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Your audience is growing because of the price range your channel deals with.. your not flipping LasVegas, your repairing the heartland.. keep up the great work..
I bought my first house on a hand shake it was very easy I put about 15 grand into it sold it 3 years later and made 104 thousand dollars profit bought another house 3 months later with cash it can be done don't let the banks or mortgage companies intimidate you set your mind to it and make it happen he's right you can do it.
@@EverydayHomeRepairs I'm definitely gone all the way right it's what our country was founded on the pursuit of happiness and the land of opportunity land of the free.
@brian - for example if someone has $40-60k on hand and living in metropolitan city like los angles, Chicago , and Pittsburgh and want to avoid rental but rather generate income through rental property and living in the same property to minimize the mortgage and create wealth at the same time . How can someone do it what advise you can give
Cheap house= money pit that you'll regret! I bought a cheap house, years ago, and had to replace the electric, plumbing, roof, repair the foundation and NUMEROUS other things, that ended up costing about the same as a new, or newer home.
I did foundations in a previous life before 08. So a lot of leveling from these older houses on post-and-block from doors not closing to feeling like a fun house. It might be salvageable, depending on how many other things have been eaten by the termites. Fixing the foundation issues, replacing all those floor joists, replacing all the electrical and plumbing is not for the faint of heart and will cost a pretty penny. If it was for a more substantial flip, I don't know if it would be profitable. But even as a teardown, getting 0.7ac for $10k is wild compared to out here. A comparable property would probably be $200k here.
Thanks for the feedback Ryan, I would actually really like to do that just need to figure out the format. Maybe I just need to place so Go Pros and start swinging the hammer 👍
exactly! If you can get a side job online or remote, you can already get 50% of your income without needing to be in a major city. The low price could be enough to live off an online job or two. Income is the only reason why most can't take advantage of these affordable homes.
Scott I appreciated finding this video. As you're surely aware, there are several YT channels that feature cheap houses but I think you have a different perspective as a DIY-er and landlord. I'm not an investor but it's a fun thought. It's interesting how most comments here either wanted to buy that same house or suggested tearing it down.
I will give it to you. This is a very scary deal for me. I have purchased few properties and just a bit of fixing and rented them for 99%. Occupancy and waited until value reach the max. I did all the work myself with the exception of the A/C. Hats off to you. Thank you for sharing
This is a very sweet old house. These can be saved and enjoyed for 100 more years. All it needs is a little love. Paint, carpet and an electrical once over. The structural issue is tough, but in a small house should be manageable.
When I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll slowly get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but at least for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
“Sonya lee Mitchell’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up a meeting.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a meeting.
I sold a couple of homes in the Tampa area for pretty good cash and I'm thinking to just leave it in stocks while waiting for a house crash to happen and as well avoid inflation, but is this really a good time to buy stocks? I hear it's a madhouse right now and I still hear folks are raking in huge 6figure profits by the weeks and I'd love to know how.
look at it this way, while some folks are waiting to make minimal profits when stocks recover, some others folks already know where to look and what to do to make hefty gains in these times, so yea, it all boils down to knowledge to risk mltigation.
True, I was in dilemma myself due to this chaotic market, wasn't sure if to sell or just wait a little longer, 75% of my portfolio was tanking and in the red and the economy isn’t looking promising, but I began gaining clarity and have more confidence in my investment through an adviser, I know most DlY-lnvestor like me would say advisers aren't essential, but come to think of it, they're better trained and equipped at this and if I have to give just a little amt in fees for me to be able to net $650K in less than 8months like I did this year, I truly don't mind.
Annette Marie Holt is the coach that guides me. She’s a verified coach and she helped me see that returns can be made in both bull and bear markets. She covers things like investing, insurance, making sure retirement is well funded and looking at ways to have a volatility buffer for investment risk, lots of things like that.
@@williamDonaldson432 Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
I agree with your thoughts. Another consideration is termites, fire or smoke, plumbing, electrical,etc. As a starter house, this is great. Especially a large piece of land. I will be doing the same at some point due to the purchase of my gramma’s house in Illinois. More sentimental than value.
Bought a duplex, 2 units for $150,000 but it needed probably $150, 000 in repairs. Retired in 2020 and took me a full year to fix unit number one for about $25,000 doing all the work by myself. Second unit is being remodeled right now.
My concerns about living rural are: Being so rural that you don't socialize with anyone and, in the case of emergency, you are hours away from the nearest hospital. Other than that, I would rural. But I think I am going to have to live rural anyways because its the only thing that's affordable
The key to socializing while in a rural setting is to find out what social activities go on in your nearest town(s) and budgeting time/money for that The other problems of being rural are too hard to ignore: Going anywhere costs more. Job prospects are limited. Businesses in general are limited. Healthcare access is very limited. Utilities tend to either not exist or be not as well upkept by the companies as they should be. If you want/need internet or a cell phone, those may not even exist in town. The sad part is that there might be a good potential business in acquiring abandoned towns and building them up a bit, since a lot of cities and suburbs have gotten far too expensive for people to live in and many jobs can honestly be done anywhere there's an internet connection.
For 10k that’s easy money. My first home was 21k, 1700 square foot log home on 2 acres. Needed everything but I sold for 150k and bought a house on more land and with a garage
@@thesharingtreewithshari2735 i saved the 21k over a year and then went to the tax auction and lucked out, it’s in my hometown in upstate ny bordering Vermont. I bought 2 houses with the money and one is worth 300+ and the other 200+ in same town. Working on houses is simple and hard at the same time if that makes sense.
Great old framer! Thanks for doing the walk through and offering some valuable insight. . Pre- pandemic I spent a few years buying and fixing little old 2/1 framers in small towns outside of DFW. Just like you are indicated they typically need new plumbing, service panel if not new wiring, windows etc and generally id put mini splits for HVAC. After that sold them via a owner finance at a fair price and interest rate. You certainly learn a lot and make happy new homeowners that take care of their property. Win win imvho. Thanks again for sharing the video, it really resonated with me.
If you ever buy one and do the repairs, that would be a great video series. There are a lot of house flipping shows, but they don't go into much detail from what I've found.
I agree. my wife and I watch a husband and wife do a great job with the cosmetics but never go down in the furnace room. that drives me crazy. you do it all. Big Thanks
Wow, this is a very interesting clip and it expanded my horizon. :) I have never thought or experienced any business like this but I got fascinated by what you have done. Liked it a lot.
Wow! I love how you focus your channel on home ownery type repairs and whatnot, but then you reveal that you wholesale real estate! That's awesome!! More content about THAT, Please!!
