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Thread: should I buy

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  1. Default should I buy 
    #1
    Join Date
    Jul 2010
    Posts
    5
    There is an gov auction comming up in a few months in a nieghboring town. There is a 3 story building for sale. If it dosnt sale at auction it goes into the cheap section no liens with a price tag of $678.00 yes thats right $678.00. The question is should I buy. property built in 1914 looks creepy as hell and definately needs work on the outside (just for safety reasons). It is all boarded up and you cant see in side. I know it is cheaper then rent but I could really open up a can of worms not knowing what the interior holds. It could be great or......you get the pic. What should I do.
     

  2. Default  
    #2
    Join Date
    Jan 2008
    Location
    Lock Haven PA
    Posts
    557
    As a realtor by day, I would question why no one wants it. You need to do your research with the local city/township and find out why, what, what might be, etc. You need to look for building codes, can it be rebuilt, zoning issue for use, phase 1 (or hazardous materials), etc. You also need to go to the local courthouse and do a title search back more than 60 years. You need to make sure you don't have to tear it down, is it in flood way/plain, etc. There are so many things to consider.

    But the answer to your question of is it worth it at an absolute auction for less than 1,000.00? Isn't any piece of ground?
     

  3. Default  
    #3
    Join Date
    Jul 2010
    Posts
    5
    Thanks, I never thought of some of that. Especially the zonning it was once commercial but I should never assume. I would hate to make a costly mistake.
     

  4. Default  
    #4
    Join Date
    Nov 2007
    Posts
    1,034
    Also, don't assume that no one is going to bid on it. $678 may be what is owed the government in back taxes, but everyone else like you that has seen it is thinking about buying it cheap as well. That means there will be lots of bidders.

    Twenty-five years ago there were guys selling home study courses on how to get rich in real estate. This was one of the ways. But even then, there were people who knew there were good deals to be had at auctions like this. They attended and the prices went up to more reasonable levels.

    For $678 I would say jump on it. But I'll bet you $678 that it sells for a lot more than that.
     

  5. Default  
    #5
    Join Date
    Sep 2009
    Location
    Indianapolis, In
    Posts
    399
    Worse case scenario, demo the building and sell the land itself. Depending on the location of the property, it could be a nice bit of profit. Unless it's in a really bad part of town. If you can make a profit off the land sale after the demo and cleanup of the building, I say go for it.
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  6. Lightbulb  
    #6
    Join Date
    Mar 2009
    Location
    IL
    Posts
    508
    Before buying.

    Talk with the town and make sure they are ok with what you are doing. They will tell you what zoning the location is. Fire codes.
    Don’t forget a sprinkler system. Parking issues. Will the taxes go up? Is the area bad or good for this? You can call the town or police office for the crime statistics of the area.

    Cost is a huge factor but keep in mind bad business decisions… Example..

    I went to go look at 18K sqft building , was once used as a night club. have over 1 acre of parking. Within 45 min from Chicago. Went to check it out. Usual ceilings falling down, walls needed to be fixed, stuff like that. It is looking way to good to be true. Then the realtor says just make any offer on it I don’t care if its around 5K they will prob take it. RED FLAG!!! There had to be a reason. I said I will think about it and went home. That night I Google the street address and local paper searches and I see” Shooting outside local dance club” It was only about 2 months prior to us seeing it. I was like great building but horrible location.

    I was looking at a property like what you were describing but the basement and first floor where remodeled already. I asked about the other two floors and they were gone and unsafe due to a fire about 10 years ago. They never fixed the damage so they hade to demolish the top two floors. They had stairs going into the ceiling leading to nothing.. Smart people…

    Best of luck to you and really look into it before you spend the money. Sometimes spend a little more and you get less headaches is what Ive learned so far..

    Peter T
    FS
     

  7. Default  
    #7
    Join Date
    Mar 2009
    Location
    IL
    Posts
    508
    Also….

    If you personally buy the building, make sure to have the company separate and rent the location from you, just incase someone wants to sue you for whatever reason then go after the landlord which is also you. Its best to buy under the LLC and the company is all that is at risk or start a non for profit and you wont have any taxes.

    Ill let you know if anything else pops into my head!

    Peter T
    FS
    Last edited by FablesStudios; 01-31-2011 at 02:13 PM.
     

  8. Default Many old buildings 
    #8
    Join Date
    Aug 2003
    Location
    Ravens Grin Inn, 411 carroll st.mount carroll ill.
    Posts
    12,813
    Are then thought to be "Haunted". There are a number of states that if someone buys a building said to be haunted and the realator didn't tell them, then the whole deal can get reversed by a court/Judge?
    Of course a haunted property can seem terrifing to some and the next person could live there for 50 yrs. and never see, feel or hear a thing of supernatural ocurrences.
    The forecast for the world economy recovering doesn't see much real progress for quite a few years. Unfortunately wait another year or two and maybe a better deal or a better property might come along.
     

  9. Default  
    #9
    Join Date
    Jul 2010
    Posts
    5
    Thanks for that advice. I never really even considered the LLC buying it part. I reaaly appriciate all of your help.
     

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