A question for this community...

[Disturbed9]

See the avatar of my property. I paid $15,000.00 for it at auction as REO foreclosure.
1,090 SQFT living space. 1.08 acres of land. Creek in back.
However, after purchase of property...
I have discovered.

1. Shale siding turned out to be asbestos.
2. Lincoln-log foundation. Beams are rotted floor sinking.
3. It was abandoned for two years, and all copper water feeds were stripped out be scavengers, and all the copper wiring, plaster and lats were busted in the process of these thefts.
4. Where walls are sound, LEAD PAINT.
5.Bathroom suffered extensive termite damage.

Here is my dilema.

It will cost me, labor and materials, $35,700.00 to gut this dump and remodel the whole place, roof to foundation.

If I...

A. Demo this place. $3,000.00
B. Place a nifty 45' x 75' doublewide for $24,500.00 all bells and whistles.

Financially, it is a no brainer. But I actually love the place.
What should I do?

Poll posted.

Tim

 

[freedombecki]

It looks like a charming shotgun house that was popular in the 30s and 40s.

If there was gross tearing out of copper pipes and water seeped in through the holes, you could have black mold, which you don't ever want near yourself or your family. However, if it is salvageable, it would be nice to have a home on a foundation in the Hurricane belt, which most of Florida is.

You couldn't pay me to stay in a mobile home in the Florida Hurricane season which has probably already started or will soon and goes through November.

However, the price sounds good, and mobile homes nowadays have very pretty interiors, if you don't mind taking a risk of being blown down once every thirty years. But if it's a truly horrid hurricane, nothing will be left standing. The city of Galveston was leveled in Hurricane Ike, I think it was, just a few years back. It was the worst storm in a century.

Good luck whatever you decide is best for you, Disturbed9. An acre in Florida most summers can feed a family with leftovers all year with a little hard work in your garden.

 

[eots]

See the avatar of my property. I paid $15,000.00 for it at auction as REO foreclosure.
1,090 SQFT living space. 1.08 acres of land. Creek in back.
However, after purchase of property...
I have discovered.

1. Shale siding turned out to be asbestos.
2. Lincoln-log foundation. Beams are rotted floor sinking.
3. It was abandoned for two years, and all copper water feeds were stripped out be scavengers, and all the copper wiring, plaster and lats were busted in the process of these thefts.
4. Where walls are sound, LEAD PAINT.
5.Bathroom suffered extensive termite damage.

Here is my dilema.

It will cost me, labor and materials, $35,700.00 to gut this dump and remodel the whole place, roof to foundation.

If I...

A. Demo this place. $3,000.00
B. Place a nifty 45' x 75' doublewide for $24,500.00 all bells and whistles.

Financially, it is a no brainer. But I actually love the place.
What should I do?

Poll posted.

Tim

over an acre of land and a fresh water supply..hmmm...personally I would grow about 20 to 30 marijuana plants spread out along or close to the creek and have the extra cash I need by fall

 

[Sherry]

Take your emotions out of it...make a sound business decision from an investor's perspective.

 

[uscitizen]

Rent it out to illegals.

 

[Disturbed9]

Rent it out to illegals.

Too funny. No thank you, sir.

 

[uscitizen]

Rent it out to illegals.

Too funny. No thank you, sir.

It is what they do around here.

 

[Disturbed9]

Take your emotions out of it...make a sound business decision from an investor's perspective.

I caught such a vibe off the joint, if I demo the place, it seems like I am committing murder.
But, moneywise it is the best way.

 

[techieny]

Get a John Deere and pray !

 

[Disturbed9]

See the avatar of my property. I paid $15,000.00 for it at auction as REO foreclosure.
1,090 SQFT living space. 1.08 acres of land. Creek in back.
However, after purchase of property...
I have discovered.

1. Shale siding turned out to be asbestos.
2. Lincoln-log foundation. Beams are rotted floor sinking.
3. It was abandoned for two years, and all copper water feeds were stripped out be scavengers, and all the copper wiring, plaster and lats were busted in the process of these thefts.
4. Where walls are sound, LEAD PAINT.
5.Bathroom suffered extensive termite damage.

Here is my dilema.

It will cost me, labor and materials, $35,700.00 to gut this dump and remodel the whole place, roof to foundation.

If I...

A. Demo this place. $3,000.00
B. Place a nifty 45' x 75' doublewide for $24,500.00 all bells and whistles.

Financially, it is a no brainer. But I actually love the place.
What should I do?

Poll posted.

Tim

over an acre of land and a fresh water supply..hmmm...personally I would grow about 20 to 30 marijuana plants spread out along or close to the creek and have the extra cash I need by fall

DEA raided a guy two streets down for the same type proposition.

 

[Ernie S.]

