Start fixing up and get away from your little phone screens. That generation is lacking in hands on physical labor. Now they will get smarter and real world educated.
Dealing with cheating contrators will be an education.
Their $100,000 renovation will easily become $150,000 they just don’t know it yet!!!
Here and there, across the country, there are parents High Fiving their good luck. It took a pandemic lockdown for their children to get focused in saving money and to finally GET OUT of the Family Home!
I lived in an 1890s style home for a year when I was 25. It certainly had its charm along ith the high ceilings, tall windows and enormous basement, but thankfully, I was a renter and not an owner.
Recently, I checked on the old place with Google Street View. Somebody had really put some bucks in it............looked fantastic. Glad to see some of those places are kept up.
They bought a house cheap in Norrich. But ask them again about cheap when they get the tax bills!
There can be some bargains, but you have to know what you’re getting into and probably putting in a lot of sweat equity too. The really cheap houses will typically be in a crappy neighborhood too.
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100k will be gone in a flash on that 1880 big old Victorian house.
Rats are deserting the cities and invading your neighborhoods.
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This is one couple. There are no stats to back up the headline. In CT New Yorkers are literally buying home’s fully furnished. Paying well over asking price. I’m wondering how they found this couple.
The large ‘BLACK LIVES MATTER’ sign in the front yard says it all.
A friend’s mother passed away last year. She lived in the DC area (Maryland burbs). The family cleaned out the house (built in the ‘60s), had the wood floors redone, wallpaper removed and all walls repainted, etc... They put about 8 to 10 thousand into prepping it and put it on the market.
My friend said they had a dozen or so walk thrus in the first week and got an offer of 15k below asking price in 5 days. The buyers were a 30 something hispanic couple with a little girl starting first grade and said that was maxing out their loan qualifications.
Friends family countered the offer with the full asking price and offered to split closing costs. Buyers reluctantly agreed and the 1900 sqft house on an 1/8 acre lot sold for $495,000. The kicker... the day after closing, a dumpster was dropped off in the driveway and they gutted the house putting over $100k into remodeling. Turns out, the husband was a contractor and the wife was a lobbyist for some hispanic group in DC.
It’s been my experience fixing up older homes will cost a wee bit more than $100,000. I hope they know what they are getting into. Having said that, I’m glad someone is buying these old homes and not allowing them to just sit and rot.
I hear there are big houses in Detroit that are rather cheap.
Their site appears to be “scraping” real estate listing info from legitimate listing websites (Zillow? REALTOR.com?). Maybe they have an agreement with those sites, maybe they don’t. But that’s proprietary information and taking it without permission is a no-no.
I have some suggestions when doing this.
There is a reason they are affordable. Check the demographics, drive around at night, etc.
Most importantly if you have kids, find out how pervasive the drug culture is. This isn't Mayberry. These small and shelled out towns have been flooded with drugs by design.
Sure, drugs are every where but if you have kids, I can promise you, your chances of them having too much time on their hands and runnning into and being pressured into using them are near 100% in a hopeless small town. Maybe their kids have ample opportunity but the loclas kids, not so much.
Adding tech engineers making 300K to these towns is only going to increase the disparity and resentment.
Should have a lot of rooms to take in “immigrants”.
Like Dr. Zhivago’s house.