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Got offered a house

J

joelechten

CEG'er
Joined
Mar 27, 2007
Messages
83
Location
SE MI
Was wondering what people thought of warren? I was offered a house 4 bed 2 bath needs a little work, it is worth abt 80k but the guy need to get out of it so he told me 25K it just needs siding and a few small things what do you guys think?
 
do it man!

25K for a decent house, hell if you hate it anyways consider it an investment, fix that :censored::censored::censored::censored: up and sell it for 3x what you paid for it? Are you kidding me? Do you even need to be asking this question?
 
depends what part of warren? cross streets? i used to live there and know that area well, some parts are good some bad
 
ya that and im living in a trailer right now paying almost $700 a month i could get down to only have to be paying $200 a month and save a ton of money seeing that im having a kid and being demoted at work
 
keep your car in the garage and lock that isht trust me
 
other than that its not so bad there is definatley some undesirables in the area but what can you do you get that all over? E. or W. of vandyke N. or S. of 9 mile ? what street?
 
not sure what street exactly the guy owns 14 houses in that area and needs money to cover the morgages
 
For 25k it's hard to go wrong unless the house is a tiny craphole. For pete's sake my car cost more than that.
 
Even in the current cesspool of an economy in S.E. Michigan, a structuraly sound house for that little dosh is a no brainer. Spend 3-5 years fixing it up and by then the market will begin it's climb. You stand to make a tall profit. The only caution would be over-updating. Make it nice, but not too nice. You'll also get some healthy tax breaks when compared to renting.
 
well here it is
21394185-1.jpg

and i just found out he closed on it on friday for 13k
 
joelechten said:
ya he bought it on friday for 13k and listed it on sat for 30k
Click to expand...

Welcome to the world of real estate investment. If he were really heavy he would have had it listed before closing trying to double close and just leave with a check never having actually owned the place. Offer him $20k for it and see if you can get it from him. He did the leg work to find it at $13k and after taxes and closing costs he might sell for $20k. There is a lot of property on the market right now so a solid buyer right now at 20 is better than a buyer in 6 months at 30.
 
I used to live in Warren, grew up there and went through school there. I lived 1 block north of 8 mile and 1 1/2 blocks east of Van Dyke. I have friends that still live around there so I do go there once in a while but it's not an area I would move back to. The street I used to live on has gotten worse, but I haven't lived there in 8 years.
 
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