Looks like 1930’s home with foundation damage just from what I see in the first room. Radiator heat, so it has a boiler and will lack a lot of ventilation. Plaster and lathe means a lot of demo unless someone can do plaster work. Fixing the foundation and sanding the floor, then adding central air would cost around 40-50k, but would make it worth significantly more. You could easily get 140k out of that. Basement changes everything. That adds another 20k probably for joist repair and electric service upgrade
I saw a lot of copper that had replaced the old galvanized, so replumb probably isn’t necessary, but the old two handle faucets and lack of shower might make it not sell.
@@liquidrockaquatics3900 yeah the house is a mess. tbh I do not believe flipping this can even make much - complete plumbing and electrical, foundation, plaster. radiator can work well so maybe central air is not needed... sketchy af
This one ended up being a quick flip to another investor. After all expenses I made $7,500 after just doing cleanout and digging the dirt out of the basement.
Thank you so much You are the best of the best guy l see in my life in youtube or any channel The way you are giving advice is very simple modest for all ppl with different level of education its real and natural You are the king 🤴
I’m be worked on so many of these. There are a lot of small towns within 100 miles of my mid size city I live in. People buy these and either don’t have the skills to repair because old homes are a way different ball game than newer construction or they underestimated the time and money it needed. I had a young couple that were so excited to get a house for $50k, they had plans for it that were beyond what it could be made into. The wife cried when I told her the list of repairs and the amount it was going to take just to make it comfortable.
@@vickym9221 these are rough estimates but most of the houses I’ve worked on are old, very old and the elderly sometimes don’t have the money to upkeep them so don’t think I’m ripping in them because I understand living on a fixed income. I always start on top and every single house I’ve done had needed anywhere from $8000 up to $20,000 just on roof repairs to get them to stop leaking or replacing rotten panels and that’s before gutter and insulation work. Good insulation is a must because it saves so much in the long run and that can be anywhere from $2000 to $7000 depending on the current insulation. I rip the walls out to get to the plumbing and electrical, it’s just easier and saves so much time but all that has to be put back together, add another $6000. Plumbing is for plumbers and I don’t do that so that’s always contracted out but I’ve seen anywhere between $4000 up to $12,000. Electrical must be brought up to code and I’ve never worked on an old house that was in code, add another $4,000 to $8,000. This is all just to get it livable, I haven’t even gotten into floors, foundation and HVAC. These are all very rough estimates but this isn’t a decision anyone should make lightly because they think they got it, “for a steal”.
Great work on this video. I spent 20 years buying and rehabbing homes(I've moved on to a more hands-off approach.) But my team would often tell me how neighbors would approach them and thank them for fixing the blight in the neighborhood, offer them lemonade, etc. We need more people like you doing just this- affordable housing is an unmitigated good.
I did a remodel on a house not to dissimilar to this about 15 years ago. In hindsight I should have just got an excavator and dumpster and sold the land with utilities and septic, or just put a modular home on it.
I really like that house and as someone that enjoys DIY, I'd feel fine to do almost all the work myself (and likely enjoy much of it too), however I can only assume that area has no jobs, so who is going to rent or buy a home in a place with no jobs and almost certainly with a high poverty rate, which would be an awfully depressing place for a financially intelligent person to retire to?
Hey Don, actually not true. I can see how that is true in certain parts of the country but in this part of Illinois there are plenty of jobs within 30 mins drive. Like most places we have a skilled labor gap so many companies are hiring and are pretty aggressive with the pay and benefits.
@@willbass2869 - if you're right then this could be an even better investment. I assume one of their main life goals is for their kids to have a better life then they did (as is one of my life goals for my own kids) so it stands to reason a town full of Afghans will become financially vibrant as the decades pass and they work hard to gain wealth.
I live in a small rural town, population 5,858 (and continually shrinking ~ 30 people per year on average). I bought my house for $11,000 in late 2015. Its an 864 sq. ft. prairie ranch originally built in 1945 with an attached 624 sq. ft. garage/shop added in 1987 all on 1/3 acre. I'm currently all in after nine years for ~ $58,000 including property taxes appliances repairs improvements and furniture. I'm anticipating spending ~ another $30,000 over the next few years. Its perfect for me - but I have many cautions for city folk dreaming of moving to an affordable rural city. There will be lead paint, asbestos, and other dangers lurking. Many inexpensive older homes have no insulation and worn out single pane windows and no door weatherstripping. Some rural areas have regular electricity outages and boil water alerts because of water supply issues. Go meet the neighbors BEFORE you purchase - many rural cities do not have much of a police department, so most issues will need to be resolved by you and your neighbors in face to face meetings. Also because of low police presence: some young men and teenage boys may like to drive like the Dukes of Hazard. Many rural towns have low home prices for the super obvious reason of limited local job opportunities. If you are still in your working years, expect to drive a bit to go where the jobs are or to get anything from stores. Its best to move into a small town as a married couple - not much of a dating scene in many rural towns where the average person is older. That said, many small towns are quiet, have a slower pace of life, low crime, no HOA hassles. Life is good.
Yeah, lower police presence definitely means you need to be on better terms with your neighbors and look out for one another. In the US, it also means you're less likely to be hassled by cops, as well, so pros and cons.
@@InfernosReaper Yes it works both ways. Its not often a problem, but most of the teenage boys and immature young men know better than to race in front of my property. Its not smart on my part, but I've been known to be confrontational with a garden hose spraying water at them. I've also been known to show up to talk with their parents - even if they have moved out on their own. Most of the time even their parents will call them a dumbass who needs to grow up.
I actually ran out of garage space for my cars and was thinking originally about purchasing a parking space in the city. But if I can get an entire home with a garage in these rural areas for less than a parking space in the city, I might just get one just to use the garage. Maybe remodel the garage only and just leave the home as is.
Some of my friends' house look like that and they're worth $900,000! It's magical what people will spend on old beach-shacks here in Orange County, California 😂
SF Bay Area resident here. I don't think you can buy a collapsed latrine within a full tank's of gas driving distance for $10k. If it's a fully detached house you can actually live in, $1M is the starting point and it goes well up from there. Watching someone talk about buying a serviceable property for 3 moths worth of rent is a strange feeling. Property prices vary across the country, of course, but this particular contrast is incredible.
Very interesting. How much do you think it would cost to simply put it on a slab? Tear out the old basement and pour out a big slab and set her down? Maybe just fill in that old garage area also. Do you think that is a viable option? Not worth fixing anything above the basement before making the basement stable or it will just keep splitting apart right? Thanks. ..
