Palatial Airboat Envy: Get Rich or Bankruptcy Tryin'

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dubshow
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Alright DFD hive.

Its time. To rehash the deets from old :bread: takeover, here we go.

Current Haus
My current poverty palace has developed into a literally swamp. Owned it 4 years. I've been drawing and putting plans together for 2 years on #butwhatshouldhedo . I wanted a filled in carport, a patio and another parking covered pad on side of the 10x20' "shop". Plus I still need to slop and ad serious UG drainage for backyard swap. I have always been unhappy with shop space and ideally want a massive fawking metal building that hold 5 cars + tools and toys. We have around $40k of equity. I was prepared to drop ~$20k of cash into things I'd admit wont boost the value of current :haus: . Literally a money pit and STILL massive compromise on my shop.

Realization
Welp. I wont get a metal building, in the city with minimal driving/commute for my budget of <$300k. The wife also wont compromise on location much as she has a <5min commute and her business is actually doing very well.

Ive actively been looking for about 1 year while market is still strong enough. For 6 months I've eyed this larger more premium house built in 1978, in our hood just a few streets over. Our hood in BR is "southeast" of city and well established with a healthy mix of youngs/olds. The housing stock is either 70-80s shag, poorly updated 90s or recently totally renovated. People have been flipping ~2k sqft propertys left and right for a buy ($120k) vs sale ($220k). thats a good sign and in my four years its elevated the areas values with good selling comps. Everyone wins.

Current Dill Playout
Enter the current house :dill: Its an overbuilt/sized house for area. it was a "premium" one in 1978. It was built 2 years prior to mine and is in the center of the older area. Its actual sqft conditioned living is 2850 sqft. +700 sqft from mine. The pricing in Sept 2018 was REAL HIGH. Came out asking $320k. They bought in 2015 for $167k. The renovation they had doen was mostly partial with a few big ticket items adding 1 ac, total kitchen update and moving walls in kitchen/living. They really dropped the ball on exterior, old roof, "bonus shop spaces" and the bedrooms.

The house wouldn't "pass" a typical house inspection. Electrical wasn't done correctly. Outlets are dead/burned. Panel is outdated and has hodge podge fixes. The house was stale on market. Theyve been dropping price every 2 months. It was an investment flip that wasnt panning out because they spent all their money in the wrong spots. Things that scare lesser people away. #notme

I presented a no fills $240k to fish. I then found they had listed the sqft :wrong: after measureing and drawing the house myself. Their ask was currently at $289k. I believe the house will appraise for $295-300k based on comps. This is the crux of our renovation and :plac: math. I recrunched $/sqft and calories/$ quickly. My reno math and "equity position" work.

The final dill killshot
They countered to $254k hard line "we are losing money on this deal and need the house sold asap". We redid our offer $254 to exclude any frills or money back at closing. In the same 10 mintues of sending that, the agent(owner) dropped the price publicly to the fire sale on MLS. This action notifies EVERYONE who has any interest. A full -$30k drop gets peoples attention. We scrambled this morning to lock in our offer with them, focusing on our ability to quickly close because the finance guy is my cousin and he on on board for the last week.

TL;DR, back and forth games and boom we lock in a signed offer by 9am today for $35k less than current ask :like:

Onto the pics and plans in next post.

LINK

https://www.zillow.com/homes/for_sale/1 ... -70817_rb/

Image
Image
Image
Last edited by dubshow on Wed Feb 27, 2019 10:56 am, edited 1 time in total.
dubshow
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Pros:

+Great outdoor space
+Great kitchen with pantry and new premium cabinets
+brand new 1 out of 2 AC systems
+decent floor choice in kitchen and living
+large walk in pantry (wife loves this)
+massive living room, open plan.
+all brick everything
+full brick chimeny ( i hates stacks)
+potential outdoor kitchen
+20X20' garage/shope
+20X20 carport
+15'X14' "bonus room/mancave. (will be added to shop/garage) = +600sqft usable shop
+long driveway
+$92/sqft (building an addition is $120-150/sqft)
+solid bones, great attic. Ceilings were unmodified by previous owner
+old tree already removed in yard

Cons:

-poor paint job in house
-poor exterior color paint
-poor bath layout (dated and small) for a large $300k house today
-bad flooring install in most of the bed rooms.
-poor diy electrical in renovated areas (not compliant)
-totally unfinished garage/shop spaces, incomplete electrical
-old elec main panel with too many DIY/hodgepodge circuits.
-goofy bump out at back of garage/shop for meter. Will be moved.
-old moisture ridden 80s windows in 50% of rooms. Some broken windows
-old locks, bad front door.

