Reply to What a million now gets you near American University

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It is under contract already [/quote]

It was marketed for a quick sale, so this is unsurprising. Wonder if they’ll keep the house. I can imagine starting from scratch is cheaper.[/quote]

Why not keep house? As run down as it is a crew or team of folks could have it move in ready in under 90 days. A tear down and rebuild at best one year and wild card in property taxes and permit fees. [/quote]

Do you know for a fact the house doesn't have serious issues that might not be fixable or would cost substantial sums to fix? I know a bit about the backstory here and I'd be very hesitant about making guesses without a very, very close look.[/quote]

What is the backstory? A lot of primary homeowners cant afford to rent for 1-2 years waiting on a house to be torn down and permits and unexpected costs while paying for two places and the total uncertainty of the property taxes. I for one have people who do work  discreetly and could easily do all the work first that either does not require permits or permits that wont raise taxes like windows and door then do inside, not changing stuff, just new kitchens and new bathrooms and sanding and painting. I am sure if a primary home owner caring for house it will be appreciated and not reported.

Now you have the purchase price as your cost basis, when you sell in 15-25 years you will be selling at that point a historical low tax beautiful home as opposed to a big tacky box built in 2021 that is dated and everything is going all at once.

Dont see how it makes sense for a long term homeowners to tear down a house like that. Yes a flipper yes. Yes a short timer yes, but long term. The original classic house in 2041 will be worth a lot more    [/quote]

pp, I’d love to know who you recommend for this type of work. [/quote]

if no permits sub it out, can knock if off quick. I have a guy who does kitchens and baths, guy who paints a floor guy. I just found on my own, if you live nearby, paying cash, just a matter of being good at design and picking out tile and appliances.

f you hire a contractor with permits and let him buy everything at profits and subcontract out at profits you go broke. Also there are "rip out" places contrctors use hire one and let them dem0 and remove .  [/quote]

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