Many of my young friends want to drop $25K to $200K for a "tiny home" trailer... I'm screaming at them to just buy a cheap house in rural America! They're not even that adventurous!
Don't knock tiny homes too much, it's what jump started my success. I built a tiny home from scratch for me and my wife for $35k in cash, paying bit by bit. It was very nice and very well built, turned around and sold it for $65K after living in it for a year (which was way too cheap and I wish I had known at the time), bought a house that needed some work for $167k, completely rewired and replumbed the house (I'm a plumber), remodeled both baths and the kitchen (all in cash) and turned around and sold it for $260k. Without the tiny house it never would have happened, and I wouldn't be in the house I'm in now.
This is possible but the sweat equity scares people off. I picked up a house on 3 acres for 20k on city water flipped it in my spare time, sweat equity and made 60k. Not easy but doable if you are young and poor and want a home get your hands dirty and make it happen do not bury yourself in debt.
I appreciate that you are schooling us. I can't get out to see abandoned properties, but I'd like to buy one, repair it, then live in it. Do you have any that you are currently selling, and how to contact you? Much appreciated...
always look for distance from BOTTOM plate-to-grade!!! the more, the better, for lots of good reasons! Me, I build my ECOhomes upon 4' h. conc. piers, here in SW FL, USA...for lots of good reasons :-)
I'm definitely in the wrong country. Finding a home at that price would be tough anywhere near Toronto. Even 200 miles out of my zone would still be pricy.
Haha that really sounds like b.s you actually put the time into look...300 klms ....0% interest rates has allowed anyone and their mothers to be able to flip houses.....using 0% interest as a short loan haha ....of course the prices are high particularly when those participate and support this agenda....beware interest rates are coming with a vengeance soon enough
Yeah, made a mistake. Then thought a correction was coming. A big percentage of our GDP is based on housing here. You are both right though, there are always opportunities to find something under market value, if I did more of the footwork. I do enjoy watching your channel, you have lots of practical solutions for problems that will occur in any renovation. Thanks
This is amazing! I bought an older mobile home that was in really good shape for the year, but rent the property it sets on (very cheap). However, I want my own land, with an older fixer upper house on it, in the country. I've been racking my brain how to buy an older fixer upper and not be in debt, but it seemed so impossible until now!!! I've known about buying tax delinquent properties for a few years, but never had the time to research it all. Now I babysit my 2 grandchildren and homeschool one of them. So, I have more time to look into this. There are so many abandoned houses in my area, within an hour, any direction you want to take. I've often looked at them and wondered if they were tax delinquent or just someone had them and wasn't doing anything with them. I'm going to be more proactive about finding a tax delinquent home now. I know you said, that you have may possibly have to do 100 inquiries, until you find one. I have the time now, and the persistence. Thank you and the Lord, for leading me to find your video. You've given me hope, and possibly an extra income on the side. 🙏
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Yeah, I am not a huge fan of the lots under 0.2 acres. Just feels like the homes are so packed in but understand the developers are going for highest density of homes possible.
@1:20: Minor correction: Equity isn't the difference between what you've _paid_ and what it's worth. Equity is the difference between what it's worth and what you _still owe_ (principal only). What you pay toward the principal _contributes_ to equity; it doesn't _reduce_ equity. (Also, payments toward interest, taxes, insurance, etc. don't affect equity, though they're part of "what you've paid.")
😅😅😅 replacing that beam. Would be EZ. I'm a Union ironworker. So, you know I Would put Steel in its place. I would also gut out the walls and fill them in with AIR-CREET😮. You'll never have to worry about cold or Hot summers again😂.
As a contractor and a person who has renovated and flipped homes the only thing I’m seeing good about this home is the property. It would be too much time and money trying to repair . it should be torn down and a newer home built
Yeah, I really like the lot as well. I agree this is not an ideal fix and flip. The best option for this one was a young tradesman who wanted to put in some sweat equity.
As you were listing the massive amount of work this house needs I was wondering if you'd say you're doing it all yourself. Replacing those beams certainly is not something you could do alone.
I think it would be easier to build a new house and cost about the same. when the foundation and framing is gone, just start over. the only thing I see maybe worth saving is the land.
Wow! I looked at a house that eventually sold for $115,000 that was in worse condition...no bathroom, no kitchen, partially gutted, termite damage and the porch had fallen off. This one is at least livable.
@@EverydayHomeRepairs Next time I drive up an hour into the country to pick up raw milk/butter ill stop in the villages and give them a look over. thanks.
A friend of mine who lives in Findlay, Ohio purchased a home very similar to this. It was a foreclosure at auction and needed a lot of work. He purchased this 700 sq.ft. for $17,000 and then put about $30,000 of materials into it, doing the work himself (new kitchen, new bathroom, refinishing hardwood floors, electrical, etc.). It was a rental for him until he went through a divorce, and now is his primary property. He owns it free and clear.
That is one of the scariest houses I've ever seen. The condition of the basement is far worse than the one that was my grandmother's and now belongs to my Aunt. The size of the property is where the most value is - I would check the flood plane maps, that amount of water damage and influx of soil is from more than just the downspout.
What would it cost to fix the center supporting-beam? I realize you're not fixing that beam but it seems the whole value of the house hinges on that beam... literally.
That is tough to say. If I did it with a few guys that work on my projects we would be in for less than $500 in materials but probably about $2,000 - $3,000 in labor. The challenge is hiring this out it is tough to find someone that knows what they are doing without charging about 5X -10X the cost. This type of project can vary widely in terms of the quotes you will get back so best to get at least 3+ quotes. Cheapest is not always the best.
I live in rural Ohio and can't find homes like this. There are two houses currently for sale on the same street for around 20k each, and both of them look like they're about to collapse. I can't even buy an empty 1/4 acre lot for 10k.
There are people who would love to own a home for 10K. Flippers and "Investors" are harming poor people by elbowing them out of the "market", such as it is. It's a darned shame, a pity, and unchristian, but the market is not taking care of the least of these. Where is our conscience?
Unfortunately if the market was run in the Christian way it would completely collapse because it's run by people's needs and wants and greed, not charity. Also usury (debt) is the foundation of modern economies so there's that as well.
The problem is where are poor people going to get the money? They don’t even have a dollar, let alone 10k. Mortgages this small are not going to be available, and even if it was, it would be for a much smaller time period. You’re not going to get a 30 year fixed mortgage on 10k. lol And it requires cash to do renovation. Renovations can not be mortgaged out.
Another issue, which I don't think you mentioned, is that many old homes have asbestos, lead, etc. These can be damaging to your health if you don't know what you're doing.