Current Reno items:

Master bath major redesign $8500
Move large master walk in closet to bump out in same room. (see photos) $2500
Replace bad tile flooring in 3 bed rooms ~$3500
Reinforce gazebo and finish outdoor kitchen $3000
Add elec gate $2k
Repaint most bedroom side of house
Fill in partial patio space to a privacy porch off master
Replace numerous light fixtures.
Replace several windows $4000
Replace front door.

This list is at about $25k and the goal is we will add approx $15k value with a highly desireable house to live in. We expect it to appraise in the $320k mark and be into is for $280k right off the bat. (bank is not involved on the reno part. They will see a $250k house appraised at $300k)

We will suck the equity from OG haus sale and basically upgrade to a long term house for nearly zero dollars wasted. :dillerman:


all this while keeping our note the same and hold a 20% equity position. Ive already come in for a test drive.
Last edited by dubshow on Wed Feb 27, 2019 10:49 am, edited 1 time in total.
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goIftdibrad
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Sub'ed
brain go brrrrrr
dubshow
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That was a lot a typing and all my deets are pretty much spilled.

We both have great credit but some how the financial system says I can own TWO $240k houses with JUST my income and not the wife's. :wtf: :thisisfine:

We will have another recession... Its crazy they let people have all the rope to hang themselves then the .gov has to get involved to clean up messes.

FYI, we dumping an FHA loan with life time PMI @ $100/mo to a conventional loan. the rate will be around 4.5%. A construction type loan to finance the reno would be more expensive and put us near a 5% rate. :science:
Last edited by dubshow on Wed Feb 27, 2019 10:58 am, edited 1 time in total.
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This is how you give deets and :fax: dfd. take note. No bullsit :eeyore: cryptic AF :millennial: biz in here.

just FAX AND FEELS.

and a really nice house for me to put ALL MY BULLSHIT IN. The wife gets 2800 sqft. I get my 600 :lol:
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dubshow wrote:This is how you give deets and :fax: dfd. take note. No bullsit :eeyore: cryptic AF :millennial: biz in here.

just FAX AND FEELS.

and a really nice house for me to put ALL MY BULLSHIT IN. The wife gets 2800 sqft. I get my 600 Image
:truckyeah:

Place looks :nice:
dubshow
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troyguitar wrote: Wed Feb 27, 2019 11:00 am
dubshow wrote:This is how you give deets and :fax: dfd. take note. No bullsit :eeyore: cryptic AF :millennial: biz in here.

just FAX AND FEELS.

and a really nice house for me to put ALL MY BULLSHIT IN. The wife gets 2800 sqft. I get my 600 Image
:truckyeah:

Place looks :nice:
Thanks :mahtroy:

I hope you will one day find your :scrooge: mecca and be :excited: , like myself at the moment.

Enjoy your new snowy digs! :like:
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dubshow wrote: Wed Feb 27, 2019 10:52 am That was a lot a typing and all my deets are pretty much spilled.

We both have great credit but some how the financial system says I can own TWO $240k houses with JUST my income and not the wife's. :wtf: :thisisfine:

We will have another recession... Its crazy they let people have all the rope to hang themselves then the .gov has to get involved to clean up messes.

FYI, we dumping an FHA loan with life time PMI @ $100/mo to a conventional loan. the rate will be around 4.5%. A construction type loan to finance the reno would be more expensive and put us near a 5% rate. :science:
:nice:
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dubshow wrote: Wed Feb 27, 2019 10:41 am
Replace several windows $4000
dude, just replace ALL the windows on the main house.
brain go brrrrrr
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Besides every facet of this :dill: and :haus: being :wrong: , :nice: job on this and good luck on the :troywax: reno.
Enjoy the journey.
:wap: Where are these mangos?
Detroit wrote: Fri Apr 16, 2021 1:19 pm I don't understand anything anymore.
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Awesome :dill: man.
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:popcorn:
Desertbreh wrote: Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
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Big Brain Bradley wrote: Wed Feb 27, 2019 11:13 am
dubshow wrote: Wed Feb 27, 2019 10:41 am
Replace several windows $4000
dude, just replace ALL the windows on the main house.
:dat:
Detroit wrote:Buy 911s instead of diamonds.
Johnny_P wrote: Thu Feb 09, 2023 3:21 pm Earn it and burn it, Val.
max225 wrote: Mon May 01, 2023 5:35 pm Yes it's a cool car. But prepare the lube/sawdust.
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dubshow wrote: Wed Feb 27, 2019 10:53 am This is how you give deets and :fax: dfd. take note. No bullsit :eeyore: cryptic AF :millennial: biz in here.

just FAX AND FEELS.

and a really nice house for me to put ALL MY BULLSHIT IN. The wife gets 2800 sqft. I get my 600 :lol:
$250K for all of that is pretty incredibru. How bad is the electrical? I mean, just because it was wasn't done by a licensed electrician does not always mean it is a cluster. What are the serious problems, if any, you have identified.

