I have a neighbor who I'm on very good terms with, who bought a house at a tax auction. The house is not in good condition. He lives a little ways away and the work seems to be intimidating him because he's older and has a replaced elbow. He said to me today that they were considering. Selling it if he could get back what they put in. He told me he would charge me less than a stranger, but asked me to come up with an offer.
Some things to know about this, I am capable of doing the home repairs. I live with family and have very few bills. Income is 1200 a month after taxes. Bills are 300.00 a month. Cannot reduce my bills any further.
The Home 550sq ft (its small) 1 bed 1 (3/4)bath Full basement Owner put a roof on ($500-750 in materials) With new roof home and basement are dry and it's rained horribly for weeks here. Lot 150x44 Taxes are $300 a year Wiring is romex, newish panel. Plumbing is copper, I'd convert to pex eventually Needs a furnace. (Currently oil)(two oil tanks in basement)
The owner paid 2550 at a tax auction. The owner put a crappy corrugated asphalt/rubber sheet roofing on, which works but I'd replace eventually. About 500-750 in materials.
I live three houses away currently. My parents own a number of houses on the block. The lot on the one side is an empty grass lot which belongs to my parents. (They have no intention of doing anything with it, in fact it may eventually go to tax auction and I could buy it for like $1000)
My credit score is in the high 600's I have no savings I have little to no debt I'm 28 and single I have a steady job I've had for nearly a year.
Once the house is done I would probably rent the house and remain where I am.
What should I offer? What things should I watch out for? Any thoughts or discussions are welcome, I would love to talk about this for a while with anyone.
Submitted May 13, 2017 at 09:25PM by Zenterra806 http://ift.tt/2pKs3Ek