Wait, am I missing something here? You aren't taking into account all the other work that needs to be done on this house. You are going to fix the support beam, right? Are you going to update the interior at all? You are going to fix the downspouts too? What about the plumbing, the appliances, etc? Or are you just digging out the dirt and then flipping it for $21k? If so, wow! Someone would pay that much for that dump? The dirt's really the part that makes it $10k? If you are doing any or all of the other work, those costs weren't in the video. And like others have said, I'd like to see a series of some kind on the process and time to flip this house.
For this home I am simply passing the deal to another investor. The next investor will do the rehab and has potential to make significantly more profit with significantly more work than I put into this property. If you purchase properties under market you have many options for an exit which can be profitable.
@@EverydayHomeRepairs So you already have someone lined up? If not, I guess it's not hard to find someone then? How much are they going to put into the house and how long will it take them and what kind of final selling price to a family are we looking at for this place?
I just finished my first house. Bought it for $29,000 and spent the next 21 months and over $50,000 on the renovation. I hate it now, honestly. It's on the market. Hopefully will se.. I bought another house five minutes out of town a few months ago and moves once my credit was better and I could get a mortgage. There are benefits and drawbacks to everything. My cheap house served its purpose, but at the end of the day I will never do that again!
Contact local fire department and offer them a free training house burn down. If they agree buy the property because the lot itself is worth ten grand. Clean up anything that's left after the burn and put up a decent new house with minimal investment. Flip and enjoy.
Great video. Wow. Even with the need for repairs, only 10K . One quibble. At 01:25 the definition of equity is wrong. Equity is the market value of the property, minus the mortgage.
Yeah, working out drainage is a headache itself, but structural issues are an outright nightmare. I would also go so far as to say, "just close in the garage, because it's essentially a flood point"
To be fair, any house that is 10k would need a lot of work regardless. No one should expect a 10k house to be newly renovated done to their exact tastes and specifications lol
@@thehungrygoldfish Most kinda expect it to be somewhere in between, like a place that's mostly got stuff wrong with it you'd wanna update anyway, like plumbing, electrical, and maybe insulation, plus a few little spots here and there to touch up Once you get to a certain point in structural issues, you're actually better off demolishing it
@@thehungrygoldfish Considering how many I've seen that weren't too bad over the years, it's not as unreasonable of a sight as you'd think, especially in the countryside Sure, maybe not in NYC or Seattle, most of the rest of the US or much of the civilized world for that matter aren't as borked when it comes to real estate.
1300sq/ft but looks way bigger because back then home designers knew how to maximize whereas today you get monster homes that only look good from the curb and feel cold and empty on the inside.
I'm wanting to find a cheap house or mobile. I want to use it for a get away. In the mountains near scottsville Virginia. Do you have any ideas how to find something like this?
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Your audience is growing because of the price range your channel deals with.. your not flipping LasVegas, your repairing the heartland.. keep up the great work..
Thanks Anthony 👍
I hated that show.
@@cornbreadfedkirkpatrick9647 😡 ?
@@EverydayHomeRepairsqaàà0😊
Best comment❤
Often, purchases like this go from "This Old House" and morph into "This Damn House," Kudos to you for all your hard work and inspiration.
I bought my first house on a hand shake it was very easy I put about 15 grand into it sold it 3 years later and made 104 thousand dollars profit bought another house 3 months later with cash it can be done don't let the banks or mortgage companies intimidate you set your mind to it and make it happen he's right you can do it.
Thanks Brian, I completely agree. When everyone else is going left some times it pays to go right 👍
If you do it right, you can avoid capital gains too
@@EverydayHomeRepairs I'm definitely gone all the way right it's what our country was founded on the pursuit of happiness and the land of opportunity land of the free.
@@liquidrockaquatics3900 How are you doing Chris? I hope you are doing great
@brian - for example if someone has $40-60k on hand and living in metropolitan city like los angles, Chicago , and Pittsburgh and want to avoid rental but rather generate income through rental property and living in the same property to minimize the mortgage and create wealth at the same time . How can someone do it what advise you can give
Cheap house= money pit that you'll regret! I bought a cheap house, years ago, and had to replace the electric, plumbing, roof, repair the foundation and NUMEROUS other things, that ended up costing about the same as a new, or newer home.
yep
Did you do most of the work yourself or contract it out?
yes !!
That can happen with any house ,not just cheap houses. I’ve heard horror stories about 500l new builds.
I did foundations in a previous life before 08. So a lot of leveling from these older houses on post-and-block from doors not closing to feeling like a fun house. It might be salvageable, depending on how many other things have been eaten by the termites.
Fixing the foundation issues, replacing all those floor joists, replacing all the electrical and plumbing is not for the faint of heart and will cost a pretty penny. If it was for a more substantial flip, I don't know if it would be profitable. But even as a teardown, getting 0.7ac for $10k is wild compared to out here. A comparable property would probably be $200k here.
I would love to see you make a series of you flipping a house like this
Thanks for the feedback Ryan, I would actually really like to do that just need to figure out the format. Maybe I just need to place so Go Pros and start swinging the hammer 👍
@@EverydayHomeRepairs seconding this. what a great home. absolute time capsule with all those appliances
@@EverydayHomeRepairswhat town is this property located
The midwest is full of these affordable smaller homes, and not far from some cities.
exactly! If you can get a side job online or remote, you can already get 50% of your income without needing to be in a major city. The low price could be enough to live off an online job or two. Income is the only reason why most can't take advantage of these affordable homes.
@@MichaelOrtegaI thought 80k miles in rural IL is already super cheap. Where are the 10k homes at?
I LOVED this video. I've dabbled a bit in buying, rehabbing and selling old homes but can always use help and good advice. Thank you.
You bet 👍
Scott I appreciated finding this video. As you're surely aware, there are several YT channels that feature cheap houses but I think you have a different perspective as a DIY-er and landlord. I'm not an investor but it's a fun thought. It's interesting how most comments here either wanted to buy that same house or suggested tearing it down.
What a beautiful house
I hate modern stuff and think it's ugly so I think that this house is super beautiful
I will give it to you. This is a very scary deal for me. I have purchased few properties and just a bit of fixing and rented them for 99%. Occupancy and waited until value reach the max. I did all the work myself with the exception of the A/C. Hats off to you. Thank you for sharing
That’s great! I am a big fan of rentals and probably no better way to build wealth. 👍👍
This is a very sweet old house. These can be saved and enjoyed for 100 more years. All it needs is a little love. Paint, carpet and an electrical once over. The structural issue is tough, but in a small house should be manageable.
Yep, pretty darn affordable way to live 👍
When I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll slowly get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but at least for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Do you mind if I ask you to recommend this particular coach you using their service?
