All Forum Posts by: Marcus Melgoza

@Michael S.

Hey thanks Michael, I'll make sure to look out for that next time. Unfortunately, I lost the house to someone else, it was a really good deal and ARV on it would've been really good per the realtor. You have some experience with 203k?

@Deborah McDonough

Thank you GREGG and Deborah for giving me a follow up. I’d like to add I was thinking of living in the property as soon as I finished rehabbing with a owner occupied loan. Afterwards, I was thinking of renting it seems like cash flow in the area might be good considering the interest rate I was pre approved for. I myself work for the utilities and I ride around this neighborhood a lot and I see that the 5 points district and medical district are having a lot of renovations going on and prices on houses are drastically going up. Even though this house might be on the outskirts of the 5 point district, I do see it taking a positive change in the near future. I’m thinking of using a 203k loan as a first time home buyer. If the house really is turnkey than I might be looking at a good deal no matter the cost of repairs but if it’s north of 40k I might be looking at a dupe.

I’d like to mention I found a more recent comparable from the same year built sold around 375k, house is 805 McKinley Ave NE.

Hey guys I came upon this property

1025 McKinley Ave NE Huntsville, Al and I want to hear your thoughts on it on a certain topic. I noticed this house was built over a century ago and when I looked at the property I noticed a lot of things needed to fix. We’re talking about sidings, roof, you name it. My question is: when I hire a G.C to give me an estimate on repairs needed will he be taking into account the fact that it’s a house built in 1900 and it’s gonna be treated as historic? If it is historic are the prices of repair going to be more expensive or about the same a non-historic house? This bank owned house going for 105k, I’m thinking I could probably bring it down a few thousand. Plus, I’m also seeing the comparables sold in the market for the last sold house in the area anywhere close to that house is 200k, but I doubt this one will sell for that price because the closest comparable is from year 1960. I need to know if the house is worth the repairs or even worth the trouble of doing all the investigating. Please hand me your thoughts.