On undecided deals like that, I would offer 4000. Maybe they will counter for 6000 maybe they will say no. Either way I think you’d come out good. If I ended up owning it, I would just clean it up, secure it and stop the leaks. Then offer it on contract for owner financing for $12-$15,000 as is. Best case you make interest and get your money back, worst case you get the property back.
I remember when we had disaster homes like that at a great price. Now that dump would be worth 400,000 dollars in my area. Totally nuts. I have found some really interesting stuff cleaning out those hoarder houses. With all you do, is there enough time in your life to deal with a place like that? The best person to deal with a place like that is someone who needs a place to live and has the skills to fix it.
We moved to the Midwest about 5 years ago. After that time I’ve come to the conclusion that it’s probably better to buy a nice house and rent than repair and sell/rent. We bought our fixer upper for $60/square foot and have invested about $50/square foot. It’s probably worth $125/square foot. Home values just don’t go up enough to make all the work as worth it. That said, I think it would make good content and I know if you were to buy it you would make it a profitable endeavor.
I purchased a property for 9k put in 23k sold it for 60k and started my dumpster rental company it took me over a year because I was buying materials as I got extra cash. You can buy it and take your time fixing it especially now that we are approaching winter and there will be slow times for the dumpster rental
That property is what we call "A Don't Wanter"! Put in a bid for clean up but let someone else deal with the hassles of this place. Concentrate on finding better properties. The back taxes are something you didn't mention ether. That could be the deal breaker. How about any leans on the place. The past owner probably left a trail of debt.
level it and get the renter to buy a $1500 tiny house from homedepot on a movable skid... foreclosure property, pay to clean it up or it's repossessed by the cleaning agent for nonpayment. "$1500"
@travis he’d have to get it for almost free Equipment,fuel,dumping fees,permits, etc. is expensive Plus the price of putting something new there unless there’s a good selling market in that area i’d stay away from it
I was going to ask what it's worth as a vacant lot. Sucks there's not enough value there to justify demoing it yourself and flipping. It would make for good videos.
I’d buy it, gut it down the the studs and sell it as a project If it was in my town. People would be more willing to buy if it was naked and could do anything to it, rather than see how bad it was after the cleanup. Or just rehab and rent it, whatever works for your area 👍🏼
I'd pass, too little upside, put the money into your building, property, storage, equipment! You'll be better off in the long run! Keep grinding! Enjoy the channel, thanks Brian
If you buy it for 8k and put about 35k into it, you’re in it for 43k total. If you then rented it for $800 a month, it would take you about 4.5 years to recuperate you initial 43k investment which isn’t bad. Everything after that would be free cash flow. Of course that doesn’t account for things like the taxes and repairs within those 4.5 years but you get the idea 🤷♂️
That's a good way to look at it. This became a "we could use the money elsewhere" kind of decision. Because there is money to be made, but I can make better investments elsewhere
Clayton 25k is definitely the maximum I would want into that property for purchase price and getting it ready for sale or as a rental property too have a property worth 50k or else the money tied up in that property is not worth it. With the purchase price of 8k and 17k budget for materials and hired labor for the work trades I cannot do myself I don't think it's enough budget for repairs. If I could get the property for 1-2k then I could probably make my budget work.
I'm not going to lie - as a consumer of your content, BUY THE HOUSE AND LET ME WATCH. But as a business decision, I think it's a little risky - lots of upfront costs and no guarantee it's going to sell for what you put into it
Hahahaha 😆 that's literally my internal battle. As a "content creator" who always wants to put out fun content, this would be cool. As a business owner, I know this probably isn't in my best interest.
Run as fast as you can bought a place like that ended up letting the fire department using it for training burning it down brought in my trackhoe cleaning up mess sold the lot made money
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5 gal gas and a match
😂
Yeah, buy it clean it out and then sell it as is. That's a quick flip right there.
Maybe!
On undecided deals like that, I would offer 4000. Maybe they will counter for 6000 maybe they will say no. Either way I think you’d come out good.
If I ended up owning it, I would just clean it up, secure it and stop the leaks. Then offer it on contract for owner financing for $12-$15,000 as is. Best case you make interest and get your money back, worst case you get the property back.
Yep, that's a good way to look at it. At the end of the day I Focused my efforts on the storage units we are building and dropped this idea.
You are loco loco walking that nasty place with those shoes hahaha 🤣! Very brave my friend!
He’s going to wear his shoes inside his own house ha
I remember when we had disaster homes like that at a great price. Now that dump would be worth 400,000 dollars in my area. Totally nuts. I have found some really interesting stuff cleaning out those hoarder houses. With all you do, is there enough time in your life to deal with a place like that? The best person to deal with a place like that is someone who needs a place to live and has the skills to fix it.
$10,000 🤯😂😂😂. Love it! Can’t go wrong for $10k imo if you can get monthly cash flow once fixed and rented!
Pretty wild, right!
We moved to the Midwest about 5 years ago. After that time I’ve come to the conclusion that it’s probably better to buy a nice house and rent than repair and sell/rent. We bought our fixer upper for $60/square foot and have invested about $50/square foot. It’s probably worth $125/square foot. Home values just don’t go up enough to make all the work as worth it. That said, I think it would make good content and I know if you were to buy it you would make it a profitable endeavor.
