A diamond or a chunk of coal??

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Posted by Dan on December 07, 2002 at 12:41:45:

In Reply to: Re: While looking at information found vacant house going to f/c posted by Edward NOlan on December 07, 2002 at 01:30:32:

Ed,

Thanks.

I can get in touch with the son in law. I know where he works.

As for the bank and the fax,, do you have a standard form that I can access? Is there such a thing?

The house had a mortgage on it for 79k which I found through the mother/clerk and the public records.

I would say it needs paint in and out, carpet, wall repairs, some landscaping and a lot of cleaning. And that is just from looking at the exterior and what I can see though the mini blinds.

My feeling is that if I paid someone to do the work it would cost in the neighborhood of 10k. Paint-2k, carpet-3k, landscape-2k, misc-2k.

The house is unattractive to me. It sits on a hill with a garage under the house. To get to the front door you have to walk up a set of steel stairs on the front of the house. It only has 2 outside doors. It is located next to some apartments and in an older neighborhood.

My gut feeling is that it is only worth about 45k as it stands and I can't immagine how the bank lent that much for it.

But I'm thinking maybe there might be an opportunity for someone and I'd like to take a shot at it if I can.

Follow Ups:

• Their all diamonds, if you know the tricks... (url) - Edward Nolan (Ohio) 18:33:59 12/07/02 (0)

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Comments:
: Ed,

:  Thanks.

:  I can get in touch with the son in law. I know where he works.

:  As for the bank and the fax,, do you have a standard form that I can access? Is there such a thing? 

:  The house had a mortgage on it for 79k which I found through the mother/clerk and the public records.

:   I would say it needs paint in and out, carpet, wall repairs, some landscaping and a lot of cleaning. And that is just from looking at the exterior and what I can see though the mini blinds.

:  My feeling is that if I paid someone to do the work it would cost in the neighborhood of 10k. Paint-2k, carpet-3k, landscape-2k, misc-2k.

:  The house is unattractive to me. It sits on a hill with a garage under the house. To get to the front door you have to walk up a set of steel stairs on the front of the house. It only has 2 outside doors. It is located next to some apartments and in an older neighborhood.

:  My gut feeling is that it is only worth about 45k as it stands and I can't immagine how the bank lent that much for it. 

:  But I'm thinking maybe there might be an opportunity for someone and I'd like to take a shot at it if I can.


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