Do NOT buy a FIXER UPPER
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- čas přidán 21. 07. 2024
- Are you a first time home buyer considering buying a fixer upper house first home or maybe you're a first time home buyer investing in real estate or buying a house? In this video, we are going to discuss 5 Things EVERYONE Should know Before Buying a Fixer Upper so that you don't make costly errors in the home buying process.
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🏠 - First Time Home Buyer Course - www.becominghomewise.com
✅ - Get a Referral to a Mortgage Lender or Realtor - www.jebsmith.net/referral
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Jeb Smith (huntington beach Realtor/orange county real estate)
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We bought fixer uppers bc it was the only home, we could afford. Fix it to the point we could live in it. Spend lots of tears and $$. At times, we thought we were over our heads. As time pass we learn to do somethings on our own and payed what could we afford. Lived there for 3yrs. Sold it during the pandemic. Bought another fixer upper in a better location and school district. We are doing the same. Fixing it as we live in it. New construction or ready to move in homes are unaffordable.
Congrats to you. Sounds like it worked out for the best
is very hard to find owner finiacing for these fixer uppers for older man
Currently gutting and fixing our house. Glad to see your post! I’ve declared war on affording a home! Lol no regrets so far, just lots of work.
Can you buy a fixer upper with conventional loan?
Fixer uppers are sometimes a good deal however you really need to know what your doing both on the purchase and on the remodel. However it's still going to be incredibly stressful and capital heavy. It's much better to just purchase a home that might need painting and new floring, nothing crazy.
Thanks for the tips!
Haha! I was just looking at a few lower priced properties with "Add your own touches" or "Has a lot of potential".
Don't discount them entirely, just know what you're getting into.
I was looking at one too. I thought it would be “fun” to put in the elbow grease and “make it my own”. I don’t have the time nor money to take on such a huge project
I heard somewhere to find out what you’re gonna pay for repairs and then 3x it (I’m sure that goes for time also, as you stated). I’m currently looking at a Victorian, it’s absolutely beautiful and I love the area, but the home inspection has revealed that it has major issues that were never properly addressed over the years.
Great video and advice.
If you are going to buy a fixer just make sure you have the skills. Because you can not afford contractors. They will rip you off. I have done many many fixers. I do my own work or hire someone for only a few projects. Example I hire a drywall guy to mud and texture because I have discovered I am not very good at it. Rule of thumb pay no more than 60 cents on the dollar. Do not buy foundation problems. Do not buy location problems. There is always more to fix than you know in day one.
Get all the inspections you can that make sense. We didn't think to get a lead paint inspection and are living to regret it... Replacing all the windows and trim on the first floor at minimum
First house was a fixer upper. 2 years in I’ve only done half the second floor. Then I discovered bang energy. Now five years in I did half the first floor. Ran out of money. And bang
😂😂😂
I’m considering buying a few fixer upper’s for about $500 in some country parts of Georgia. I’m currently on section 8, a single mom but I’m looking at it as an option for me to eventually own something desperately and then a home through section 8. Im interested in learning to do a project.
Edit: I’m giving myself about 2 years to be able to be a homeowner through habitat/HUD. I do have questions about what important paperwork that I should consider, I don’t plan on reselling, I plan to fix it for myself..
Don't do it, unless you have a healthy buffer $$ for your projects and backup savings.
At this point on So-Cal the only fixer uppers I'm finding are out in Barstow, Lucerne Valley & 29 Palms!
Those are still good opportunities as those markets are doing well.
This is sad to hear. A fixer upper is the only way I can get into desirable locations 😔
Nothing wrong with fixer uppers as long as you know what you're getting into.
@@JebSmith I agree ☑️
Tried to do my own termite work once....once. OMG! Leaving that to the pros from here out.
Hahaha, termite work is tough.
I have seen 3 people since covid buy a "fixer upper" and have to do a total tear down. Most of these people have taken a total loss and moved back to where they came from
Hi. I agree with everything you stated. I also want to add buyers should go and price out the materials they want. Materials can will effect you renovation.
Agreed 💯
Fixer upper advice.. estimate the cost...then....DOUBLE IT 😄
What about pest?
Quality Labor is EXPENSIVE!!! SHODDY Labor is dime a dozen
💯💯💯
Hgtv shows how fake to begin with. Shows that show buyers looking at three houses and choosing one or fake. The people of already bought their house because the TV production company doesn’t want to wait around to see if someone qualifies for a mortgage and they can get to closing. They just stage the part where they go look at other houses.
And if you want to see the worst case scenario of these flipper houses, see if you can find episodes from those types of shows around the year 2008-2010. That’s when they started to become honest about the crashing real estate market. And they had at least one or two seasons of house flippers who put in all this money and then had to sit on the house for the next three years because nobody wanted to buy it. Or they made really stupid mistakes in their upgrades and nobody wanted to buy them. People right now are just lucky that we have an insane market.
never use an agent.. find abandon houses you like then send letter (they still have those) with cash offer (over the phone) got 1 out of about 8 offers!! know the house value when complete minus supplies minus your profit amount you would like = your offer (or less) one of my house examples that i did mobile home with nice lot.. they wanted 15 000 i could fix for 6000 and sell for 59 000 on contract = ya buddy did the deal then 10 more!! only once did an agent friend of mine point out another mobile house with land .. she could not enter because of strong piss oder (dogs on carpet ) i bravely went in 10 minutes and told her i wanted it for 12000 sold the next day ! the shitter and smellier the better lol made good money again rinse repeat should have videos everything but this was 20 years ago lol marc
Watching you at 1.25x speed makes you sound normal
I actually watch myself at two-time speed 🤦♂️
@@JebSmith i appreciate your effort and time in making this 👌
That’s wild😂😂😂😂