BMW M3 Forum (E90 E92)

BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Go Back   M3Post - BMW M3 Forum > BIMMERPOST Universal Forums > Off-Topic Discussions Board
 
Post Reply
 
Thread Tools Search this Thread
      06-16-2011, 09:47 PM   #23
Sniz
Lieutenant General
 
Sniz's Avatar
 
Drives: e92 335 - gone // e36 M3 turbo
Join Date: Mar 2007
Location: Ellicott City, MD

Posts: 10,564
iTrader: (1)

Quote:
Originally Posted by Kiemyster View Post
I would never have a client buy a house without an engineer report, and 70% of the price reductions are rooted in their findings. Its extremely helpful, and if you had a buyer agency with an agent they will def. make sure everything goes as well as it could.

It depends on the situation, but I just try to get whats fair for both seller and buyer. Each situation is different, as long as the house is sold at a fair price according to its condition. The seller will state what condition/warranties go along with the title. Make sure you get a general warranty on the deed. Make sure to look for state tax liens as they will take priority over mechanics liens. if you hear the words "quitclaim" run the other way.

Good luck op, and take ear to E90SoFlo's advice as well
you all do things different in NYC for sure. No one down here has engineers involved in transactions until AFTER something alarming structurally is found at the home inspection. Even after that, things are negotiated DURING the home inspection contingency period. If its not worked out at that time your either walking away as the buyer or buying with the problems.

you are NOT negotiating at closing unless you want to be sued straight up your ass.

welcome to Maryland.

OP - that sounds too good to be true. 8k for any habitable standing structure doesnt seem possible.
__________________
Sniz is offline  
0
Reply With Quote
      06-16-2011, 10:55 PM   #24
ABQ325i
Private First Class
 
ABQ325i's Avatar
 
Drives: 08 E60 535i + 06 E90 330i
Join Date: Apr 2010
Location: Albuquerque

Posts: 158
iTrader: (4)

Garage List
2008 535i  [0.00]
2006 330i  [0.00]
Quote:
Originally Posted by Sniz View Post

OP - that sounds too good to be true. 8k for any habitable standing structure doesnt seem possible.
It is, especially if it is true that the average home value is $35-$50k. Everything I saw on Zillow under $10k for the zipcodes the OP gave were vacant land.
ABQ325i is offline   United_States
0
Reply With Quote
      06-17-2011, 12:16 AM   #25
N54Love
Veteran BMW owner
 
N54Love's Avatar
 
Drives: '07 335iA Sil/Blk (JB4)
Join Date: Nov 2010
Location: Boston, MA

Posts: 171
iTrader: (0)

Quote:
Originally Posted by FifthStreetz View Post
hmm north philly...the ghetto, a house for 8K might sound like a good deal but keep in mind the area the house is it. Also your tenants will be low income, which means you will probably have to deal with him being late on rent or maybe even going one or two months without paying. Buyer beware.
+1
__________________
Quote:
Originally Posted by captainaudio View Post
I think we need to know what that bottle of red wine was...
If it was Chateau Mouton Rothschild 1945 the OP should probably be on the market for a Bugatti Veyron.
If it was Red Ripple 2010 the OP should sell all of his cars and start using public transportation.
N54Love is offline   United_States
0
Reply With Quote
      06-17-2011, 01:12 AM   #26
yogi
Ninjapotamus
 
yogi's Avatar
 
Drives: F10 & E90
Join Date: Feb 2011
Location: Bellevue

Posts: 298
iTrader: (9)

US AN AGENT OR AN ATTORNEY! you clearly dont know what your doing, so hire someone that does to protect your interests.

idfk what anyone else said, i didnt read the whole thread. hire an agent or an attorney. He Who Represents Himself Has A Fool For A Client
yogi is offline   United_States
0
Reply With Quote
      06-17-2011, 12:28 PM   #27
persian54
Lieutenant General
 
persian54's Avatar
 
Drives: SL550. Prev: E93 M3/335i/Z435i
Join Date: Jun 2009
Location: The Valley, SoCal

Posts: 15,769
iTrader: (291)

8k for a house.. wow....
persian54 is offline   United_States
0
Reply With Quote
      06-20-2011, 09:29 PM   #28
08rookie
Private First Class
 
08rookie's Avatar
 
Drives: bmw
Join Date: Jul 2009
Location: phila, pa

Posts: 123
iTrader: (0)

Quote:
Originally Posted by ABQ325i View Post
It is, especially if it is true that the average home value is $35-$50k. Everything I saw on Zillow under $10k for the zipcodes the OP gave were vacant land.
im well aware that these properties are complete shit. im well aware of the neighborhood and the surrounding folk who walk the streets. my business is in this part of the city. i can actually rent to people i know...

