I had that impression, too. No views = deal breaker for this property, IMO.
The structural damage cb described would also make this a deal-breaker for me. There is no way it can be fixed for $150K with full permit shebang, and any sane buyer would want to see permits and inspection reports for a house perched on top of rocks to make sure it is not going to slide down the minute after the papers are signed.
Those old photos of the house are really neat.
I agree - interesting photos. Don’t know that it’s my dream home, but I love to look!
Sign me up for round 4!
I could never make it as a flipper; I’m far too romantic.
My sister has a house very similar to that one high up in the Berkeley Hills with sweeping views of the San Francisco Bay, including the Golden Gate Bridge. They spent a fortune retrofitting it to current earthquake standards – they basically had to build a reinforced concrete bunker underneath it because current earthquake codes didn’t allow for the extreme cantilevering. But boy or boy is the place spectacular (if small). A perfect mid-century gem. They got a great deal on the place but would have lost their shirts if they had intended to flip.
CB, I was so thrilled to see thread #4! 
I think that #4 is a very cool house–definitely keep the wood!–and I don’t even really like modern. But given the structural damage you describe, this is the kind of house that is best left to someone who wants it for themselves, has no budget worries, and doesn’t care whether it can sell for the renovated price as soon as it’s finished.
I’ve run into houses like that every time we’ve searched. So very tempting, but no.
It will be very interesting to see if the person who purchases #4 is a flipper or a homeowner. I"m guessing a homeowner will fall in love with the architecture, make an emotional offer and then their eyes will be opened up (hopefully by a reputable inspector) and they may have to back out of the deal or jump in to the deep money pit I’ll keep you all updated on what happens with that sale.
This is another house, located in La Mesa, that is making a Hail Mary sale just in the nick of time before foreclosure. Once again, it might work better for the homeowner if they just let it go to sale and hope they can get some proceeds over the amount owed on their mortgage. I may have explained this house earlier, very nice corner lot bordering a little stream on one side of the property. It does not have a true garage, it has a Flintstones style car port that I think it architecturally interesting, but most buyers want a 2 car garage. Not necessarily for cars, but for their ‘stuff’. Hard to store your stuff in a car port
It was open for only one day for viewing and there were a lot of homeowners swarming because it is a good price. Photos actually looked decent in the listing but Oh Holy Moly… it was full of cats, cat hair and cat stuff. One back room the whole floor was sagging. On close inspection by anyone it was not really liveable condition.
I made a written offer about $75k below asking price. They needed a contract in hand really bad to go to the bank and get the foreclosure sale postponed. Agent was successful in getting the sale postponed for one month, but the offer they accepted cancelled within 3 days. Agent has it back out on the market reduced about $25k and shared with me that the 2nd highest offer hasn’t even returned her phone calls. So, we have been discussing back and forth and I am now sitting at about $25k under what she says they want to close the deal (probably mostly having to do with her commission between the mortgage payoff and some money for the Seller to walk away with)
Ohh. All in the hands of the real estate agent gods!
A 4 bdrm/2 ba house in Point Loma neighborhood came on market this last weekend. House is vacant and in a trust, brother is selling the house after his sister passed away. Below average condition, very dark with popcorn ceilings, strange family room addition in the back. But, a decent 4 bdrm is hard to find in this neighborhood and I think it has huge potential. It doesn’t really have any curb appeal, nothing special about the house.
I made a good relationship with the Listing Agent who lives across the street. She has been selling in the Point Loma area a long time. She gave me the original plans for the house and we have been discussing a lot of issues. She believes the house has potential around $825k-$850k fixed up. I think it might get a little bit higher if I can give it some character. So, I sharpened my pencil and went in strong right at asking price.
She is holding it active until this coming weekend but I don’t think she has any other offers right now. She thinks she will have multiple offers and she’s probably right. I had my carpenter go through the place and it needs new subfloor and some repairs on original hardwood floors from termite damage. I want to put a new roof on it just for curb appeal purposes. Usual blowing out of walls and new kitchens and baths, but otherwise not a horrible money pit. Then, a friend of mine who wants to provide funds, and he is a retired contractor, went by the place and he really likes it.
So, we will see
What happens if you get both houses? Will you do one before the other or both at the same time?
Well, it has never happened that my offers have been accepted at the same time. My competition would easily absorb two properties and have bottomless pits of cash, or they scramble around and get some hard money loans. I have learned my lesson that I don’t think I could manage two really large projects at the same time, so I would have to stagger them a bit. That would mean additional carrying costs and finding additional workers, which would blow the budget.
So, if I get into contract on a property I always call and Withdraw my offer on anything else that is still open. I am focused on #6 right now, and my offer on #5 technically expired. So, if I have to, I will just explain “Sorry, my offer expired and you did not accept it” if #5 comes back.
@Coralbrook, I fantasize that I can hire you and your lead to come here and do my renovations!
I’m not seeing the photos of the other houses you’re considering, including those you’re making offers on. I looked at the many gorgeous photos of #3, which you completed and sold. You sure are tireless on your work! You have done amazing work for very reasonable prices. In HI, it is difficult to get that quality at anywhere near those prices.
It would not be a good idea to post pictures or addresses of properties I am seriously trying to purchase. Don’t want to jinx anything until I am in contract with something.
However, if you are all interested, I would be happy to post addresses of properties that I visit or inspect during the search that are ruled out for one reason or another.
I would be happy to see the ones who didn’t make the cut at whatever point in the process you want to share. I agree that by no means do ANYTHING that would jinx your business. You have my great admiration for all you do.
Here are addresses of the ones that I passed up, in case anyone wants to vicariously ‘shop’ - hopefully you can see the details and the photos on Trulia.com or Realtor.com
Property #1 in North Park
3705 28th Street, 92104
Property #2a in Clairemont - I completely forgot that I went to this one with my agent. It was being swarmed but layout was terrible
5071 Mount Harris, 92117
Property #2b in Del Cerro (I got this mixed up on list above - it’s really in an area called Del Cerro which is inland off 8 freeway)
5580 Hamill, 92120
Property #3 in Bay Park
2525 Hartford, 92110
Property #4 - Mid Century Modern listed above
The Hamill pictures made my head hurt!
The Hamill property is a total mess. It is legally permitted about 1800 sq ft and they are trying to sell it at 3000 sq ft. There is a ton of illegal additions and 2nd floors on that house. The listing has an attachment where the owner had to make a ‘drawing’ of all the rooms and rabbit warrens. The hilarious thing about that house is there is a ‘fall out shelter’ built underneath an outdoor shed and that shelter is actually one of the few rooms that is permitted!
Now I get it! I felt like I was Alice falling down the rabbit hole while I was looking at the photos of that property!