“Sonya lee Mitchell’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up a meeting.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a meeting.
I've replaced a main support beam. It's a lot of work and can be scary at times. Those houses will talk to you when your lifting them!
Thanks for the correction
I sold a couple of homes in the Tampa area for pretty good cash and I'm thinking to just leave it in stocks while waiting for a house crash to happen and as well avoid inflation, but is this really a good time to buy stocks? I hear it's a madhouse right now and I still hear folks are raking in huge 6figure profits by the weeks and I'd love to know how.
look at it this way, while some folks are waiting to make minimal profits when stocks recover, some others folks already know where to look and what to do to make hefty gains in these times, so yea, it all boils down to knowledge to risk mltigation.
True, I was in dilemma myself due to this chaotic market, wasn't sure if to sell or just wait a little longer, 75% of my portfolio was tanking and in the red and the economy isn’t looking promising, but I began gaining clarity and have more confidence in my investment through an adviser, I know most DlY-lnvestor like me would say advisers aren't essential, but come to think of it, they're better trained and equipped at this and if I have to give just a little amt in fees for me to be able to net $650K in less than 8months like I did this year, I truly don't mind.
@@williamDonaldson432 Could you kindly elaborate on the advisor's background and qualifications?
Annette Marie Holt is the coach that guides me. She’s a verified coach and she helped me see that returns can be made in both bull and bear markets. She covers things like investing, insurance, making sure retirement is well funded and looking at ways to have a volatility buffer for investment risk, lots of things like that.
@@williamDonaldson432 Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
I agree with your thoughts. Another consideration is termites, fire or smoke, plumbing, electrical,etc. As a starter house, this is great. Especially a large piece of land. I will be doing the same at some point due to the purchase of my gramma’s house in Illinois. More sentimental than value.
Bought a duplex, 2 units for $150,000 but it needed probably $150, 000 in repairs. Retired in 2020 and took me a full year to fix unit number one for about $25,000 doing all the work by myself. Second unit is being remodeled right now.
My concerns about living rural are: Being so rural that you don't socialize with anyone and, in the case of emergency, you are hours away from the nearest hospital. Other than that, I would rural. But I think I am going to have to live rural anyways because its the only thing that's affordable
The key to socializing while in a rural setting is to find out what social activities go on in your nearest town(s) and budgeting time/money for that
The other problems of being rural are too hard to ignore: Going anywhere costs more. Job prospects are limited. Businesses in general are limited. Healthcare access is very limited. Utilities tend to either not exist or be not as well upkept by the companies as they should be. If you want/need internet or a cell phone, those may not even exist in town.
The sad part is that there might be a good potential business in acquiring abandoned towns and building them up a bit, since a lot of cities and suburbs have gotten far too expensive for people to live in and many jobs can honestly be done anywhere there's an internet connection.
Your honesty and integrity are what makes your channel special 👍
Thanks for the kind words, I really appreciate it.
For 10k that’s easy money. My first home was 21k, 1700 square foot log home on 2 acres. Needed everything but I sold for 150k and bought a house on more land and with a garage
How did you do that? Was state did you purchase it on? You are brilliant!!!
@@thesharingtreewithshari2735 i saved the 21k over a year and then went to the tax auction and lucked out, it’s in my hometown in upstate ny bordering Vermont. I bought 2 houses with the money and one is worth 300+ and the other 200+ in same town. Working on houses is simple and hard at the same time if that makes sense.
Great old framer! Thanks for doing the walk through and offering some valuable insight. . Pre- pandemic I spent a few years buying and fixing little old 2/1 framers in small towns outside of DFW. Just like you are indicated they typically need new plumbing, service panel if not new wiring, windows etc and generally id put mini splits for HVAC. After that sold them via a owner finance at a fair price and interest rate. You certainly learn a lot and make happy new homeowners that take care of their property. Win win imvho. Thanks again for sharing the video, it really resonated with me.
If you ever buy one and do the repairs, that would be a great video series. There are a lot of house flipping shows, but they don't go into much detail from what I've found.
Thanks for the feedback 🤔
I agree. my wife and I watch a husband and wife do a great job with the cosmetics but never go down in the furnace room. that drives me crazy. you do it all. Big Thanks
There's opportunity in places like that at those prices, houses selling for less than the cost of a good used car, no mortgage, no rent, no problem.
Wow, this is a very interesting clip and it expanded my horizon. :) I have never thought or experienced any business like this but I got fascinated by what you have done. Liked it a lot.
Oh man, that basement was given me flashbacks to the basement in my first house minus the termite damage.
Wow! I love how you focus your channel on home ownery type repairs and whatnot, but then you reveal that you wholesale real estate! That's awesome!! More content about THAT, Please!!
I would be happy in that little home.
they will red tag u....not worth fixing
you should do more walk thrus like this of homes you buy, very informative ;)
Thanks, appreciate the feedback 👍
It's cool to see your channel growing.. thanks for taking the time to bring us fans along..
Thanks Anthony, appreciate the kind words 👍
I like that the insurance company most likely paid more for the roof than you did for the house. 😂
Looks like 1930’s home with foundation damage just from what I see in the first room. Radiator heat, so it has a boiler and will lack a lot of ventilation. Plaster and lathe means a lot of demo unless someone can do plaster work. Fixing the foundation and sanding the floor, then adding central air would cost around 40-50k, but would make it worth significantly more. You could easily get 140k out of that.
Basement changes everything. That adds another 20k probably for joist repair and electric service upgrade
I saw a lot of copper that had replaced the old galvanized, so replumb probably isn’t necessary, but the old two handle faucets and lack of shower might make it not sell.
@@liquidrockaquatics3900 yeah the house is a mess. tbh I do not believe flipping this can even make much - complete plumbing and electrical, foundation, plaster. radiator can work well so maybe central air is not needed... sketchy af
This one ended up being a quick flip to another investor. After all expenses I made $7,500 after just doing cleanout and digging the dirt out of the basement.
@@EverydayHomeRepairs that's sweet. wish we can get this kind of deal in Canada. (spoiler: we can't lol)
@@ddjohnson9717 lol for real, I wish you could even find anything for
Some serious work. Foundation and structural damage is major.
Ozone generators can be good way to get smells out of a house.
The 1970's called and wants that TV back at 4:14
Thank you so much
You are the best of the best guy l see in my life in youtube or any channel
The way you are giving advice is very simple modest for all ppl with different level of education its real and natural
You are the king 🤴
Thanks!
