All Forum Posts by: Rachael Becknell

Your family is going be mad if they hear you threw out everything without at least looking through some stuff. There is probably nothing there worth the effort otherwise.  

If it were me, I'd plan on a junk company coming at least 2-3 times.  First time, I'd have them clear paths so I could go through stuff.  Then, I'd invite family and friends to come over and pick out anything they'd like.  Alternatively, set aside one or two boxes of things that family might want that you can offer for anyone to go through....believe me, it will save you some grief in the long term with your family.  After that, I'd trash everything, save the one box of mementos, and don't look back.

It's a number game.

Figure out what it is worth "as is" first. Then determine what it would be worth if fully renovated and how much it would cost to renovate it. Is the juice worth the squeeze?

EXAMPLE

My hoarder house cost $55,000 and was estimated to be worth $95,000 with no cleaning or repairs. I estimated I could spend $20,000 to clean and renovate and bring the value up to $150,000. It's worth spending $20,000 to ad $55,000 in value, so I went for it. If it would cost me $20,000 to clean and renovate but only added $30,000 in value, then I would have skipped it and sold it like it was.

The beauty of real estate lies in transforming a hoarder house into someone's dream home. Define your long-term goals carefully, determine your ideal outcome, plan ahead, and refrain from spending any money until you have thoroughly evaluated all your options.

This is great advice, thank you! 

I would get something in writing confirming nobody else wants it before you put any effort or money into it. If you fix it up and make it valuable, someone may come back demanding a piece of the pie.

I bought a hoarder house for $55,000. I put $15,000 and a lot of elbow grease into it and it is now worth $275,000. Work with someone who understands real estate to see how to turn it around.

If the numbers work.  See if you can get an estimate on what it's worth now and what it would be worth when fixed up and market/occupant ready.  Then, get estimates on what it will cost to get you there.  Is there money to be made?  Do you want to sell or rent?  If rent, what would it rent for and does that cover what you would owe?  Are you in a position to manage all of this?  Do you have any family left that will want to weigh in and give you their unsolicited opinion?  Do you value what they think?  Do they get a voice?  If you ignore them, are you prepared to have them upset at you for an indefinite period of time?