Sorry to hear of your dilemma. Did you inspect the place before you bid on it?

My home, purchased 3/1/11 was a foreclosure as well. I did make the 700 mile trip to inspect it before putting in my bid. Fortunately, even though it had been vacant for 18 months, it was in move in condition. The only major repair has been a well pump.

As to your choice. I would, in the interest of expediency, consider the double wide solution, and depending on your age and finances, it may make sense. You do have to consider resale value if you are younger and plan to move up at some point down the road,
For 43 grand, you get the old house torn down and a mobile home put on the property add in hook ups, set up etc lets say total move in cost is $45K. When you're done, you have a fine place to live worth $43,000.
If you fix up the existing structure, you will have $50,700 invested in a property worth probably $70,000 with the potential to double in value when the real estate market recovers.
Let's be conservative and assume that 10 years down the road, the remodeled house will have a resale value of $150,000. If you had gone with the double wide, appreciation on the land, perhaps would have kept pace with the depreciation in value of the mobile home. Your home is still worth about $45K.

 

[Mr Natural]

Knock it down and start over.

 

[Mad Scientist]

Knock it down and start over.

^This^

That's the reason you only paid 15K for it.

 

[Warrior102]

1. Shale siding turned out to be asbestos.
2. Lincoln-log foundation. Beams are rotted floor sinking.
3. It was abandoned for two years, and all copper water feeds were stripped out be scavengers, and all the copper wiring, plaster and lats were busted in the process of these thefts.
4. Where walls are sound, LEAD PAINT.
5.Bathroom suffered extensive termite damage.

Damn - that's paradise to a welfare-case Liberal

 

[g5000]

However, after purchase of property...
I have discovered.

There's your problem right there. Hell, I can tell just by looking at the tiny, tiny picture it has serious problems. You are supposed to find all that stuff out BEFORE you buy it.

Call the fire department and see if they want some practice.

Seriously.

Let them burn it to the ground. Then you just have to pay for the ashes to be hauled away.

I don't know where this thing is, but judging from the photo that house is really old. Which means the zoning laws have probably changed a lot since it was built. A 1.08 acre plot may be real hard to come by these days. You may be sitting on a valuable piece of land.

I would also check with the local zoning board to make sure that if you destroy the house you are allowed to put a trailer on it. Some zoning regulations are grandfathered and may be null and void if the original structure is destroyed.

Look into it.

 

[popeyecv64]

See the avatar of my property. I paid $15,000.00 for it at auction as REO foreclosure.
1,090 SQFT living space. 1.08 acres of land. Creek in back.
However, after purchase of property...
I have discovered.

1. Shale siding turned out to be asbestos.
2. Lincoln-log foundation. Beams are rotted floor sinking.
3. It was abandoned for two years, and all copper water feeds were stripped out be scavengers, and all the copper wiring, plaster and lats were busted in the process of these thefts.
4. Where walls are sound, LEAD PAINT.
5.Bathroom suffered extensive termite damage.

Here is my dilema.

It will cost me, labor and materials, $35,700.00 to gut this dump and remodel the whole place, roof to foundation.

If I...

A. Demo this place. $3,000.00
B. Place a nifty 45' x 75' doublewide for $24,500.00 all bells and whistles.

Financially, it is a no brainer. But I actually love the place.
What should I do?

Poll posted.

Tim

Lincoln log homes have a lot of problemos thar sir ---- butt thar cool to lurk at

 

[Luddly Neddite]

There are a lot of variables but basically, we were faced with the same question. We kept the house, remodeled and now have a castle for a fraction of what buying it would cost. Its paid for, all we pay is the taxes and we absolutely love the place.

I've lived in a trailer/mobile home/manufactured home and you couldn't pay me to do it again.

Good luck.

 

[Ringel05]

Knock it down and start over.

C-4 is way more fun.......

 

[iamwhatiseem]

You didn't buy a house. You bought an acre of land with a $3,000 cost attached to it.
So in fact you paid $18k for the acre.
What is the going price for an acre in that location?
The answer to that is the same answer if this was a good investment.

As for a double-wide...they depreciate rather than appreciate. If there is any chance you won't live there for years - this would be a bad investment... particularly if you have little down payment. Have you ever lived in a trailer? As a previous real estate investor I can tell you they are not like a house. Thin walls, terrible plumbing, poor electrical and poorly insulated. Everything in a double-wide is built to the bare minimum code.
If the land is not worth $18k empty - then sorry, you made a bad investment and should get out before you have yourself a money pit.
P.S. - don't worry about the asbestos...it is not the OMG the sky is falling scenario as the demo people will claim it is.
take it down YOURSELF. Get a full body suit with a decent mask and simply rent a dumpster and do it.

 

[kwc57]

Why can't you put in a doublewide AND leave the house?