North Philly is huge. maybe the zips dont do justice. if you knew the neighborhoods (west kensington, fairhill, tioga, feltonville, hunting park) you would have a better understanding.

they zip codes do NOT just list vacant lots...here are some examples

http://www.zillow.com/homedetails/3338-Phillip-Philadelphia-PA-19140/2126132803_zpid/#{scid=hdp-site-map-bubble-photos}

http://www.zillow.com/homedetails/3115-Reach-St-Philadelphia-PA-19134/10335781_zpid/#{scid=hdp-site-map-list-address}

http://www.zillow.com/homedetails/5443-Florence-Ave-Philadelphia-PA-19143/10482300_zpid/#{scid=hdp-site-map-list-address}

these places are complete shit! im well aware...but they have potential and i have cash!

Last edited by 08rookie; 06-20-2011 at 09:35 PM.
08rookie is offline  
0
Reply With Quote
      06-20-2011, 09:33 PM   #29
Freakazoid
Captain
 
Freakazoid's Avatar
 
Drives: Saturn Redline
Join Date: Dec 2009
Location: Pittsburgh

Posts: 967
iTrader: (0)

i'd say it's worth the 'fun' factor, but to iterate and boil it down to 2 main points.

get an agent or someone to represent you, this will cost you pennies in comparison.
make sure your insurance is square across the board.
Freakazoid is offline  
0
Reply With Quote
      06-20-2011, 09:36 PM   #30
M3Bahn
Lieutenant
 
M3Bahn's Avatar
 
Drives: M3
Join Date: Mar 2011
Location: ATL

Posts: 487
iTrader: (0)

Quote:
Originally Posted by 08rookie View Post
im well aware that these properties are complete shit. im well aware of the neighborhood and the surrounding folk who walk the streets. my business is in this part of the city. i can actually rent to people i know...

North Philly is huge. maybe the zips dont do justice. if you knew the neighborhoods (west kensington, fairhill, tioga, feltonville, hunting park) you would have a better understanding.

they zip codes do NOT just list vacant lots...here is one example for 7k:

http://www.zillow.com/homedetails/3338-Phillip-Philadelphia-PA-19140/2126132803_zpid/#{scid=hdp-site-map-bubble-photos}

im sure there is a loaded story behind the place. im well aware the place might need thousands in renovations. my point is philly is fulllllllll of row homes for miles and miles and miles. they pack them in this city like sardines.
30 year is only $28 a month!
Then why are nearby homes going for 55k and up?
__________________
The journey is the reward.
M3Bahn is offline  
0
Reply With Quote
      06-20-2011, 09:41 PM   #31
08rookie
Private First Class
 
08rookie's Avatar
 
Drives: bmw
Join Date: Jul 2009
Location: phila, pa

Posts: 123
iTrader: (0)

Quote:
Originally Posted by M3Bahn View Post
30 year is only $28 a month!
Then why are nearby homes going for 55k and up?
im not sure exactly...

i will say that philly is a good block bad block kind of city. there is a neighborhood called northern liberties...row homes can run upwards of 200k-400k depending on certain factors...but you are a stones throw away from a war zone. anybody who knows the city will tell you "stay south of here...or once you cross the train be careful.."