Also, my advice would be to WHOA BIG FELLA and just move into this place before instantly lighting cash on fire. Some priorities may reveal themselves, others may subside.
Detroit wrote:Buy 911s instead of diamonds.
Johnny_P wrote: Thu Feb 09, 2023 3:21 pm Earn it and burn it, Val.
max225 wrote: Mon May 01, 2023 5:35 pm Yes it's a cool car. But prepare the lube/sawdust.
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Desertbreh
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RIDING MOWER
Detroit wrote:Buy 911s instead of diamonds.
Johnny_P wrote: Thu Feb 09, 2023 3:21 pm Earn it and burn it, Val.
max225 wrote: Mon May 01, 2023 5:35 pm Yes it's a cool car. But prepare the lube/sawdust.
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Desertbreh wrote: Wed Feb 27, 2019 12:50 pm
dubshow wrote: Wed Feb 27, 2019 10:53 am This is how you give deets and :fax: dfd. take note. No bullsit :eeyore: cryptic AF :millennial: biz in here.

just FAX AND FEELS.

and a really nice house for me to put ALL MY BULLSHIT IN. The wife gets 2800 sqft. I get my 600 :lol:
$250K for all of that is pretty incredibru. How bad is the electrical? I mean, just because it was wasn't done by a licensed electrician does not always mean it is a cluster. What are the serious problems, if any, you have identified.

Also, my advice would be to WHOA BIG FELLA and just move into this place before instantly lighting cash on fire. Some priorities may reveal themselves, others may subside.
:dat: :dat: :dat: :dat:
Desertbreh wrote: Tue Oct 10, 2017 6:40 pm My guess would be that Chris took some time off because he has read the dialogue on this page 1,345 times and decided to spend some of his free time doing something besides beating a horse to death.
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Desertbreh wrote: Wed Feb 27, 2019 12:51 pmRIDING MOWER
:truckyeah:
:doughnut: :narc: :doughnut:
Desertbreh wrote: Thu Oct 17, 2019 3:05 pm DFD. The forum where everybody makes the same choices and then tells anybody trying to join the club that they are the stupidest motherfucker to ever walk the earth.
dubshow
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Desertbreh wrote: Wed Feb 27, 2019 12:50 pm
dubshow wrote: Wed Feb 27, 2019 10:53 am This is how you give deets and :fax: dfd. take note. No bullsit :eeyore: cryptic AF :millennial: biz in here.

just FAX AND FEELS.

and a really nice house for me to put ALL MY BULLSHIT IN. The wife gets 2800 sqft. I get my 600 :lol:
$250K for all of that is pretty incredibru. How bad is the electrical? I mean, just because it was wasn't done by a licensed electrician does not always mean it is a cluster. What are the serious problems, if any, you have identified.

Also, my advice would be to WHOA BIG FELLA and just move into this place before instantly lighting cash on fire. Some priorities may reveal themselves, others may subside.
I totally hear you. That is the same voice in the back of my head, and my usual course of action.

Flip side, we WANT a larger eye catching bathroom. The time to do it is NOW before we move in or it will never pan out. Spending $25k now and having a GREAT place to live will increase the value of this sucker to $320k. While I wont be able to maximize the untapped $20k equity, it will pay dividends later when we go to sell it in 5-6 years. It could project into a $340-350k range in 5 years, conservatively, and have some really great features that shine in this area.

in 5 years we will owe about $235k. Thats well over $100k in equity for $25k spent upfront. Plus the perk of loving the place we live in.

This house is a money experiment to set us up to build exactly what we want in 6 years, or just live in a thing we like in an area we like for a LONG time. Either option is fine with me.

