Gabe Posted December 11, 2016 Report Share Posted December 11, 2016 My friends dad sold his house recently and moved to Arizona. I followed the situation and found out the people who bought it did some great renovations and totally modernized the house. Now they have it on the market for 150k more for what they bought it for. Quote Link to comment Share on other sites More sharing options...
FairWarning Posted December 11, 2016 Report Share Posted December 11, 2016 No hurricane zones. Property values here is western MIchigan are comparable to what ERB finds in Pennsylvania. Many homes needing repair can be found in the $20,000 to $40,000 range that are worth $80,000 to $100,000 if fixed up properly.I know I could never do this in New York or California where property values require a millionaire to pay for a light fixture.Where are you at in western mi? Most everything down by me on Lake Mi is chicago-priced. Quote Link to comment Share on other sites More sharing options...
BranchDavidian Posted December 12, 2016 Report Share Posted December 12, 2016 Where are you at in western mi? Most everything down by me on Lake Mi is chicago-priced. Muskegon. Quote Link to comment Share on other sites More sharing options...
IAG Posted December 12, 2016 Report Share Posted December 12, 2016 Nice! Would love to do something like that but with zero remodel type skills not happening. Good for you...wish you continued success! Quote Link to comment Share on other sites More sharing options...
BranchDavidian Posted December 12, 2016 Report Share Posted December 12, 2016 Hey Iag, I have no remodeling skills either. But do have a relationship with a handyman that has been doing work fairly reasonably for my rentals. We have agreed to split profits with my daughter and I coming up with the cash, and the handyman doing the work with me handing him his tools.I know this type of business relationship is fraught with problems, but we have made it work so far. Maybe you can find a handy guy that needs work also. Quote Link to comment Share on other sites More sharing options...
roachman Posted December 12, 2016 Report Share Posted December 12, 2016 I just started remodeling my house, doing a total makeover. I bought my house 15 years ago for 159k, my neighborhood is averaging 450k,after I finish investing 100k doing kitchen with new cabinets and appliances, bathrooms, hardwood floors, new paint and new windows my house will be worth 500k. Housing in Charlotte are appreciating like crazy, prices are above pre2008 prices. Quote Link to comment Share on other sites More sharing options...
BranchDavidian Posted December 12, 2016 Report Share Posted December 12, 2016 I just started remodeling my house, doing a total makeover. I bought my house 15 years ago for 159k, my neighborhood is averaging 450k,after I finish investing 100k doing kitchen with new cabinets and appliances, bathrooms, hardwood floors, new paint and new windows my house will be worth 500k. Housing in Charlotte are appreciating like crazy, prices are above pre2008 prices. Yes, timing is everything.And, you point out the advantages to living in the higher priced real estate markets. For the same amount of work, your equity rises $250,000 while mine would rise $25,000! ( I still consider myself lucky however, since I wouldn't be able to come up with the necessary finances if I lived in your market.) Quote Link to comment Share on other sites More sharing options...
sweeper Posted December 12, 2016 Report Share Posted December 12, 2016 well done erb Quote Link to comment Share on other sites More sharing options...
Mobetter Posted December 12, 2016 Report Share Posted December 12, 2016 Quote Link to comment Share on other sites More sharing options...
IAG Posted December 12, 2016 Report Share Posted December 12, 2016 Hey Iag, I have no remodeling skills either. But do have a relationship with a handyman that has been doing work fairly reasonably for my rentals. We have agreed to split profits with my daughter and I coming up with the cash, and the handyman doing the work with me handing him his tools.I know this type of business relationship is fraught with problems, but we have made it work so far. Maybe you can find a handy guy that needs work also.Maybe so. Great arrangement you have there. I need some updates done on my house and eventually Denver place. If I ever get those done I'll think on it. I think Brick was interested in doing that at one time out this way. not sure if he was serious or not. Quote Link to comment Share on other sites More sharing options...
Dingo Posted December 12, 2016 Report Share Posted December 12, 2016 Maybe so. Great arrangement you have there. I need some updates done on my house and eventually Denver place. If I ever get those done I'll think on it. I think Brick was interested in doing that at one time out this way. not sure if he was serious or not.Heard Kinger does free renos for damsels in distress Quote Link to comment Share on other sites More sharing options...
bookbraker Posted December 12, 2016 Report Share Posted December 12, 2016 I just started remodeling my house, doing a total makeover. I bought my house 15 years ago for 159k, my neighborhood is averaging 450k,after I finish investing 100k doing kitchen with new cabinets and appliances, bathrooms, hardwood floors, new paint and new windows my house will be worth 500k. Housing in Charlotte are appreciating like crazy, prices are above pre2008 prices. What does it appraise for now? It has to be much more then the 159 you paid right? Quote Link to comment Share on other sites More sharing options...
roachman Posted December 12, 2016 Report Share Posted December 12, 2016 My house was built in the 50s and its never been updated andits appraised at 320k, my neighbor`s house one house down the street did a tear down and its tax value is 805k, Charlotte real estate is booming, apartments are going up all over, city is considering a moratorium, tenants are paying 30% of their income in Charlotte. I got an investment medical condo I bought 20 years ago for 175k, a big medical clinic offered to buy the whole complex but all the owners must agree to sell and my condo will bring 1mil if the sale goes thru. I live in the ghetto of prime Southpark area with the best public schools. Quote Link to comment Share on other sites More sharing options...
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