200k for a row home is insane!!! i dont care where you live...you dont even get a driveway haha
08rookie is offline  
0
Reply With Quote
      06-20-2011, 09:57 PM   #32
Scrubber
Private
 
Scrubber's Avatar
 
Drives: 2010 335i Coupe
Join Date: Nov 2010
Location: Tacoma, WA

Posts: 73
iTrader: (0)

This reeks of a bad idea. Abort.
Scrubber is offline  
0
Reply With Quote
      06-20-2011, 10:04 PM   #33
ABQ325i
Private First Class
 
ABQ325i's Avatar
 
Drives: 08 E60 535i + 06 E90 330i
Join Date: Apr 2010
Location: Albuquerque

Posts: 158
iTrader: (4)

Garage List
2008 535i  [0.00]
2006 330i  [0.00]
Not sure about the first one but the other two look like shells. Probably foreclosures or picked up at a tax auction with the best intentions and left to rot. They'll need a lot of work though.
ABQ325i is offline   United_States
0
Reply With Quote
      06-20-2011, 10:11 PM   #34
Freakazoid
Captain
 
Freakazoid's Avatar
 
Drives: Saturn Redline
Join Date: Dec 2009
Location: Pittsburgh

Posts: 967
iTrader: (0)

Quote:
Originally Posted by ABQ325i View Post
Not sure about the first one but the other two look like shells. Probably foreclosures or picked up at a tax auction with the best intentions and left to rot. They'll need a lot of work though.
this as well, expect no walls and no plumbing
Freakazoid is offline  
0
Reply With Quote
      06-20-2011, 10:11 PM   #35
08rookie
Private First Class
 
08rookie's Avatar
 
Drives: bmw
Join Date: Jul 2009
Location: phila, pa

Posts: 123
iTrader: (0)

for sake of the discussion...

how would you turn 20k into 40k legally within a reasonable amount of time...18-24 months
08rookie is offline  
0
Reply With Quote
      06-20-2011, 10:25 PM   #36
Freakazoid
Captain
 
Freakazoid's Avatar
 
Drives: Saturn Redline
Join Date: Dec 2009
Location: Pittsburgh

Posts: 967
iTrader: (0)

Quote:
Originally Posted by 08rookie View Post
for sake of the discussion...

how would you turn 20k into 40k legally within a reasonable amount of time...18-24 months
if there was a surefire way, everyone would be doing it... you have to play to your strong suits.

you can flip houses like that but you have to know everything or know someone that knows everything.
you can do stocks but you have to know your stuff, etc etc.

all of it comes with a risk as well
Freakazoid is offline  
0
Reply With Quote
      06-20-2011, 10:26 PM   #37
scott_uw
Teatime
 
scott_uw's Avatar
 
Drives: Toronto
Join Date: Jul 2010
Location: FBO Civic 3L TT edition

Posts: 170
iTrader: (3)

Quote:
Originally Posted by 08rookie View Post
for sake of the discussion...

how would you turn 20k into 40k legally within a reasonable amount of time...18-24 months
Short sell on the margin?
scott_uw is offline  
0
Reply With Quote
      06-20-2011, 11:54 PM   #38
E90SoFlo
Banned
 
Drives: E90 335i
Join Date: Jun 2011
Location: Naples, FL

Posts: 2,675
iTrader: (9)

ONCE AGAIN ZILLOW PRICES ARE WAY OFF. PLEASE STOP THINKING THEY ARE CORRECT. ZILLOW AND ALL THE OTHER "HOME-FINDER" WEBSITES THAT GIVE OUT PRICES ARE INCORRECT.

K done ranting, have a good day.
E90SoFlo is offline  
0
Reply With Quote
      06-21-2011, 10:39 PM   #39
08rookie
Private First Class
 
08rookie's Avatar
 
Drives: bmw
Join Date: Jul 2009
Location: phila, pa

Posts: 123
iTrader: (0)

Quote:
Originally Posted by E90SoFlo View Post
ONCE AGAIN ZILLOW PRICES ARE WAY OFF. PLEASE STOP THINKING THEY ARE CORRECT. ZILLOW AND ALL THE OTHER "HOME-FINDER" WEBSITES THAT GIVE OUT PRICES ARE INCORRECT.

K done ranting, have a good day.
maybe they are off with regards to estimating value on property. if you check a map of the property, zillow will give you an estimate on the value of the property to the left and right and every house down the block and maybe they over or underestimate those houses...

however...

if zillow displays a property for sale, the sale price is accurate...they have links to the listing agents site and you can confirm yourself when you call the agent...
08rookie is offline  
0
Reply With Quote
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -5. The time now is 05:09 PM.




m3post
Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST