My little fixer house update!

[Mandelon]

I know a lot of you might be interested in fixing up a house and reselling it for a few grand profit. It is a good way to make some extra dough. The secret is buying it cheap. You really make your money on the purchase. Balance the rehab with the costs and never overimprove.
Anyway here is the little shack I told you about before. 560 square feet on a 1600 square foot lot. It is in a neighborhood that is being regentrified. The area is predominantly gay....and they are good for property values.
I will post more as it moves along. Here we have simply gutted the interior and will remodel the interior and re do the electrical now.
http://www.***boat.com/image_center/data/500/24madison_002-med.jpg
http://www.***boat.com/image_center/data/500/24madison_003-med.jpg

[Rexone]

Man when you say gutted you mean gutted.
When you get it done you outta post it down in bench racers. Those guys probably jump right on it being their type of area. ;)

[Outnumbered]

Originally posted by Rexone
Man when you say gutted you mean gutted.
When you get it done you outta post it down in bench racers. Those guys probably jump right on it being their type of area. ;)
Ouch:eek:

[TheLurker]

When you said "little shack" that was really no Bull S***

[Dr. Eagle]

Originally posted by Mandelon
http://www.***boat.com/image_center/data/500/24madison_003-med.jpg
Gotta love the "central toilet"
:D

[78Eliminator]

Mandy, the is EXACTLY what my kitchen looks like right now!!!

[mirvin]

So Mandelon, do plan on selling strait away or keep it and take renters?
Mirvin

[WetWillie]

WW:rolleyes:

[Mandelon]

We paid $178,000 for it. I got a private money loan for $225,000 at 9% due in six months, no payments till its sold. It should sell for..........just over $300 grand. :eek: Sounds crazy but this area is desireable and the comps support it. There are a lot of rainbow flags around though.......

[Dr. Eagle]

Just don't have a Cock-Tail party at the open house....;)

[WetWillie]

I think alot of people would like to do that but you have to be really dedicated to turn it around that fast.
Good luck looks like a great start!
WW

[phebus]

560 square feet? 300k? Those gays must pay extra for"tight spaces". This must be the house in the rear.

[JetBoatRich]

You have to go outside to change your mind:eek: that thing is small:yuk:

[SoCalOffshore]

God help those gays. That's $536/sq foot. At that amount, my house would be worth $3.1 million. Seems a little high for my neighorhood or my house is too small. :D

[H2on22]

Hey Mandelon how does the private money loan work? No payments until it sells? Sounds great...where do I det one and how do you qualify? Thanks.

[MagicMtnDan]

Originally posted by Mandelon
Anyway here is the little shack I told you about before. 560 square feet on a 1600 square foot lot. It is in a neighborhood that is being regentrified. The area is predominantly gay....and they are good for property values.
I'm guessing this "shack" (it's about as big as Shaq) is over by Ripples ("Nipples") in the Belmont Shore area, right?

[j-rod]

Hope the tenants had there shit packed before you starting the demo!! Flip the property and make a buck good luck and happy
b-day :cool:

[coolchange]

Are you an appraiser or in the realestatebiz? How did you find the property?

[78Eliminator]

Originally posted by SoCalOffshore
God help those gays. That's $536/sq foot. At that amount, my house would be worth $3.1 million. Seems a little high for my neighorhood or my house is too small. :D
I can verify this. I live in San Diego too. This house is probably in Hillcrest or North Park. Two gay areas and both pretty expensive. I have a house in Vista (not as nice of a neighborhood), which is a little bigger (900 Sq Ft) and I bought it for 150,000 and it got appraised at 325,000 two years ago. Anyway, I also looked at some comps in my neighbothood to verify. So, long story short, San Diego and Los Angeles are just about the highest priced homes you can buy.
If you want a huge house for cheap, CA is not the place to buy....

[Dave C]

mand, don't pick up any loose change. (word of advice)
wow thats a great deal. that is expensive, $535/ft.
I thought real estate was expensive up here. Mine is $430 sq ft. right now.
good luck

[OLDRAT]

78,
I am in SD quite a bit on business and have drove through
some of the older areas and am astounded at the prices.
Just curious, what are the bungalows in Point Loma going for these days?
Thanx,
OR

[78Eliminator]

Originally posted by OLDRAT
78,
I am in SD quite a bit on business and have drove through
some of the older areas and am astounded at the prices.
Just curious, what are the bungalows in Point Loma going for these days?
Thanx,
OR
Funny, my manager is shopping there at the moment. He said for a 1000-1300 sq. ft. bungalow in PL, the run about 600-700k....

[OLDRAT]

Good God, I was looking in 1996 to 1998, and it appears they
have increased 100-200K since then. Nice area though.
Thanks, 78
P.S. Good luck, Mandy It appears you know what the market
needs.

[totenhosen]

Originally posted by Mandelon
We paid $178,000 for it. I got a private money loan for $225,000 at 9% due in six months, no payments till its sold. It should sell for..........just over $300 grand. :eek: Sounds crazy but this area is desireable and the comps support it. There are a lot of rainbow flags around though.......
9% that is a lot! But than again most banks wouldn't have loaned you $ over the appraised value of the home to do your fixing up.

[BIGTYME]

you think point loma is bad, try coronado. 1mil for a house comparable to mandelons fixer..

[MissHavasuCig]

Originally posted by 78Eliminator
Mandy, the is EXACTLY what my kitchen looks like right now!!!
Ours Too!!! :eek:
Hey 78 ~ Have you been price hunting at all? We got a good price for Merilatt cabinets that we're going to order, but I need to find the best places for granite countertops and appliances. Have any suggestions??? Tks! :D

[OLDRAT]

Yeah Big,
I went to dinner out on Coronado a few months ago for the
first time in a couple of years and there was a little house
there after you get of the bridge and my friend said it was
over a mil....... Looked like a small hunting cabin!
Plus, you got all the traffic from the naval air station going
by everyday!!