All Forum Posts by: Ralph Stowe

There IS risk in everything including Real Estate. You can minimize the risk when you educate yourself and know what you're doing. So learn as much as you can, and when you're confident, take action.

I have attended a couple of local "Meet-ups" in my area and have about 12 cash buyers. Some loan at 5%, some at 8% depending on the deal.  I'm sure your area has these types of meet ups and similar people looking for a good place to put their money. 

@Bryan Richardson So someone bought the hollowed out building recently, may have framed it out and put it under roof for someone to lay out a floor plan and wants $72,000 for their trouble.  That makes  a lot more sense.  I didn't look at the price history.  I just saw a brick wall for $99k.  

@Jake Yes. I found it on the MLS just east of Richmond, VA. 2310 Burton St. Richmond, VA. 23223. Still asking $99,000. It isn't even in a good part of town. Is it because the front and sides are already pre-existing? But yes, that's how the description was.

"Open Floor Plan - Needs TLC - $99,000"  REALLY?!?!

I'm surprised they didn't mention the abundant "natural lighting"

Update - So by the time the agent was allowing viewings, he jacked the price up by $10,500. I guess they cleaned up or fixed up the inside a bit and figured it didn't look as bad as they first thought. So now its sitting on the MLS with little to no interest. Too scary for people looking to move in & not enough meat on the bone for investors to flip. Why didn't the realtor clean/fix up the place first and THEN list it on the MLS at the higher price? Looks like bait & switch tactics on the Realtor's part.

So I'm browsing the MLS (Why not?) and find a property listed pretty low for it's neighborhood. (What I'm looking for). The description says its being listed low because it's a fixer upper (What I'm looking for!). The outside doesn't look so bad. The front stoop is rotting, the yard is overgrown but nothing intimidating. What does the INSIDE look like?!?! No pics. So I call the listing agent immediately (Be quick or be dead, right?) and he tells me there will not be any showings for 2 weeks. (huh?). Apparently, there is "clutter" (Hoarder house situation maybe?) and talk of a sewage back up (OK, now we're getting somewhere) where the owner has been getting bids of $8k to repair. (Maybe that explains it? - Old woman, can't keep the property up, is faced with an $8k required repair, she cant afford it, forced to sell for what she can get for it, is it that simple?) So clean up the yard, replace the front stoop, hire a rooter Co. for $8k to bring the sewage situation back up to code, OK, there is still opportunity there to make money. But why wait 2 weeks to show the inside?

Is there something a potential buyer/investor would see that would send them running for the hills?  Is it a hoarder situation and they need 2 weeks to throw out all the clutter?  Has the sewage backup become so bad its rotting foundation joists and it needs major foundation repair?  

Every real estate agent I've ever known has always wanted as much foot traffic through the place as SOON as its listed, maybe even have a few interested parties lined up before it's listed.  So why no showings for 2 weeks?  What's up with that?   All replies welcome and much appreciated. 

It's been happening in our city for years now. Every time you turn around, a new apt building is going up in places you didn't think building was even possible. Old office building are now luxury condos. Another developer just cleared out 16+ acres to probably put in 500+ more units.

A few questions to consider:

1. Who will charge the car up after each use and where?

2. If a $61,000 car is only worth $47,000 a year later, how much will it be worth next year? the year after that?

3. What if there's a mechanical failure of some kind?

Is it possible to send someone in like a property manager or contractor, or maybe even go in yourself under the pretense of "We need to check the air filters" or something random to make it sound like you're looking out for their interest, but in reality, you want to see if there is any apparent evidence of drug use in the residence.