Found a House

[QueenCityHillbilly]

However, it needs a shit ton of work. A lot!!! It's also full of lead based paint. I really like this house, but is it really worth putting a lot of time and money into it? Anyone know about lead based paint?

[meatpile]

Every house built before whenever in the '70's is full of lead based paint.

Don't sweat the lead based paint.

[CFBall]

Don't sweat the lead based paint.

true, just get plenty of beer and food and we'll help ya.;)

[Southern_Yankee]

Anyone know about lead based paint?

yeah....dont shove it under your finger nails :twocents:

[meatpile]

true, just get plenty of beer and food and we'll help ya.;)

Help what? It's better left alone. I've owned 2 houses - 1 built in 1910, 1 in 1927. Both full of lead based paint.

[Freakshow]

Help what? It's better left alone. I've owned 2 houses - 1 built in 1910, 1 in 1927. Both full of lead based paint.

And mold...:gaga:

[CFBall]

Help what? It's better left alone. I've owned 2 houses - 1 built in 1910, 1 in 1927. Both full of lead based paint.

shirley to God, he'll wanta paint the place.

[meatpile]

shirley to God, he'll wanta paint the place.

Oh sure. Just no reason to try to remove the old paint. Then you just sand and release all that lead based stuff.

Hell - what do I know.

[vpkozel]

Where this house be?

[VA49er]

I really like this house, but is it really worth putting a lot of time and money into it?

Depends on how much you are paying for the house.

[Redsnapper]

My personal philosophy is, if you want to remodel something, and you think it will bring you pleasure, then it's probably worth it. If you think you may produce some short term gains, keep the house, let it appreciate, then enjoy long term gains. But you can't go wrong doing something positive, even if the financial gain is not there immediately, there is something to be said for personal satsifaction and hard work, and the quest for knowledge. I say go for it, lead paint and all, the world is filled with people who just talk about doing something, it takes a special person to actually put that idea into motion, go for it.

[Redsnapper]

I guess lead is not my area of expertice, but look into primers, seal it up, then put your paint on top of it.

[QueenCityHillbilly]

Where this house be?
It be in downtown Matthews.
Depends on how much you are paying for the house.I'd be getting a deal, depending on exactly how much work it needs. Imma look at it tomorrow with a friend of mine that's remodeled two houses. He ought to be able to give me a better idea of what all it needs. It's a HUD hizzle, so they stop accepting bids Monday.

[THE GUTTER]

Put together a budget on repairs. Then figure out what the market value on this house would be completely renovated. If you don't have any instant equity I say fogetabotit.

[Redsnapper]

It be in downtown Matthews.
I'd be getting a deal, depending on exactly how much work it needs. Imma look at it tomorrow with a friend of mine that's remodeled two houses. He ought to be able to give me a better idea of what all it needs. It's a HUD hizzle, so they stop accepting bids Monday.

Downtown Matthews is HOT! I think this is a desirable area, and have thought of remodeling those homes back there also. One of these days, it's gonna be cool to live in Matthews, and when you own a house there, you'll reap the benefits of appreciation. I say do it, that downtown area has potential, just needs something cool. You see what's going on in Dilworth, the same is gonna happen on the west side of the light rail, then either Belmont or Matthews, IMO. Do it, do it.

Although get a home inspection first, make sure the foundation and structure is secure, if that is solid, everything else is tough, but relatively cosmetic.

[Freakshow]

Put together a budget on repairs. Then figure out what the market value on this house would be completely renovated. If you don't have any instant equity I say fogetabotit.

Agreed. You'd need instant equity. I'd go as far as to take your purchase price + closing costs + cost of repairs - a fair selling price (after repairs) - real estate commision (6%)...see what you'd have left.

[QueenCityHillbilly]

Agreed. You'd need instant equity. I'd go as far as to take your purchase price + closing costs + cost of repairs - a fair selling price (after repairs) - real estate commision (6%)...see what you'd have left.That makes a lot of sense. I appreciate you fucker's help.

[meatpile]

Agreed. You'd need instant equity. I'd go as far as to take your purchase price + closing costs + cost of repairs - a fair selling price (after repairs) - real estate commision (6%)...see what you'd have left.

Be sure to include interest expense in there, and opportunity cost of the $$ down, and also take into account that if you 'flip' it, you're subject to cap gains unless you buy again.

[Bootay]

Since he won't have lived there for 2 of the last 5 years anyway (if it's truly a "flip"), then he'll be paying capital gains regardless of whether he buys again immediately.

[Lainey]

Just make sure it is a fixer-upper and not a burner-downer.

When we bought our house we got a great deal because it needed help. I really like what we have done so far.