All Forum Posts by: Elise Wharton

Thanks Erin! I just finished that one a few weeks ago! I’ll definitely reach out if I need anything

Hey @Sarah Kassem! Yes that’s definitely a thing! This particular building has already met those requirements (I’ll quadruple check), but for this area it is 2’ above and according to the elevation plans it supports that. Luckily, as annoying as Historic rehabs can be, the people in charge don’t let you mess up without consequences and pester you the whole time.  

Loving all the advice! 

@Joe Norman, it is in fact Ellicott City! I am treading very carefully, and I am not doing it with cash. Unfortunately I’m not quite there yet to have that kind of reserves. Chances are I’ll get bought out at auction anyway, but I at least want to gain knowledge about the auction experience. 

Thanks for responding sir! 

It was originally listed for 250,000 and didn’t sell. Now the online auction starting bid is 100,000. It’s in an adorable historic town in Maryland so it’ll have rules about rehabbing because of that. It’s in a great location, but there has been floods before farther down the street (it’s quite hilly) which have spooked people. The city has since started creating ways to make flooding less likely. The house prices around it vary so much it’s hard to tell. The duplexes all range from 300,000-650,000 depending how updated they are. Average house in the area is 600,000, new single families go for 1mil. Flood insurance is going to be high still because of the past, and I’m not sure if this house currently has water damage from a previous flood. Although since it’s already gutted that might not be a big deal. I’m going to try to figure out as much info as I can from the city before the auction. I know sometimes you can do 203k loans for auctions, but the post doesn’t specify. 

Hey guys I need some advice. There is a duplex in a historic area that is about to go to auction because no one purchased it on the MLS. The building is a 3-story duplex that has framed rooms inside (so shell condition?) that has plumbing and electric "partially completed". The house says it is originally from the 1900s so I'm assuming it was a gut and the owners ran out of money or something. I won't be able to see the inside because it's just a shell, and I'll probably need to figure out the historic rules for fixing it up if I were to get it. This would be my first home purchase EVER and I've really wanted a multifamily so I could house hack it. I have some questions though:

Is it hard to get contractors to finish someone else's work?

How much would a whole house cost to rehab from the frames (approx. 5000sq/ft)?

Is there a way that Appraisers get comps for historic homes if nothing has sold recently that is similar? 

Is there extra due diligence for something like this that is out of the norm?

I am more than willing to watch or read anything that might point me in the direction if the advice is too much to type here. Or if there are any previous posts that answer questions pertaining to historic auction houses that I could reference. I have only been house hunting for a few weeks so I am just curious why this wasn't snatched up while on the MLS. Maybe I am missing something horrible that would drown me if I bought this house. It is in a flood zone so I will figure out what the flood insurance is when I run numbers. If you read this entire post then thank you, I know it was long

@Remi Nguyen, would you be willing to say with this contractor/company was so others don’t fall into this trap? 

Thank you for the warm welcome gentlemen! @Steven Foster Wilson, “Rich Dad, Poor Dad” was my first read. I only wish someone had given it to me when I was 18, but it’s never too late to start. 

I am not an agent, and I definitely didn’t realize those sites leaned more toward agents. That’s helpful insight. I do have an agent already so I’m definitely going to ask them if they use any of these sites. I’ve never heard of Lead Spring so I’ll have to check that out for educational purposes if nothing else. Thanks! 

Thanks for the info Michael! I've heard a good amount about websites like Xome and Propstream, so I was kind of just putting my feelers out for what sites other people like. I do keep and eye on Craigslist and even FB market. I practically lived on Zillow until I got MLS access lol.

Hi fam, newbie over here. I was just curious if anyone had any websites that they think are actually worth signing up for? I'm on the MLS, but there are sooooo many other websites out there that claim to have houses that aren't on the MLS that request personal info. Are any of these websites legit and totally worth it? Ex. HUD sites, auction.com, etc. Thanks in advance!