Post pics of your housing deals

SUCKISSTAPLES said: blok said: Heres a deal for you guys, bought this mobile home for $1600 put about $1400 into it (carpet and some painting) and just sold it for $6000, not bad for a couple days work and a small investment.awesome, did you seller finance for the buyer?

Completely forgot to mention that, he put 3k down and i am carrying a 2 year note for the remaining 3k at 12%

This was my first mobile home deal I think I am going to start doing them more often, I would like to eventually buy a whole park, they are total cash cows and most of time you can get owner financing.

where is this house of yours...i think it's beautiful...i've been looking for one for me and my three kids.....

hey...homeonerton...where is your house at? i'm pretty interested in it...and would like some more information about it...so could you email me more info on it @ maisong_tristy@hotmail.com....thank you....and the proce your selling for...

SIS got it.

It doesn't make sense for me to sell so soon after I bought it especially in this market. I locked in a low 30 yr mortgage and plan to live in the house long term. If in 10 yrs my neighbors are able to sell for what they paid in 2005-2006 + a little inflation, then I'd consider it but I have a feeling it will be a long wait (if ever) for housing values to recover in my neck of the woods. I doubt you are near the house anyway, it seems that this board has a disproportionate number of Californians and Texans.

pthor1231 said: Homeownerton said: SIS got it.

It doesn't make sense for me to sell so soon after I bought it especially in this market. I locked in a low 30 yr mortgage and plan to live in the house long term. If in 10 yrs my neighbors are able to sell for what they paid in 2005-2006 + a little inflation, then I'd consider it but I have a feeling it will be a long wait (if ever) for housing values to recover in my neck of the woods. I doubt you are near the house anyway, it seems that this board has a disproportionate number of Californians and Texans.

So it seems. I feel like an outcast, which is weird for someone living in Atlanta.

If you felt like an Outkast, then it wouldn't be as weird.

I want to do that but thing is only the pic isn't a great matter right now cause at this recession period everyone has the money constraints so price will be a matter noe.

"office" looks like a jail cell at sing-sing

rzyzzy said: The wife and I closed on this one today.

It's in a good neighborhood in Phoenix, 3 bed, 2 bath, 1600 sf - Deed restricted, but no HOA. - Bubblicious price was $305k two years ago, most recent comp was a month ago at 173k with no concessions, we got it for 170k with 4k in concessions. Ours has a larger lot than the comps - so it made for a better deal than the numbers might suggest. This isn't a flip or a rental, it's one we plan to customize to our specs and keep. I think the value here is the lot, phoenix lots are often 5 foot wide strips on the sides and a 10 foot wide strip in the back.

pic 1

pic 2


Inside is standard spec house.

Nice rzyzzy. Where about in Phoenix is this at? Is that South Mountain in the background of picture 2?

What y'all think of this house ? Feel free to criticize !

Text

I'm considering buying it since I kinda like the look (especially the front), even though it's a little older and and the interior is not that great

user12345 said: Feel free to criticize !"Text" is not an appropriate phrase to use for the link. You can't see inside. The picture is slightly crooked. It's slightly cloudy. The landscaping could use more color? Oh yeah, and you didn't tell us anything about the house.

user12345 said: Also master bedroom is over the garage... wtf ?

I looked at a few houses like that. I ended up with one that has a large closet over the garage. The closet is always hotter than the rest of the house in summer and colder in winter. Fine for a closet but bad for a bedroom... especially the Master Bedroom.

That house looks pretty big, how does it compare size wise to your comps?

You mention the price is on par per sq ft with the comps, but if it is larger than the comps, I would be looking to get a slightly better price per sq ft than the comps. Generally, the smallest house on the block will be a bit more expensive per sq ft - if you can get it at comps it is probably a bit of a bargin, the opposite is true for the larger houses on the block, if you pay the average price per sq ft, you probably paid a little high.

*edited to add, I am referring to the house pic linked by user12345

patch96 said: Let me get this straight.

House has outdated kitchen . . . confined living room . . . . master bedroom over the garage (I thought this was ALWAYS a bonus room)

Where I live people desire a master on the main level. If not, older potential buyers stay away.

And its HUGE. (High utilities costs.)

The real estate market is so bad that the government is PAYING people to buy homes.

Interest rates are creeping up (higher interest rate mean higher monthly payments on same loan amount which means home price will DECREASE not INCREASE)

Based thereon, I think you should make an offer ASAP.

I agree this house has some significant flaws, that's why I'm asking if it would be a good deal.

Let's review the positive factors: It's located in a very good neighborhood in an upscale suburb. The houses in this subdivision are 3000-4500 square feet, and this one is 3300 sq.ft so it's relatively small, but it's price per sq.ft is only slightly higher than recent comps which are larger houses on average. Plus the price is only about 30% higher than what it was 13 years ago when it was brand new, and prices have come down about 15% from the peak in this area (and this is a growing area with very strong economic fundamentals).

In addition to the great location and good price, I really like the "curb appeal" of the house and the other houses on the street and in this subdivision all look pretty nice.

