[summergal]

vpcats is right on the money!

Here's the deal, there are major things that can be wrong with a building (or the lot/land) that are not evident. One such instance would be a foundation problem or other structural fault. You may not know some things until you happen upon them after you are in there awhile... You can't leave it unsafe to live in. You can't sell the house knowing the problem is there, so you HAVE to fix it. So then you get a contractor to repair it (you cannot do this yourself) and in the process the city flags you for a violation, and things get even deeper for you and the bill ends up being astronomical in the end. You don't have the cash, the city is up your butt, you contractor wants paid... now you have a broken house, city fines, a lawsuit for non-payment.

There are many, many senarios like this that happen everyday. Investors get "caught" offguard sometimes so they will try to get out (didn't you mention an aution?lol) without forclosing. Even seasoned pros can miss something and it costs bigtime! That's why we all are trying to get you to move way from these el-cheapo houses. They are very often a disaster waiting to happen

While you are living at home, get that 38k job and put ALL your money in the bank for your future downpayment. You don't even realize this, but right now you are soooooo golden! You have the ability to save more money in the shortest time in your whole life. Take advantage of your opportunity and work your butt off for a year or two. Then you will have a chance of getting into a nice place without blowing your budget. And the satisfaction of knowing you made it happen without having to resort to buying some old jalopy of a house in the hood. I think that would impress the heck out of your dad too

[Need_affordable_home]

Cant I have an inspector check before I buy anything? And if theres major problems, sometimes its just cheaper to demolish the house and sell the land. If I get a house thats worth little more than the land, no point paying more to repair it then what I can sell the land for. Example:

Land is worth $50k, I paid $75k for both. I live in the house for a while and it develops a major problem that costs $40k to repair. In the meantime the land is now worth $65k. The $40k to repair the house would be a mistake, ill just sell it for land value only and get my $65k and write the loss off my taxes. If I buy an expensive house I will lose alot more money due to high property taxes, insurance, mortgage.

I am thinking its a very good idea to just leave FL as its an overpriced state. If I dont get a job then ill live somewhere like Oil city because I can live anywhere being self employed. If I get a job, ill live in a desirable location like Dallas Texas where nice middle class 2/2 condos can be had for $50k, upper middle class 2/2 condos for $100k complete with marble and granite and upper middle class 3000 total square feet new houses for $150k

[vpcats]

Well, we might be making progress here. It does cost money to demolish a house also - around $7K maybe?
But the light at the end of the tunnel is we've gone from a FIRM $50K to a "potential" $150K.

[summergal]

Originally Posted by Need_affordable_home

Cant I have an inspector check before I buy anything? And if theres major problems, sometimes its just cheaper to demolish the house and sell the land. If I get a house thats worth little more than the land, no point paying more to repair it then what I can sell the land for. Example:

Land is worth $50k, I paid $75k for both. I live in the house for a while and it develops a major problem that costs $40k to repair. In the meantime the land is now worth $65k. The $40k to repair the house would be a mistake, ill just sell it for land value only and get my $65k and write the loss off my taxes. If I buy an expensive house I will lose alot more money due to high property taxes, insurance, mortgage.

I am thinking its a very good idea to just leave FL as its an overpriced state. If I dont get a job then ill live somewhere like Oil city because I can live anywhere being self employed. If I get a job, ill live in a desirable location like Dallas Texas where nice middle class 2/2 condos can be had for $50k, upper middle class 2/2 condos for $100k complete with marble and granite and upper middle class 3000 total square feet new houses for $150k

yes you can get an inspector. But what I'm saying is, all these cheapo houses have big problems... that's why they're cheapo! Are you going to waste $500 on every cheapo house you consider just to find a problem that you know will be there? Which house has the smallest problem to fix and how many do you need to have inspected to decide on one? Inspectors are not like superman, they don't always see everything with x-ray vision. Some things just are not evident untill you open a wall or you get a rainstorm or everyone in the house starts getting sick...

Your idea of dumping the house and selling the land... ok now, 1. you forget that it costs $$$ to demolish and truck away the debris and then you have to level/clean up the lot (can't have nails and junk hidden in the grass and ruts froms the trucks). 2. You didn't have a mortgage on the parcel? Tear down the house, yu still have to pay "the man". No house doesn't mean no mortgage. 3. Lots DO NOT sell well. Most folks look for homes, not lots. It's a hassle to have a home build. It's also more expensive than buying a preowned home. Ummm, and I don't think you can write off the loss on your taxes unless it was a rental (business).

[summergal]

Originally Posted by vpcats

Well, we might be making progress here. It does cost money to demolish a house also - around $7K maybe?
But the light at the end of the tunnel is we've gone from a FIRM $50K to a "potential" $150K.

lol getting there... inch by inch

[Need_affordable_home]

Originally Posted by vpcats

Well, we might be making progress here. It does cost money to demolish a house also - around $7K maybe?
But the light at the end of the tunnel is we've gone from a FIRM $50K to a "potential" $150K.

Hey thats a big if I can make enough money to afford an expensive upper middle class house. I would need at least $60k a year. I think $100k would be more reasonable and a $40k-45k salary can swing for that. Can still get something pretty nice in Dallas like that house:

http://homepics.realtor.com/image3/http/ntreis/listings/large/034/10703079.jpg (broken link)
$99,900
3 Bed, 2.5 Bath
1,574 Sq. Ft.
Brand new!

http://homepics.realtor.com/image3/http/ntreis/listings/large/070/10667217.jpg (broken link)
4 Bed, 2 Bath
1,330 Sq. Ft.
Brand new!

http://homepics.realtor.com/image3/http/ntreis/listings/large/086/10679551.jpg (broken link)


Lots of good choices for that price. What kind of house would I be looking at for that price in Florida? Not much

[CURT]

Originally Posted by Need_affordable_home

I applied for two jobs with $32.5k and $38k starting salaries and I will supplament my income with my home internet business. This should be enough for a $100k house, maybe prices in PSL will drop where I can get a decent 3 bedroom starter house for $100k

you have just made the very first step in aquiring what you want.....money to do it all with. congrats

[cowpat5]

Originally Posted by bmurphy

In your opinion, will the high taxes, huge homeowner's insurance, etc, level back out in Florida? Will it become more middle-class again? Or only get worse and worse? Do you believe that the projected more hurricanes/tornadoes due to global warming is true and will play a role?

Just want some opinions

this aged well.

[Sand&Salt]

Originally Posted by cowpat5

this aged well.

LOL. I didn't even realize it was 16 years old!