My first abandoned home project

[Rose Davis]

Hi BiggerPockets!!! Its been about a year since i have been on and alot has happend. The first home i bought for my family i have turned into a home for the disabled. Only holds 3 ppl but the rent is decent in each room. But i am writing because of my newest project. I bought my grandmas house for the taxes that were owed on it total about 2,500 bucks its been abandoned for 9 yrs. I did a walk thru today with my very experienced investor friend who I actually met on here. Basically the house is really really bad. Water line is burst in the front, foundation needs fixing and likely needs an entire new roof. And we havent even got to the inside yet!!! My guess is it needs to be gutted all throughout. There is sentimental value to the home, my dad grew up there and its where my grandma taught me how to cook my fav meal chicken and dumplings. I would love to keep it if possible! Has anybody had any experience with homes like these? Im wondering if i can some how magically get it in good condition for around $50,000.... recommendations!?

[Meghan McCallum]

Hey! Anyone following this feed should just know that @Rose Davis is a follow through BEAST! And Rose, we have talked about this labor of love and learning you have gotten yourself into...BUT don't forget on projects like this most cities have funding for AND can extend TAX credits to you in exchange for your work. Rose, also get Mid America to perform an Energy Audit so your insulation, windows, and appliances earn you some cash back, too!!!