I'll share plans soon. PDF has to be converted to jpg.
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Desertbreh wrote: Wed Feb 27, 2019 12:51 pmRIDING MOWER
What about it? I already have a nice ztr cub.
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dubshow wrote: Wed Feb 27, 2019 1:01 pm
Desertbreh wrote: Wed Feb 27, 2019 12:51 pmRIDING MOWER
What about it? I already have a nice ztr cub.
You'll forgive me for even questioning your ownership of such an airboat essential. :nevermind:
Detroit wrote:Buy 911s instead of diamonds.
Johnny_P wrote: Thu Feb 09, 2023 3:21 pm Earn it and burn it, Val.
max225 wrote: Mon May 01, 2023 5:35 pm Yes it's a cool car. But prepare the lube/sawdust.
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Desertbreh wrote: Wed Feb 27, 2019 12:50 pm
dubshow wrote: Wed Feb 27, 2019 10:53 am This is how you give deets and :fax: dfd. take note. No bullsit :eeyore: cryptic AF :millennial: biz in here.

just FAX AND FEELS.

and a really nice house for me to put ALL MY BULLSHIT IN. The wife gets 2800 sqft. I get my 600 :lol:
$250K for all of that is pretty incredibru. How bad is the electrical? I mean, just because it was wasn't done by a licensed electrician does not always mean it is a cluster. What are the serious problems, if any, you have identified.

So electrical is mostly minor, inside the house. The back shop/garage has exposed and unfinished wiring in numerous spots. It has dead legs all over. Thats the worst of it. Main panel has overloaded circuits. Ray Ray already has a game plan to install a new panel and meter in a better location. free shit. :millennial:

Several outlets in house are dead. The stove needs a junction box. Right now its just twisted in with tons of tape, easy fix - for sure. The GFCI circuit is messed up and no exterior out is protected. Thats a big no no. Honestly is about 6 hours of work for myself to fix all that.

I am by no means a ZOMG LICENSE DIY BAD person. I DIY most my shit. I just do it correctly.
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Desertbreh wrote: Wed Feb 27, 2019 1:05 pm
dubshow wrote: Wed Feb 27, 2019 1:01 pm

What about it? I already have a nice ztr cub.
You'll forgive me for even questioning your ownership of such an airboat essential. :nevermind:
naturally. You get one pass. ONE. :gay:
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Detroit wrote: Wed Feb 27, 2019 12:56 pm
Desertbreh wrote: Wed Feb 27, 2019 12:50 pm

$250K for all of that is pretty incredibru. How bad is the electrical? I mean, just because it was wasn't done by a licensed electrician does not always mean it is a cluster. What are the serious problems, if any, you have identified.

Also, my advice would be to WHOA BIG FELLA and just move into this place before instantly lighting cash on fire. Some priorities may reveal themselves, others may subside.
:dat: :dat: :dat: :dat:
Yes, yes. But doing the bathroom thing is happening. I mean, we are saw cutting slab to fit new sewer/drains. We will not do this months/years after moving in.
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dubshow wrote: Wed Feb 27, 2019 1:06 pm
Desertbreh wrote: Wed Feb 27, 2019 12:50 pm

$250K for all of that is pretty incredibru. How bad is the electrical? I mean, just because it was wasn't done by a licensed electrician does not always mean it is a cluster. What are the serious problems, if any, you have identified.

So electrical is mostly minor, inside the house. The back shop/garage has exposed and unfinished wiring in numerous spots. It has dead legs all over. Thats the worst of it. Main panel has overloaded circuits. Ray Ray already has a game plan to install a new panel and meter in a better location. free shit. :millennial:

Several outlets in house are dead. The stove needs a junction box. Right now its just twisted in with tons of tape, easy fix - for sure. The GFCI circuit is messed up and no exterior out is protected. Thats a big no no. Honestly is about 6 hours of work for myself to fix all that.

I am by no means a ZOMG LICENSE DIY BAD person. I DIY most my shit. I just do it correctly.
Okay, that's pretty half assed.
Detroit wrote:Buy 911s instead of diamonds.
Johnny_P wrote: Thu Feb 09, 2023 3:21 pm Earn it and burn it, Val.
max225 wrote: Mon May 01, 2023 5:35 pm Yes it's a cool car. But prepare the lube/sawdust.
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dubshow wrote: Wed Feb 27, 2019 1:08 pm
Detroit wrote: Wed Feb 27, 2019 12:56 pm
:dat: :dat: :dat: :dat:
Yes, yes. But doing the bathroom thing is happening. I mean, we are saw cutting slab to fit new sewer/drains. We will not do this months/years after moving in.
It's not a good morning in Louisiana unless you start it in a 40 square foot shower.
Detroit wrote:Buy 911s instead of diamonds.
Johnny_P wrote: Thu Feb 09, 2023 3:21 pm Earn it and burn it, Val.
max225 wrote: Mon May 01, 2023 5:35 pm Yes it's a cool car. But prepare the lube/sawdust.
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