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Anybody ever buy a fixer-upper?

SneakDZA

SneakDZA

High Brow Negro
Did you fix 'er up? Did it work out in the end? Or was it the worst mistake of your life?

I'm thinking about just buying this bad boy....

https://www.zillow.com/homes/for_sa....766427,41.849552,-74.877491_rect/12_zm/1_fr/

...flat out and maybe turning it into a B&B but I'm not trying to be like...

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Go for it.
I bought a few that needed work but not a total gut.
I didn't do the work myself.
I outsourced.
But it will be worth the investment and you Get a certain satisfaction when it's all done.
 
LUCIEN said:
wtf why is it so cheap?
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That's what I'm wondering. I think it's suspicious there's no photos of the basement. And I get the feeling that the roof needs mad work just by the state of some of the floors. But all the internal stuff I can deal with personally since it's mostly just drywall, flooring, wallpaper and paint.
 
Yes, subcontracted all work. Wish I kept it.

With older house, shit like asbestos,lead paint, historical zoning, pipe work could make shit hard. It's boom or bust for real.

There was a homie on here from Dallas that was putting in major work on homes. If he on here, may be able to give some real detail help.

Salute to you, and much success.
 
Inori said:
Does that area get a lot of people passing through for vacations/trips for it to be a B&B?
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Yeah since it's right where all the state parks are close to NYC. In any given season you would have hunters, fishers, hikers or just people that need to gtfo of the city.

The only problem is that the place is gonna need mad work even just to air bnb it. (and the ghosts or the Indian burial ground it's built upon or whatever)
 
'Thought about doing something like that, but.......for the most part.......it seems like it's more trouble than it's worth.



The fact that it's so cheap should tell you that it's gonna cost a lot to fix it up.



Biggest problem with a fixer upper is that you can end up spending more in repairs than what the house will ever be worth.



Basically, if it sounds too good to be true.....it probably is.
 
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I got 2 AirBnb's but before I got them:

- checked the city zoning / ordinance laws to see what if an BnB / short-term rental is allowed......you would hate to spend money / resources only to find out you can't do it or the house isn't equipped to accommodate a BnB /short-term rental....for example, some cities allow BnB/short-term rentals only if you are an owner occupant......a couple of people I know didn't do that and found out the hard way once they got fined from the city.....if the city council/local government has short-term rental on the upcoming election, you may want to fall back from that because 9 times out of 10 they will approve it due to hotel lobbyists complaining how BnB/short-term rentals has an unfair advantage/hurting their business, etc

- looks like there is no HOA but if there is, check the HOA covenants looking for the requirements for "short term rental" or "guest house"

- Running an BnB ain't easy but it can be an excellent cash flow opportunity. The main challenge is non-routine maintenance issues or assisting guests that may have gotten locked out, filing claims for damages, etc

Before performing a flip ask yourself the following questions:

- in the last 6 months, within a 5 mile radius of that property, what was the selling price of the similar homes sold? When looking at similar homes you want to break down the homes that meet the following criteria: 5 years before and after the main house was built, similar bedrooms/bathrooms, square footage, type of home, etc. whatever the selling prices are of those homes should give you an average of what to ask for or what you can possibly sell it for once repairs are completed
- just looking at the pix, your Dutch gable roof may have some issues due to the ceiling / water damage on the back sunroom
- if you subcontract it out, get 3 quotes from reputable contractors that will not rip you off

There is more but that's all I have for now
 
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