The negative factors are (1) possible further price declines (maybe 10% more), and (2) the deficiencies in the floor plan that I mentioned. This house is within my budget and I probably wouldn't be concerned about price declines if I can get it for a discount off the asking price (which is likely). So the main issue is the floor plan. The subdivision was built in the 90's and it seems that the design principals used then are different then what is used in modern houses, such as open floor plans, tall and vaulted ceilings. Also I would have liked to have the master bedroom on the first floor like you mention, but I heard that some families with young kids prefer the master bedroom to be on the same floor as the kids bedrooms. So I don't mind if the master bedroom is on the second floor, but I really don't like the fact that it's above the garage. Also I would have like to have a dedicated office on the first floor. Kitchen is huge, but has very little counter and cupboard space, and again it's not connected by "open space" to the family room - you have to go thru a doorway....

BTW, for the same price I can buy a newer home that has a much better floor plan with everything I want, but it wouldn't be in such a good neighborhood. So the question is if these issues are "deal breakers" or if I should buy the house because of its location, location, location and curb appeal ?

Family Room

Kitchen

Garage (alert: bedroom above!)

Any feedback (including negative) is highly appreciated....

Edit: added more pics

user12345 said: patch96 said: Let me get this straight.

House has outdated kitchen . . . confined living room . . . . master bedroom over the garage (I thought this was ALWAYS a bonus room)

Where I live people desire a master on the main level. If not, older potential buyers stay away.

And its HUGE. (High utilities costs.)

The real estate market is so bad that the government is PAYING people to buy homes.

Interest rates are creeping up (higher interest rate mean higher monthly payments on same loan amount which means home price will DECREASE not INCREASE)

Based thereon, I think you should make an offer ASAP.

I agree this house has some significant flaws, that's why I'm asking if it would be a good deal.

Let's review the positive factors: It's located in a very good neighborhood in an upscale suburb. The houses in this subdivision are 3000-4500 square feet, and this one is 3300 sq.ft so it's relatively small, but it's price per sq.ft is only slightly higher than recent comps which are larger houses on average. Plus the price is only about 30% higher than what it was 13 years ago when it was brand new, and prices have come down about 15% from the peak in this area (and this is a growing area with very strong economic fundamentals).

In addition to the great location and good price, I really like the "curb appeal" of the house and the other houses on the street and in this subdivision all look pretty nice.

The negative factors are (1) possible further price declines (maybe 10% more), and (2) the deficiencies in the floor plan that I mentioned. This house is within my budget and I probably wouldn't be concerned about price declines if I can get it for a discount off the asking price (which is likely). So the main issue is the floor plan. The subdivision was built in the 90's and it seems that the design principals used then are different then what is used in modern houses, such as open floor plans, tall and vaulted ceilings. Also I would have liked to have the master bedroom on the first floor like you mention, but I heard that some families with young kids prefer the master bedroom to be on the same floor as the kids bedrooms. So I don't mind if the master bedroom is on the second floor, but I really don't like the fact that it's above the garage. Also I would have like to have a dedicated office on the first floor. Kitchen is huge, but has very little counter and cupboard space, and again it's not connected by "open space" to the family room - you have to go thru a doorway....

BTW, for the same price I can buy a newer home that has a much better floor plan with everything I want, but it wouldn't be in such a good neighborhood. So the question is if these issues are "deal breakers" or if I should buy the house because of its location, location, location and curb appeal ?

Family Room

Kitchen

Garage (alert: bedroom above!)


Any feedback (including negative) is highly appreciated....


Edit: added more pics

When you're considering your comps, how many in that price range and neighborhood have sold in the past 90 days? I wouldn't consider anything a comp if it sold more than 90 days ago in my area - and the appraisers are figuring a 1.5% -2% monthly drop in values around here, which could be significant $$$ in your case.

If you really love the house and consider it a project, I'd deduct some serious cash to make up for the trouble. You aren't bidding against specuvestors in that price range so a $100k haircut might be an acceptable offer.

This is waaaaaay too much money to risk without professional help - get your own appraisal, and a realtor who will do some homework for you before you write an offer. A buyer's agent could make $10k+ on this deal, so if they aren't kissing your behind and calling you "your highness" - find another one who will.

you shouldnt offer much more than $110/sqft.

user12345 said: I'm thinking of $125/sq.ft.....
Heh, it's your money.

Well, OK I agree with some of that, but people NEED a place to live, and renting is not always better. Specifically, this house was bought new for $340K back in 1996. Was that a bubble price ? Prices in the area seem to have increased VERY slowly between 1996 and 2000 (I estimate it was worth only $360K in 2000), and only SLIGHTLY flaster from 2000 to 2004 (est: $400K for this house based on list of historical sales in the same street obtained from zillow). From 2004 there was strong appreciation (read: BUBBLE) for the whole area and I think it could have sold for $500K+ in 2007, but since then prices are back down to 2005 levels. Note that this area has high median income (6 figures), low crime, good schools, etc. And it's GROWING quite well (been growing in last 5 years, and very positive predictions going forward after the recession). I agree it might be better to wait, but on the other hand this may be the bottom or close to it.....

Edit: forgot to add another pic.....
Back of house

fouroaks said: Here is a pic of the house be bought last year 3 bedrooms and 2 baths full basement and it is a walkout. There is 2.49 Ac. of land we picked it up for $48,000.00
Wow, where was that?

user12345 said: Well, OK I agree with some of that, but people NEED a place to live, and renting is not always better.

The people I know who have been renting the past few years are in "hog heaven" now.

These people are the one who bought to the public domain the new "it word"

schadenfreude .

fouroaks said: Here is a pic of the house be bought last year 3 bedrooms and 2 baths full basement and it is a walkout. There is 2.49 Ac. of land we picked it up for $48,000.00

Hopefully this is a flip or investment cause I wouldn't want to live there......