Some Properties Are To Much Trouble

Kings Real-Estate 1Today was an awesome day, I woke up at around noon, killed a econ 201 test, and then went ahead and did the visual inspection of the property on Kings Blvd for sale.  My first offer was for $284,000 and the seller pay $9,000 closing cost, he declined with no counter.  A week later, I offered $305,000 and then requested he pay $12,500 in closing cost, he countered, and then I accepted a counter offer of $310,000 and he pay $310,000, netting him $310.scaledimage3aspx.jpg

The property, well, although the property looks very nice from the MLS pictures.  There is alot of problems with the property, the landlord did not particuarly take care of the property like I would, alot of things were what I called, “Band-Aided” together, quick fixes.  Quick fixes, in anything is horrible, the worst way to go, quick fix, relationships, quick fix problems, just end up being needed to be worked on in the future.  Well this property definintely had some quick fixs to it, actually, a whole lot of them.

scaledimage2aspx.jpgThe car port was falling apart, the paint was feeling like it was coming off the walls, the duplexes were extremely small, and cracked windows.  There were cracks in the foundation, a cheap roof on both buildings, and the wiring was extremely old just to name a few.  The property was dirty, and unfortunately not a very nice feeling property, I don’t know if I would like to live there.

scaledimage4aspx.jpgI appreciate my father, greatly, he came down from Portland and helped me do the visual walk through.  We are not even bothering with paying for an inspection.  Sometimes, properties need so much work, it is not even worth purchasing the property when you can buy other properties at similiar prices, but don’t need the work. 

I’am now focusing on a 4plex unit in N Portland, where I believe it is poised for some rapid appreciation.  There is alot of buildings in that area which are doing improvements, “when the neighbors are improving their buildings, making them nicer, it raises the value of the homes around it, this is what you want.”  Unlike this area, no body was making their homes nice, it almost looks like everyone was letting their house fall apart around here?  Maybe its just there area in corvallis I was looking at.  So I’m passing up my offer with the house and duplex, and now focusing on some other units.

We actually looked at two houses, and walked through them one for $179,000, and another for $199,000 which were also very very nice, and I may be interested in throwing an offer at with my realtor, Cody Willner.