I’m be worked on so many of these. There are a lot of small towns within 100 miles of my mid size city I live in. People buy these and either don’t have the skills to repair because old homes are a way different ball game than newer construction or they underestimated the time and money it needed. I had a young couple that were so excited to get a house for $50k, they had plans for it that were beyond what it could be made into. The wife cried when I told her the list of repairs and the amount it was going to take just to make it comfortable.
How much investment do old homes like this take to rehab?
@@vickym9221 these are rough estimates but most of the houses I’ve worked on are old, very old and the elderly sometimes don’t have the money to upkeep them so don’t think I’m ripping in them because I understand living on a fixed income. I always start on top and every single house I’ve done had needed anywhere from $8000 up to $20,000 just on roof repairs to get them to stop leaking or replacing rotten panels and that’s before gutter and insulation work. Good insulation is a must because it saves so much in the long run and that can be anywhere from $2000 to $7000 depending on the current insulation. I rip the walls out to get to the plumbing and electrical, it’s just easier and saves so much time but all that has to be put back together, add another $6000. Plumbing is for plumbers and I don’t do that so that’s always contracted out but I’ve seen anywhere between $4000 up to $12,000. Electrical must be brought up to code and I’ve never worked on an old house that was in code, add another $4,000 to $8,000. This is all just to get it livable, I haven’t even gotten into floors, foundation and HVAC. These are all very rough estimates but this isn’t a decision anyone should make lightly because they think they got it, “for a steal”.
Great work on this video. I spent 20 years buying and rehabbing homes(I've moved on to a more hands-off approach.) But my team would often tell me how neighbors would approach them and thank them for fixing the blight in the neighborhood, offer them lemonade, etc. We need more people like you doing just this- affordable housing is an unmitigated good.
Needs help is an understatement. What is the lot worth! Cleared.
Maybe $30K but it could sit for a year or more. Lots aren't usually in high demand even though this would be an AWESOME lot in this small town.
I did a remodel on a house not to dissimilar to this about 15 years ago. In hindsight I should have just got an excavator and dumpster and sold the land with utilities and septic, or just put a modular home on it.
@10p6 How are you doing? I hope you doing great
I really like that house and as someone that enjoys DIY, I'd feel fine to do almost all the work myself (and likely enjoy much of it too), however I can only assume that area has no jobs, so who is going to rent or buy a home in a place with no jobs and almost certainly with a high poverty rate, which would be an awfully depressing place for a financially intelligent person to retire to?
Same question
Hey Don, actually not true. I can see how that is true in certain parts of the country but in this part of Illinois there are plenty of jobs within 30 mins drive. Like most places we have a skilled labor gap so many companies are hiring and are pretty aggressive with the pay and benefits.
@@EverydayHomeRepairs Nice deal!
@@EverydayHomeRepairs can't wait to see how it looks like after you finish it
@@willbass2869 - if you're right then this could be an even better investment. I assume one of their main life goals is for their kids to have a better life then they did (as is one of my life goals for my own kids) so it stands to reason a town full of Afghans will become financially vibrant as the decades pass and they work hard to gain wealth.
That's pretty nice for 10k my house ran the same and was a 4 room type house with an add on that was a kitchen
I live in a small rural town, population 5,858 (and continually shrinking ~ 30 people per year on average). I bought my house for $11,000 in late 2015. Its an 864 sq. ft. prairie ranch originally built in 1945 with an attached 624 sq. ft. garage/shop added in 1987 all on 1/3 acre. I'm currently all in after nine years for ~ $58,000 including property taxes appliances repairs improvements and furniture. I'm anticipating spending ~ another $30,000 over the next few years. Its perfect for me - but I have many cautions for city folk dreaming of moving to an affordable rural city. There will be lead paint, asbestos, and other dangers lurking. Many inexpensive older homes have no insulation and worn out single pane windows and no door weatherstripping. Some rural areas have regular electricity outages and boil water alerts because of water supply issues. Go meet the neighbors BEFORE you purchase - many rural cities do not have much of a police department, so most issues will need to be resolved by you and your neighbors in face to face meetings. Also because of low police presence: some young men and teenage boys may like to drive like the Dukes of Hazard. Many rural towns have low home prices for the super obvious reason of limited local job opportunities. If you are still in your working years, expect to drive a bit to go where the jobs are or to get anything from stores. Its best to move into a small town as a married couple - not much of a dating scene in many rural towns where the average person is older. That said, many small towns are quiet, have a slower pace of life, low crime, no HOA hassles. Life is good.
Yeah, lower police presence definitely means you need to be on better terms with your neighbors and look out for one another. In the US, it also means you're less likely to be hassled by cops, as well, so pros and cons.
@@InfernosReaper Yes it works both ways. Its not often a problem, but most of the teenage boys and immature young men know better than to race in front of my property. Its not smart on my part, but I've been known to be confrontational with a garden hose spraying water at them. I've also been known to show up to talk with their parents - even if they have moved out on their own. Most of the time even their parents will call them a dumbass who needs to grow up.
I actually ran out of garage space for my cars and was thinking originally about purchasing a parking space in the city. But if I can get an entire home with a garage in these rural areas for less than a parking space in the city, I might just get one just to use the garage. Maybe remodel the garage only and just leave the home as is.
Some of my friends' house look like that and they're worth $900,000!
It's magical what people will spend on old beach-shacks here in Orange County, California 😂
Yeah, I can only imagine the increase in prices there over the past 18 months. 🤯
SF Bay Area resident here. I don't think you can buy a collapsed latrine within a full tank's of gas driving distance for $10k. If it's a fully detached house you can actually live in, $1M is the starting point and it goes well up from there. Watching someone talk about buying a serviceable property for 3 moths worth of rent is a strange feeling. Property prices vary across the country, of course, but this particular contrast is incredible.
Same here in Los Angeles. 🤭
Exact same thing in San Diego
Wow, does that great tube TV come with the house? With termite damage, mold, and water damage, it looks like a total tear down and re-build to me.
Ive been in that house. My hometown. Nice quiet town. Used to ice skate across the street. School right behind it.
Small world 👍
Very interesting. How much do you think it would cost to simply put it on a slab? Tear out the old basement and pour out a big slab and set her down? Maybe just fill in that old garage area also. Do you think that is a viable option? Not worth fixing anything above the basement before making the basement stable or it will just keep splitting apart right? Thanks.
..
you should do a series on fixing an old home like this
Many of my young friends want to drop $25K to $200K for a "tiny home" trailer...
I'm screaming at them to just buy a cheap house in rural America! They're not even that adventurous!
Yeah, I would not be a fan of tiny homes which are usually a depreciating asset like a car as opposed to an appreciating asset like a home.
