Land we rent sold

[AlanB]

Well, AWAY WE GO, after several close calls, having a guy back out on me, looking at a Frillion (you have to know Dilbert) houses, pieces of land, etc. etc. We inked a contract on one tonight. Actually I accepted their counteroffer within 1 minute of hearing it so it became a "Binding" agreement....

9.63 Acres, 1125 sq ft home built in 1966, on a full basement with a garage door on it, 3 br 1 bath... dead end road with houses on it, but not a subdivision (yet at least) no deed restrictions, zoned Ag, about 8 acres old growth forest, Flat, just a little fall, but able to drive all over it.

Downsides, Wet basement with mold on the walls, (welcome to TN) one bathroom,,,, That needs to be fully gutted and reworked. Slightly (very slightly, like 1/2 bath) smaller then my current home. Ground is somewhat low, and soggy at times (as is a lot of the ground around here) but the house is higher then the street, and the land on the other side of the street is lower than our land.

120K

Wife is in Germany, and has not seen it yet.... This will be interesting eh?

Probably a 30 to 45 minute drive for me at present, but if they could ever finish up these road construction projects, it will probably be about 20 to 30 minutes.

An excellent location for her to base the lawncare / landscaping business out of. Located in the center between two major roads (3 miles from each) that are where they are currently building the 250K + houses at (about 600 are going up now is what I was told simply a staggering number if you think about it) where do these people come from, or where do they work. and they are all houses with landscaped and sodded yards, with folks that don't want to do that stuff themselves

Pictures, I know, Pictures, but as I said, even the wife has not seen this thing yet, so they will come.

Now I just have to jump the financing hoops, but at this price it should be a lot less painless then at $250K.

I am either excited or scared and I think honestly a bit of both...

You guys wish me luck, I think I will have to call in every favor I have out there to make this work.

I think I am about to take house flipping 101 and 102, kind of back to back and in a rush...... I think I will get extra credit if I make them a cram course.... Now if the 101st could just stay in town long enough for me to move my house, I will be golden,, hooah...

 

[rox]

CONGRATULATIONS! It is unbelievable, you bought a house without your wife seeing it? Wow! That is trust baby. You got yourself a nice sized parcel, room to move around and grow on, good for you guys.

 

[gemini5362]

I would offer two suggestions.

1. I flew back home from overseas and bought a house without my wife seeing it. I took the worst possible pictures in the worst light of all the bad things and showed them to her. When she saw it herself it was not as bad as the pictures she had seen so it was better than she had expected. That really smoothed over her first view of something she had not seen before. you might want to take the same kind of pictures and email them to your wife if she can get email where she is.

2. What kind of Mold is it. That is the most important thing about the purchase. have a company that specializes in removing the mold give you a price estimate. Some kinds of mold are bad for your health and you almost have to tear the house down and burn the land to remove them. Not quite that bad but is a very expensive undertaking. If you just signed the contract and have not closed then you should have a space for any repairs that you feel need to be done. Or at least a walk through inspection prior to closeing. Make sure you know what you are dealing with from the mold

 

[BTDT]

Congratulations and good luck. Sounds like a lot of opportunities there.

 

[AlanB]

Hmmm, Pictures today, lets see if I can do it.

 

[AlanB]

That worked, Lets see if I can do a couple more.

Have it set up to get inside tomorrow, and calling in all the "buds" to check it out, and help me develop the plan of attack.

 

[deereguy]

Congratulations on your new investment!!! Looks like it has a lot of potential!!

Good Luck.

 

[BTDT]

Looks good. I'm sure you'll have that fixed up to your liking in no time

 

[EddieWalker]

Looks like fun!!

Do you know what caused the water damage to the floor? The walls look freshly painted. Is there any chance they are hiding something? Always follow the water damage and make that your number one priority.

I'd just knock down those sheds in the back and get rid of them. They don't look like they are work salvaging. Most of them in that condition will cost more to fix than to replace.

The driveway looks a little on the low side. Is it the picture, or will it become a creek when it warms up and rains?

For the price, it looks like a fantastic deal with tons of potential!!!!

Eddie

 

[AlanB]

The water damage on the floor is from the windows. I think all replacement windows are going to be in order for this place, anyone have advice???? They are all old (66 I imagine) single glass windows that are ROUGH... I think I am probably going to loose a ton of heat and air through them, so probably while it is vacant, just jump on them both feet and change them out. Probably money well spent in the long run. I think everything pretty much needs additional insulation.

Here is the basement mold, the worst part as well by the way

The worst floor, and you can see where it came in from the window.

The bathroom floor beside the tub that is bad and must be replaced.