Location is everything, if its in a depressed area, I wouldnt touch it...
I purchased a property for 9k put in 23k sold it for 60k and started my dumpster rental company it took me over a year because I was buying materials as I got extra cash. You can buy it and take your time fixing it especially now that we are approaching winter and there will be slow times for the dumpster rental
Id buy it !!
It could be a nice gem. Just a lot of work!
That property is what we call "A Don't Wanter"! Put in a bid for clean up but let someone else deal with the hassles of this place. Concentrate on finding better properties. The back taxes are something you didn't mention ether. That could be the deal breaker. How about any leans on the place. The past owner probably left a trail of debt.
Spot on!
Also known as a leverite. Meaning you leave-er-right there!
level it and get the renter to buy a $1500 tiny house from homedepot on a movable skid... foreclosure property, pay to clean it up or it's repossessed by the cleaning agent for nonpayment. "$1500"
Buy it. Demolish it. Sell the lot or build new house to sell
Would have to build new there because the land isn't worth it there by itself
@travis he’d have to get it for almost free
Equipment,fuel,dumping fees,permits, etc. is expensive
Plus the price of putting something new there unless there’s a good selling market in that area i’d stay away from it
I was going to ask what it's worth as a vacant lot. Sucks there's not enough value there to justify demoing it yourself and flipping. It would make for good videos.
Think twice before tearing it down, new construction will cost more, plus approvals, take time
Interesting! I would probably clean it out first for a fee . Then you can see the condition better. Or offer a really low ball price as is.
1
Much love
I’d buy it, gut it down the the studs and sell it as a project If it was in my town. People would be more willing to buy if it was naked and could do anything to it, rather than see how bad it was after the cleanup. Or just rehab and rent it, whatever works for your area 👍🏼
I'd pass, too little upside, put the money into your building, property, storage, equipment! You'll be better off in the long run! Keep grinding! Enjoy the channel, thanks Brian
If you buy it for 8k and put about 35k into it, you’re in it for 43k total. If you then rented it for $800 a month, it would take you about 4.5 years to recuperate you initial 43k investment which isn’t bad. Everything after that would be free cash flow. Of course that doesn’t account for things like the taxes and repairs within those 4.5 years but you get the idea 🤷♂️
That's a good way to look at it. This became a "we could use the money elsewhere" kind of decision. Because there is money to be made, but I can make better investments elsewhere
just walk away ! ! ! p.s. i live in qcy
Man! I'm always shocked when someone locally funds me on youtube!
Clayton 25k is definitely the maximum I would want into that property for purchase price and getting it ready for sale or as a rental property too have a property worth 50k or else the money tied up in that property is not worth it. With the purchase price of 8k and 17k budget for materials and hired labor for the work trades I cannot do myself I don't think it's enough budget for repairs. If I could get the property for 1-2k then I could probably make my budget work.
Is more in your portafolio
let the city burn it for firefighter training
Id avoid it. Im all for A flip but that needs to be demolished
Buy it. Fix it and side it for 20 grand u could flip it or leverage it at 50,000 there not making any new land❤
There definitely won't be any more land built!
Holy crap that’s crazy 😂
I just watched one of your vids where you agreed you need to stop buying properties and expand your dumpsters etc..Stick to expanding your equipment!
You got me! Haha ya, I waiver. I think that's one of my more recent ones! That's what I'm aiming for!
Id say stay far away from it. Needs gutted… wiring, plumbing, hvac… youll be 70k in unless your doing everything yourself.
I think you're probably right
You have the machinery you have the dumpsters it’s a no-brainer to buy it and take a run with your money
$10,000 could buy you that new shop truck
Stay tuned. We picked up a truck, and it's not quite what you'd expect. It's a project, but it could be a really cool marketing tool for us!
Get the property and rent for 5 years and sale
Buy, and fix for rental so 20 years from now, you still getting income from it.
Buy it
Tear down and build new . I wouldn't touch that place to clean up
I'd clean it out for 6 grand and walk away
Literally what I quoted. In sync my dude
Buy it & build a 100k build. All in 110k
I'm not going to lie - as a consumer of your content, BUY THE HOUSE AND LET ME WATCH. But as a business decision, I think it's a little risky - lots of upfront costs and no guarantee it's going to sell for what you put into it
Hahahaha 😆 that's literally my internal battle. As a "content creator" who always wants to put out fun content, this would be cool. As a business owner, I know this probably isn't in my best interest.
Run as fast as you can bought a place like that ended up letting the fire department using it for training burning it down brought in my trackhoe cleaning up mess sold the lot made money
Oof, that's a great solution though
Make a offer $7000
Don’t buy simply bc you said the location isn’t ideal.
But if you did, set on fire, bulldoze, and start from scratch…
Location, location, location! Nailed it!
The property is definitely worth 10.000 grand but the house needs to be demolished and a new one built would be cheaper.
Likely the case!
The lot alone probably isn’t worth 10 grand. Maybe if it was already cleared. 5-10 grand to demo that house.
No.put the money in you warehouse
Only 10k and plenty of additional content to record, kind of can’t lose here
Too much work.