@Jake How are you doing Jake? I hope you are doing great
Don't knock tiny homes too much, it's what jump started my success. I built a tiny home from scratch for me and my wife for $35k in cash, paying bit by bit. It was very nice and very well built, turned around and sold it for $65K after living in it for a year (which was way too cheap and I wish I had known at the time), bought a house that needed some work for $167k, completely rewired and replumbed the house (I'm a plumber), remodeled both baths and the kitchen (all in cash) and turned around and sold it for $260k. Without the tiny house it never would have happened, and I wouldn't be in the house I'm in now.
@@maidenthe80sla😂😂😂….for culture, you have to have people right….😂. But yea. There are dozens of challenges living this rural…
This is possible but the sweat equity scares people off. I picked up a house on 3 acres for 20k on city water flipped it in my spare time, sweat equity and made 60k. Not easy but doable if you are young and poor and want a home get your hands dirty and make it happen do not bury yourself in debt.
I appreciate that you are schooling us.
I can't get out to see abandoned properties, but I'd like to buy one, repair it, then live in it.
Do you have any that you are currently selling, and how to contact you?
Much appreciated...
A $10k house, that is insane. Can't even get a lot for $10k that size in East TN
Yeah, each market is a bit different and most are much higher comparing to the prices in these small towns around Illinois.
Well, he did specifically say rural small town in the title, lol.
Should have been “Really really, I mean really rural” to really drive home the point.
I like the layout! No carpets plueeze!
always look for distance from BOTTOM plate-to-grade!!! the more, the better, for lots of good reasons! Me, I build my ECOhomes upon 4' h. conc. piers, here in SW FL, USA...for lots of good reasons :-)
That's pretty good for 10k. In moscow rural area we can only buy a house without a bathroom or heating for $15
So beautiful home.
Beautiful home imaging during snow
Yeah, with a lot of love the home could be turned to a great home. The lot was really nice!
Cool house and property
Thx!
I'm definitely in the wrong country. Finding a home at that price would be tough anywhere near Toronto. Even 200 miles out of my zone would still be pricy.
Oh man, yeah Toronto Real Estate has been insane over the past 10+ years
200 miles haha does that get you outside Toronto surrounding area ....Too bad others got there first haha
Haha that really sounds like b.s you actually put the time into look...300 klms ....0% interest rates has allowed anyone and their mothers to be able to flip houses.....using 0% interest as a short loan haha ....of course the prices are high particularly when those participate and support this agenda....beware interest rates are coming with a vengeance soon enough
Yeah, made a mistake. Then thought a correction was coming. A big percentage of our GDP is based on housing here. You are both right though, there are always opportunities to find something under market value, if I did more of the footwork. I do enjoy watching your channel, you have lots of practical solutions for problems that will occur in any renovation. Thanks
This is amazing! I bought an older mobile home that was in really good shape for the year, but rent the property it sets on (very cheap). However, I want my own land, with an older fixer upper house on it, in the country. I've been racking my brain how to buy an older fixer upper and not be in debt, but it seemed so impossible until now!!! I've known about buying tax delinquent properties for a few years, but never had the time to research it all. Now I babysit my 2 grandchildren and homeschool one of them. So, I have more time to look into this. There are so many abandoned houses in my area, within an hour, any direction you want to take. I've often looked at them and wondered if they were tax delinquent or just someone had them and wasn't doing anything with them. I'm going to be more proactive about finding a tax delinquent home now. I know you said, that you have may possibly have to do 100 inquiries, until you find one. I have the time now, and the persistence. Thank you and the Lord, for leading me to find your video. You've given me hope, and possibly an extra income on the side. 🙏
The house is beautiful! 🤍🕊️🏡 ☀️☁️✨
All new wiring, new plumbing, the bathroom is a gut job, insulation. Whew!
hello, i'm Jorge, a pilot from Lima peru, working with LATAM airline. i came across your page here through the utube suggestion for me so i thought to write to you. where are you from?
Write me when you can and do have a nice day and may God bless you°^
A piece of land near where I live runs you about $50k for 0.19 acres
Yeah, I am not a huge fan of the lots under 0.2 acres. Just feels like the homes are so packed in but understand the developers are going for highest density of homes possible.
Yes, great video, where can I find a small senior friendly one level cottage at a reasonable price?
🤔 where do you live?
@@EverydayHomeRepairs the big old cold state of Maine with an 80 lb rescued dog that nobody wanted.
@@EverydayHomeRepairs all I need is the size of a 2 car garage with a yard for pooch. I can't do stairs anymore, willing to move .
@1:20: Minor correction: Equity isn't the difference between what you've _paid_ and what it's worth.
Equity is the difference between what it's worth and what you _still owe_ (principal only).
What you pay toward the principal _contributes_ to equity; it doesn't _reduce_ equity. (Also, payments toward interest, taxes, insurance, etc. don't affect equity, though they're part of "what you've paid.")
😅😅😅 replacing that beam. Would be EZ. I'm a Union ironworker. So, you know I Would put Steel in its place. I would also gut out the walls and fill them in with AIR-CREET😮. You'll never have to worry about cold or Hot summers again😂.
As a contractor and a person who has renovated and flipped homes the only thing I’m seeing good about this home is the property. It would be too much time and money trying to repair . it should be torn down and a newer home built
Yeah, I really like the lot as well. I agree this is not an ideal fix and flip. The best option for this one was a young tradesman who wanted to put in some sweat equity.
Its 10k. Did you expect a custom brand new house done to your exact specifications? No duh any house at this price will need lots of work.
As you were listing the massive amount of work this house needs I was wondering if you'd say you're doing it all yourself. Replacing those beams certainly is not something you could do alone.
I think it would be easier to build a new house and cost about the same. when the foundation and framing is gone, just start over. the only thing I see maybe worth saving is the land.
No lol. It will not only be more difficult, it will take more time and cost more money.
This is the look of the home I grew up in.
Wow! I looked at a house that eventually sold for $115,000 that was in worse condition...no bathroom, no kitchen, partially gutted, termite damage and the porch had fallen off. This one is at least livable.
I would be shocked if I could find a house like that for 20k here in Ohio.
I bet you can find houses like this all over Ohio. Just need to look in the smaller communities.
@@EverydayHomeRepairs Next time I drive up an hour into the country to pick up raw milk/butter ill stop in the villages and give them a look over. thanks.
A friend of mine who lives in Findlay, Ohio purchased a home very similar to this. It was a foreclosure at auction and needed a lot of work. He purchased this 700 sq.ft. for $17,000 and then put about $30,000 of materials into it, doing the work himself (new kitchen, new bathroom, refinishing hardwood floors, electrical, etc.). It was a rental for him until he went through a divorce, and now is his primary property. He owns it free and clear.
