Posted on 08/06/2020 10:21:03 AM PDT by Red Badger
Betsy Sweeny (left) snagged a rundown Victorian home (right) in West Virginia, which she learned about from the Instagram account Cheap Old Houses, for a mind-blowing $18,500. Betsy Sweeny
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It was not love at first sight.
After Buffalo, New York, couple Nick Weith and Damian Mordecai spotted a grand Victorian-style home on a popular Instagram account called Cheap Old Houses, they drove an hour south to a village called Gowanda (population 2,700) to tour the historic property.
Initially, Mordecai, a 39-year-old nonprofit executive, was “less enthused” about the idea of living so far outside the city. But the pair was drawn to the property’s stately brick façade, dramatic slate tile mansard roof and widow’s peak tower. By the time they got back in the car, Mordecai was sold. “We have to buy it,” he said to Weith, a 26-year-old educator.
Their visit to the 1870s manse took place the weekend of March 13, when President Trump declared the coronavirus a national emergency.
In the days that followed, shelter-in-place orders went into effect across New York. By then, Mordecai’s office was already exploring work-from-home solutions, making the prospect of a lengthy daily commute a non-issue. They closed on the 2,300-square-foot, four-bedroom, 1½-bathroom home in June for $52,500, and they estimate that renovations will cost another $50,000. (Cheap Old Houses posted a photo of the house with a caption that exclaimed, “I’ve been saved!”)
Given relatively high city rents and the growing realities of a remote workforce that are becoming ubiquitous as the pandemic persists, purchasing a “cheap old house” in a small town or rural area is becoming an increasingly alluring pathway for some millennials.
(Excerpt) Read more at nypost.com ...
I hate that commercial!
:Cheap houses come with a price.”
Same with old antique cars.
“couple Nick Weith and Damian Mordecai “
enuff said..
I could rule the world if I could only get the parts!
Cheap is expensive.
I live in Seattle, but have stopped flipping (margin too low, risk too high). Multifamily is focused on Dallas, Houston, Phoenix, Las Vegas and most of Florida. Currently invested in 600+ units.
Cheap guns often increase in value with the years....
But lower property taxes. I speak from experience. :-)
If you choose wisely, cheap doesn’t have to mean expensive.
The closest the wife and I ever came to blows...spray painting kitchen cabinets in her condo before we were married.
“Betsy Sweeny, a 27-year-old bought a turn-of-the-century, “eclectic-style,” red-brick Victorian home on the east side of town for a mere $18,500”
East Wheeling is a rough ghetto. Pretty gal. She will have to lock herself in at night like the Omega Man.
True, but the ‘wise’ is lacking in a lot of people.
Truth. Nothing like a good money pit to teach the hard lessons. That’s how I learnt/am learning!
Wow! Congratulations! Yeah, these low margins are getting old, but I just stumbled on a mid century modern that should bring over six figures in profit. Lots of design homework to do, so if you’ve ever done one, would love your advice!
Yes, you dont buy the nicest place in the hood, you buy the cheapest place in a nice neighborhood.
There may be a silver lining in this. Once these folks get a taste of building permits, inspections, contractor licensing, ordinances, insurance... there may be a few conservatives come out of the experience.
It just keeps going “Round and Round” in your head!
I wouldn’t mind to be her handy-man
I wonder how much mold is in it, or asbestos..
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