX
2500
Get $100 cashback or TANK OF GAS!
Phone 1800 bla blah
anyone else have under 10K deals?
Sorry about that, I had a brain fart, for some reason I was under the impression that you were a realtor looking to get these properties in front of investors. I think it was the "and come across my desk about 3 or 4 per day. "
So what are you trying to market and to whom? Are you trying to wholesale them before they are fixed up to other investors or fixing them up first and then trying to retail them to homeowners?
These houses are selling for under 10,000? That doesn't even buy the grass in the front yard around here. I can't even imagine what these look like.[ Edited by The-Rehabinator on Date 05/10/2004 ]
Wow! Under 10k. Yeah, those would be ULTRA questionable. Mine start at around 35K. I wish I could have better advice on the 10K and under range. By the way, just to let everyone know, I was not trying to advertise in any way in my post-just trying to help.
Hi again, had problems logging in....however..
Yes! under 10K !
so I'm thinking "ppffttt...these are winners..nope"
I took off down the street armed with notes and addresses on 2 homes, one was 14K, cant remember the other....... im thinking ......"I might as well go home and make a cup of tea!"
They are 2 blocks in different directions from our house.
I was pleasantly surprised to say the least, one looked a bit 'thingy' but the neighbourhood wasn't bad at all....
( nearby to here they can get somewhat revolting...another 5 blocks further, near the sweet wafting perfume of a creosote plant, pewww ) :-o
Anyway, it needs some paint, new toilet and bathroom update, general cleanup really, but on a BIG lot with lovely old trees.
The other one was a bit smaller ( both were 2 bedroom/1 bath) smaller lot, but quite good condition...to say that if I had to move house myself tomorrow morning, it would be quite comfortable, of course nothing fancy, and only enough room to swing the proverbial cat.
I'm thinking seriousley of scooping both of these up with a partner!!
Repays on one of them is $70 per month , I think the other was a whole $74 , and I know the rents around here are about $400+ and do get even higher than that ....ours is only $250 but we got buddy rates until we buy it...also at a buddy price of about 40% FMV
I did some more searching the streets around here when i got back, to find another 4 or 5 similar homes.
I've been here all this time sitting on a landlords/flippers goldmine and didn't even realise it.
There are also 4 houses, amybe 5, and 3 emptly lots in this street.
I think I can now call BINGO and go for it.
Suggestions , and e **** welcome
Rehabinator, LOL sorry i 'bit' you back there ^ ...thought you were in a mood ...but then, I was too, so I shouldn't post when that happens,
thanks for the response
Miraclehomes, thanks for the e mail.
Kerry.
I would market them as historical land -marks. " Bill Clinton slept here ( or did something here)"
Or paint em, fix em, carpet em, and section 8 em.
ahh, now there's an idea!!!
...not LOL.
I found a really neat home today , a bit more expensive this time though, 29K! Although its a lovley old huge home, 2 story ,a tad shabby, needs general rehab, nothing major, just looking old and ugly.
Are there people who do general cleanup/fix ups? or do I need to contract people individually?
thanks again e'1
Wow. I don't think I've ever SEEN a $29k house! My friend just built a garage that cost him more than that. And the rents are about $400 for comps to your $10k props?
Time to move to AK...
... naaaah... I'd miss the palm trees.
Everything else aside if your house is under market value for the area it will sell. HOw far under determines how fast. I did a rehab in North Portland pimp town some years ago and it sold because the asking price was reasonably cheap for the area.
[addsig]
I would think that at your price range, Little Rock and Pine Bluff have plenty that would qualify for Sec 8........there are boatloads of properties that would fall under that area of investing if you look.
I would think that at your price range, Little Rock and Pine Bluff have plenty that would qualify for Sec 8........there are boatloads of properties that would fall under that area of investing if you look.