I hv them in Dayton and trotwood! Inbox me if interested!
@@nathanperkins6486 what's up
That is one of the scariest houses I've ever seen. The condition of the basement is far worse than the one that was my grandmother's and now belongs to my Aunt.
The size of the property is where the most value is - I would check the flood plane maps, that amount of water damage and influx of soil is from more than just the downspout.
The home is actually perched up on a little hill and well out of any flood planes.
What would it cost to fix the center supporting-beam?
I realize you're not fixing that beam but it seems the whole value of the house hinges on that beam... literally.
That is tough to say. If I did it with a few guys that work on my projects we would be in for less than $500 in materials but probably about $2,000 - $3,000 in labor. The challenge is hiring this out it is tough to find someone that knows what they are doing without charging about 5X -10X the cost. This type of project can vary widely in terms of the quotes you will get back so best to get at least 3+ quotes. Cheapest is not always the best.
From afar that looked like marble veins in the plaster cracked shelves! Haha
That garage might be somewhat suitable as a tornado shelter. Reinforce the roof. / I like wood floors. / A lot of work to be done in that house.
For sure, but it actually make a great home after some hard work is put in.
Great potential but I would have it jacked up for a new foundation.
Yeah, it was pretty rough
I like to buy a cheap Houma for an art studio . Have family come and visit the state I am living in now
If you want a cheap house, you have to go where the cheap houses are. You can't find a cheap house in an expensive area.
I live in rural Ohio and can't find homes like this. There are two houses currently for sale on the same street for around 20k each, and both of them look like they're about to collapse. I can't even buy an empty 1/4 acre lot for 10k.
There are people who would love to own a home for 10K. Flippers and "Investors" are harming poor people by elbowing them out of the "market", such as it is. It's a darned shame, a pity, and unchristian, but the market is not taking care of the least of these. Where is our conscience?
Unfortunately if the market was run in the Christian way it would completely collapse because it's run by people's needs and wants and greed, not charity. Also usury (debt) is the foundation of modern economies so there's that as well.
The problem is where are poor people going to get the money? They don’t even have a dollar, let alone 10k. Mortgages this small are not going to be available, and even if it was, it would be for a much smaller time period. You’re not going to get a 30 year fixed mortgage on 10k. lol And it requires cash to do renovation. Renovations can not be mortgaged out.
Where did you find the buyer? Networking? That would be another interesting video
Another issue, which I don't think you mentioned, is that many old homes have asbestos, lead, etc. These can be damaging to your health if you don't know what you're doing.
Wait, am I missing something here? You aren't taking into account all the other work that needs to be done on this house. You are going to fix the support beam, right? Are you going to update the interior at all? You are going to fix the downspouts too? What about the plumbing, the appliances, etc? Or are you just digging out the dirt and then flipping it for $21k? If so, wow! Someone would pay that much for that dump? The dirt's really the part that makes it $10k? If you are doing any or all of the other work, those costs weren't in the video. And like others have said, I'd like to see a series of some kind on the process and time to flip this house.
Haha your the reason house prices are so high adding your middle man profits buying and selling fees every time a house is flipped haha
For this home I am simply passing the deal to another investor. The next investor will do the rehab and has potential to make significantly more profit with significantly more work than I put into this property. If you purchase properties under market you have many options for an exit which can be profitable.
I would probably pay him 22k for it as is and i am in NC! He got a good deal on the buy side, price is what you pay, value is what it is worth.
@@EverydayHomeRepairs So you already have someone lined up? If not, I guess it's not hard to find someone then? How much are they going to put into the house and how long will it take them and what kind of final selling price to a family are we looking at for this place?
How about housing just being a place to live & not a speculative investment to maximize profit
We been looking for this....
I just finished my first house. Bought it for $29,000 and spent the next 21 months and over $50,000 on the renovation. I hate it now, honestly. It's on the market. Hopefully will se..
I bought another house five minutes out of town a few months ago and moves once my credit was better and I could get a mortgage. There are benefits and drawbacks to everything. My cheap house served its purpose, but at the end of the day I will never do that again!
Looks like a fun project. It gets real tough when you have to live in it while demo-remo is going on
Contact local fire department and offer them a free training house burn down. If they agree buy the property because the lot itself is worth ten grand.
Clean up anything that's left after the burn and put up a decent new house with minimal investment. Flip and enjoy.
Go to Pine Ridge, SD or White Clay, Nebraska and you can buy a house for $5,000........
@maidenthe80sla I do. I live in the most crowded state in the US, and next to an interstate. I'd love some rural, boring ass peace and quiet
@@maidenthe80slaPine Ridge has a population of 3,100. A little too big for my liking, but maybe the outlying areas would be ok.
4:30, you don't get a refrigerator, but you do get a TV. 😂
Sounds like prison
Great video. Wow. Even with the need for repairs, only 10K . One quibble. At 01:25 the definition of equity is wrong. Equity is the market value of the property, minus the mortgage.
I feel like he got this place and realized it was a money pit, decided it would make a good UA-cam video and off loaded it quickly. I don't blame him.
Yeah, working out drainage is a headache itself, but structural issues are an outright nightmare.
I would also go so far as to say, "just close in the garage, because it's essentially a flood point"
To be fair, any house that is 10k would need a lot of work regardless. No one should expect a 10k house to be newly renovated done to their exact tastes and specifications lol
@@thehungrygoldfish Most kinda expect it to be somewhere in between, like a place that's mostly got stuff wrong with it you'd wanna update anyway, like plumbing, electrical, and maybe insulation, plus a few little spots here and there to touch up
Once you get to a certain point in structural issues, you're actually better off demolishing it
@@InfernosReaper You’re expecting a 10k house to be structurally sound? lol
@@thehungrygoldfish Considering how many I've seen that weren't too bad over the years, it's not as unreasonable of a sight as you'd think, especially in the countryside
Sure, maybe not in NYC or Seattle, most of the rest of the US or much of the civilized world for that matter aren't as borked when it comes to real estate.
Congratulations on a quick 50% profit!
Anybody got a big match!!!!!
1300sq/ft but looks way bigger because back then home designers knew how to maximize whereas today you get monster homes that only look good from the curb and feel cold and empty on the inside.
Nice property 👍
Thanks 👍
Thank you for this video.
Money saved is money earned
I'm wanting to find a cheap house or mobile. I want to use it for a get away. In the mountains near scottsville Virginia. Do you have any ideas how to find something like this?