Yes, very worried about holding costs. Its my biggest concern for this project
Sounds like there is considerable potential but big risks too.
Hope they will be reasonable.
Well, IMO this sounds like a long shot as to whether you’ll actually be able to buy this. But fingers crossed for you, cb. You’ve pulled some remarkable rabbits out of some terrible hats before. (Awful mixed metaphor, I know.)
Ohh, and did I mention that my carpenter crawled under the house and found old cast iron pipes - not a surprise. But they are all corroded and leaking. He found one run of pipe that was completely broken and wide open with obvious water damage in the area. Once again… poop or shower drain has been just dumping under the house. We made sure to light it with a flashlight and point out to listing agent that owners better not use that part of the house! and we pointed out all of the water damage from the broken drain.
Yikes. This is not a typical DIY fixer. This house needs a pro like CB to tackle it! Hope that the owners have some sense and will be reasonable. Meanwhile, people emerge from their post-holiday comas… Fingers crossed for more options.
My guess is the kids have stars in their eyes and won’t come to ground any time soon.
Just be sure you figure out the price that will work for YOU, knowing all the problems and needed work.
13 Mt Helix
There is a new listing in the Mt Helix area of La Mesa. Nice property at the end of a dead end road with lots of trees. House has mid century architecture and needs a lot of work. I have made an appointment with the listing agent to view it this afternoon.
I made sure to notify the listing agent of Point Loma house that I am going out to view other properties and would appreciate an update soon!
Good plan! Stay firm on your price, but keep looking.
I think the new listing sounds much more promising. All that water damage and broken pipes sound like a BIG headache, with possible toxic mold and worse. It also sounds like the seller will continue to unrealistic. Glad you’re staying flexible.
Eager to hear about the Mt. Helix house and about how the seller responds to your concerns about the price.
I interested to hear what the agent says about the horrible pipes, and such in that house…will it be an “ignore”?
I spoke face to face with the agent in the conference room at his office. He was present during our inspection and saw the same issues we did. He was going to update the Sellers on the issues found during the inspection and he was very realistic about the fact that every future buyer is going to find the same issues. As of tonight, I only know that “offer is presented and being reviewed by Sellers”. Unfortunately, I let the offer stand for 3 days so I have to be careful about making any offers on another property because I could (real small possibility) end up in contract on two properties.
You can withdraw it at any time, right? You don’t have to wait three days.
13 Mt Helix
I love this place also! What a dilemma. There were other investors viewing the house when I arrived. I met with the Listing Agent and they have received 3 other offers, but they are low offers. Listing agent is not representing anyone else, so she agreed to represent my offer. She shared what price she thinks I need to submit.
This house is on a dead end road with a private drive going off the road. Surrounded by mature trees, very wooded. Entry is at street level with living room, kitchen and two bedrooms on top. Bedrooms are the smallest I have ever seen. I have planned to bump out the house to the West and add some square footage.
The reason this place is special is hidden behind the trees. First, it is a huge lot. Listing photos do not do it justice. But, if you look really closely there is a wide view all the way down to the ocean with the Coronado Islands in the distance. Trees on the lot need to be cut and trimmed. Then, on the other side of the house there is a big deck off the kitchen with views straight up Mt Helix to the cross. This is considered golden in the Mt Helix area.
House itself is a mess - what else is new! Downstairs there are 2 small bedrooms and the pool is built only about 4 feet off the downstairs bedrooms - have no idea why… there was plenty of space in yard to make it nicer. And, the 2 car garage has been ‘converted’ into another bedroom. It will be a hard decision whether to convert it back to a garage and whether to abandon pool and fill it in.
I am going to be making an offer through the listing agent.
All I can say is that some new listings are coming out and I can officially give up on schlepping out to the auctions every day!
This new house sounds like it has more potential than the house with the busted plumbing, plus a nice large lot. Glad you have interesting places to look at and consider.
Busted plumbing doesn’t really bother me. We have had to replace all cast iron sewer/drain lines in the last 4 houses we have worked on. It is a known dollar amount. We will probably have to do some re-plumbing on the La Mesa house also. It had a mixture of newer ABS drain lines connected to old cast iron drain lines and one area where there is a lovely ‘homeowner’ fix where someone stuck a piece of rubber hose and copper drain line together.
What’s up with all these houses that have poop under them?!
We have basements here so no hidden poop jungles.