Skwerl's new cabin

Taxman

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My wife and I lost out on a house we really liked and ended up with a larger house and a lot more property for almost the same money. It may be a blessing that this one slipped away.

Everything I'm seeing with any sort of property at all is at least twice the price, with a bigger house and more neighbors (neither of which is desirable for me).

That's what happened to me as well. We got turned down for a house and then later found the home I have now.
 

Shotokan1509

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That's what happened to me as well. We got turned down for a house and then later found the home I have now.

Me too, my house basically hit market day after I gave up on first house I was offering on. I pounced and thinking back to it vs comparing to what I bought I am happier with things that don't exactly fall in to big focus specs
 

skwerl

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I found another house this weekend that should be perfect but I'm just not feeling it. The house and property meet every single one of my list of qualifications and it's in a super nice area. The lot is 300' deep and .71 acres surrounded by lots of trees and well isolated from the neighbors. It's a foreclosure and has been empty for a year and a half, all appliances are gone including the AC and water heater. There's a pool that will need to be filled in. There's a hole in the roof and the shingles are worn out. There are at least 4 trees on the property which need to be removed including the big oak hanging over the house.

I really want to like this house but at this point it's sort of like the new Mustang. It's nicer in every way than my old one but I'm just not feeling it. I wish I was more excited about it.

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Taxman

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Go hang that picture in it, and see if that does it for you.
 

Kenaizer

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Could be a fun project to fix up. Have you started to look into what all it would take to fix the roof?
 

Wicked GT

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That looks like a damn fine bachelor pad! And you know someone who can remove the trees for cheap! Looks like you would be doing the same work on this one that you were in the other and this one looks like it might be a touch bigger. Only question is whether or not there is space for an outbuilding?
 

skwerl

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Roof is easy enough. The hole is nothing to fix (10 minutes and a scrap piece of plywood) and I still have that awesome price on shingles from my buddy. It needs a new roof.

I guess the biggest hangup is the financing issue. With the other house I had the seller carrying half the note. This is a Fannie May foreclosure and with the issues it cannot be bank financed anyway. The total price is more than my private financier guy is willing to invest. My only way into it at this point is using hard money and refinancing it in a year, but hard money is expensive.

I'm going to explore the hard money thing some more. I have an idea as to what I think I should offer. I can afford it I just can't get the financing at this moment.

Wicked, there's plenty of room out back. The lot is 300' deep, 78' wide at the rear and about 135' wide at the road. I can put the shop out back and have enough room for a circular driveway in front of it. It's hard to visualize at the moment because the back yard is about half overgrown. I can't get within 30' of the back fence at the moment.
 
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Shaggy

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How bad is the pool? What would it cost to repair it or do you even want a pool?
 

skwerl

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How bad is the pool? What would it cost to repair it or do you even want a pool?

Don't know, don't care. My dad had a pool when I was a kid and it was my job to clean it every week. I will never own a property with a pool. Right now it would take about 6 loads of dirt and a day with my buddy's loader to make it go away. Dirt is $150 per load.

After talking with a couple people I think I'm going to put in a lowball offer on it just for kicks. It costs nothing and the worst that they can say is 'no'.

Oh, hard money is expensive. Generally speaking I could expect to pay about 5 points and 15%. Loan shark rates, basically. My credit cards are cheaper.
 

stkjock

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Yea, gotta clear some of this out

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skwerl

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^ There's 30'-40' beyond the mowed area, I can make a circular driveway around that pine on the left and put the shop behind that.

your Google-fu is strong, Master. :hi:
 

skwerl

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Nobody can ever accuse me of diddle farting around. I called the agent this afternoon to put in an offer. He was supposed to call me back but hasn't yet, so I assume I'll hear from him tomorrow. He does want $1000 earnest money plus proof of funds to submit my offer. I got that covered as well, spoke with my private money guy and he's willing to cover the whole thing (minus the $15K plus repairs I'm covering). My financing is secured!

Now to wait and see if Fannie May accepts my lowball offer. It's not that low when compared to other distressed property sales in the immediate area. 5 sales in the last year between $50 and $68 per square foot, my offer was just over $60 per square foot. The asking price on the house is $80 per square foot and that's simply insane considering the immediate issues that disqualify it from any sort of bank loan.
 

Count

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Nobody can ever accuse me of diddle farting around. I called the agent this afternoon to put in an offer. He was supposed to call me back but hasn't yet, so I assume I'll hear from him tomorrow. He does want $1000 earnest money plus proof of funds to submit my offer. I got that covered as well, spoke with my private money guy and he's willing to cover the whole thing (minus the $15K plus repairs I'm covering). My financing is secured!

Now to wait and see if Fannie May accepts my lowball offer. It's not that low when compared to other distressed property sales in the immediate area. 5 sales in the last year between $50 and $68 per square foot, my offer was just over $60 per square foot. The asking price on the house is $80 per square foot and that's simply insane considering the immediate issues that disqualify it from any sort of bank loan.

Good Luck, Brian!!!! :thumb:
 

Wes06

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Good luck. Hope you can turn this into a house your proud of.

And I agree, ditch the pool, closest I'd have is a inside hot tub.
 

skwerl

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Thanks guys, I hope this one flies. I just submitted my bid and I'm not sure if it's good or bad, but the agent changed his mind and did not want an earnest check or proof of funds. He said that would not be needed until the offer is accepted by Fannie May. I hope he submits the offer.
 

skwerl

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I got lots of room to build one. I certainly wouldn't live in a house where I had to park on the street. :beerdrink:
 

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