Don't EVER Buy These Types of Houses

[@blackrealestatedialogue]

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[@fighterpimp]

Look some of that is just over time wear and tear. If you got a 125 year old brick house. WTF you think it needs. Upkeep. What you have here is last owner neglect. So what they can do is not sell it to normal people and hope a corp buys it. But the corps focus on certain areas. I doubt many of these in those areas they would no look buy it. So in reality these houses are overvalued for the X work you have to do to fix it. Why you tell them this and tell them a reduce price by a good amount. So example here. Say they wanted 250k for first house. You tell them 160k due to massive levels of repairs need or the home owner fixes the repairs. They will say no fixes from owner. Then you state new price. It won't sell and it will drop at some point. I had a same thing happen to me on 1 property. I was like dude you want 240k and you have roof issues. The garbage is collasping. Your adu unit need full regut to fix your joist problem, plus a plumber stack is broken and needs a camera line run through it. So maybe even more work on sewage. They like you want to make an offer. I am like 75k. They didn't like that offer. I told them the amount of repairs here is almost 100k worth of estimated work and tear down. I have months of down time and zero return in rental until repairs fix. To make this deal work for me it would have to be 75k on this property. They didn't see it. It stay on for over 2 years. It kept dropping by 30k each price drop. It sold for 135k. Almost 90k lower then what they wanted and this is in covid low rate time. So imagine the people trying to scam you. The person who got it for 135k still didn't get a great deal. But at least they no one went fomo crazy on that place. I say do the same thing. You aren't missing out on owning a home. You only missing out if you want to run a business with property.

[@blackrealestatedialogue]

Crazy story, thanks for sharing!

[@bradmyers99]

Dan Ryan builders. Haven't heard from them in a while they built a lot of houses around my county and somthing happened and I wish I can remmeberr if they got shut down ran out or something. o yeah lawsuits like crazy but now they are just DRB and now there biggest share holder is Sumitomo forestry co ltd and its owned by Japanese. So they have 5 lawsuits pending as of right now. Just under DRB. 1.2 rating on Google and they built most houses in Washington county as least In 2005_2020ish so ask who built it.

[@blackrealestatedialogue]

That’s crazy!