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Should I buy this house?


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2011 Dec 4, 10:58am   21,783 views  42 comments

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Here is the zillow listing, I am already the tenant, and the goof trying to sell it, it is family owned, I could buy it for 80k.
http://www.zillow.com/homedetails/925-Northport-Dr-Madison-WI-53704/55431065_zpid/
It needs roof, dishwasher, bathroom ceiling vent fan, and landscaping to stop the water seeping into the basement which I'm not to worried about as it just runs over to the drain anyways. Just need gutters and to fill dirt is all. It just seems like a no brainer for the price.
I just sold my last house about two years ago, it was in a suburb 30 miles out of this city. This is smaller, and would double as a rental if I have to move.

Still, just the taxes alone make me shy away from buying anything in WI.

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22   sfbubblebuyer   2011 Dec 6, 1:41am  

Who wants to live on a major street feeding into the airport? I wouldn't!

23   EastCoastBubbleBoy   2011 Dec 6, 1:43am  

Implicit advantage is that you know the house already, since you rent it.
You know its pros, its cons, and its recent history. That's good intelligence that most buyers don't have.

24   StoutFiles   2011 Dec 6, 1:54am  

I always suggest buying cheap houses to those that don't mind living in cheap houses. Less debt, less risk.

I suggest making a chart on how much money you'll save (or not save) by staying there X years. Plan for a 10% housing decrease as well.

25   everything   2011 Dec 6, 2:04am  

I was not worried about water seepage when it rains, the place just needs a concrete steps jack-hammered out, fill dirt, and install rain gutters. These concrete foundations are all the same, they settle over time. Now my brothers house with a dike for a back yard and an ever growing watershed above that, now that's a different story..
I agree with the naysayers, and I'm not much of a kool-aid drinker any more. Parts of Milwaukee, Chicago, and even Madison already resemble Detroit. If you think the ponzi derivatives and bond markets will go another ten years then that's great, maybe it will. Any major adjustment on all the larger homes which are a majority would hammer the valuation on this one right into the ground. And, nope I don't have a family, sure I could probably afford one, but my view on marriage in America is would you get on a plane if you knew it was going to crash 50% of the time? As it is, I have to keep a girlfriend around somewhere or people think your some kind of a nut otherwise.

26   AdamCarollaFan   2011 Dec 6, 7:13am  

eastcoastbubbleboy says:

"Implicit advantage is that you know the house already, since you rent it.
You know its pros, its cons, and its recent history. That's good intelligence that most buyers don't have."

very true - an enormous advantage.

i'd love to have an opportunity to first rent out a property that i was seriously considering buying. seems like a good price, and 900sf is plenty for a single person - or a small family if you decide to rent it out.

btw...that's a lot of lawn you'd have to maintain!

27   everything   2011 Dec 6, 7:56am  

Look guys, this house is exactly the same as about 50 other homes built around it with the same sq. footage. It's a simple structure with the heating and hot water heater right smack dab in the middle of the basement which is nice, it also has all copper water pipes all the way out to the main which is cool. It is a very simple home with beautiful original maple floors, but when all the RE priced above it is repriced accordingly this home will lose value. A house is a house, but when the banksters and wall street control control the real value, it's no longer a home to me, it's a ponzi investment suited to their needs, not mine. This is my last comment, thanks for everyone's input.

28   Katy Perry   2011 Dec 6, 8:49am  

you don't have 80k I bet. so you're not really buying anything BTW. RUN as fast as you can. why would you want to borrow money to "own" liability.
debt is slavery

29   joshuatrio   2011 Dec 6, 1:24pm  

everything says

Look guys, this house is exactly the same as about 50 other homes built around it with the same sq. footage. It's a simple structure with the heating and hot water heater right smack dab in the middle of the basement which is nice, it also has all copper water pipes all the way out to the main which is cool. It is a very simple home with beautiful original maple floors, but when all the RE priced above it is repriced accordingly this home will lose value. A house is a house, but when the banksters and wall street control control the real value, it's no longer a home to me, it's a ponzi investment suited to their needs, not mine. This is my last comment, thanks for everyone's input.

Then don't buy it.

APOCALYPSEFUCK is Tony Manero says

Live in your car for 10-12 years until you can buy houses like these the price of a car.

Or this.

30   seaside   2011 Dec 6, 2:41pm  

I think the price (80K) is reasonable, and buy may be a good idea. But you will definitely pay more, and have few things to fix, so it will cost you. If it's comfortable enough for you, that's what you can afford. But the bottom line is that, You don't have to buy when you're not sure about the buying idea.

By the way, about the marriage thing, that's one of the best thing ever happened to me. Try get the right girl instead of few having arround. Then you won't be on crashing plane, of course, if she is the right one and you're willing to keep your ego down for her.

31   KILLERJANE   2011 Dec 6, 2:59pm  

Could you EASILY rent it tomorrow if you had to and make even a small profit? Always have a back door plan. Look at other properties to be sure. Make life easy not hard.

32   everything   2011 Dec 6, 4:15pm  

Without a doubt, I bet rental vacancy rates are down everywhere you go these days.

http://www.mge.com/ecodev/business/rental_vac/index.htm

33   ArtimusMaxtor   2011 Dec 6, 8:51pm  

More like weld my ass to the wall. Sure I will be glad to pay a 75% markup on a car. So everyone that is connected to the Fractional Reserve slave and labor pool can have something to eat. Not to mention the fact its all so cute. For that reason I will be glad to go into fucking debt for four years. I want you to be happy Becky Sue. I want all of your neighbors that if the plant goes down. That can't figure out WHERE to find something to eat. Be happy. You and your friends would make a wonderful ant farm.

So lets face it Becky Sue. It takes a slug a long time to get anywhere much less figure out anything else for itself.

Its time to stop trying to figure out what happened the last time a sociopathic politican farted. Its time to stop reading between the lines. Which means nothing but bullshit to me. Its time to stop trying figuring out Heloise's fucking helpfull hints. You can't find with a microscope for the bullshit involved with it.

There is an internet. Its a wonderful thing. Jesus dosen't like the porn. Jesus ain't around.

Forget the Y2K bullshit. Forget the survivalist bullshit. Looks like a big case of the nuts dosen't it. There is a little trick to all of that. To keep you FROM DOING FOR YOU. After all no telling what or who you will run into into in those senario's.

Truth is one more time there a crapload of people out there. Not just in Kansas. All over the place in the United States. They aren't crazy people in a bunker. They don't get loans. They own shitloads of land they did not have to buy. That they pay no taxes on. Have more than you will ever know. You want to get pidgeonholed. Believe all the bullshit you hear. They want your labor. Don't ever forget that.

The internet which is pretty damn good in my estimation can be filled with knowledge in this time of many things THAT PEOPLE REALLY NEED. Save the crazy people in a bunker for the tourists. We aren't that stupid.

34   everything   2016 Nov 16, 8:08pm  

Well, I didn't buy it. It was owned by my family, my sisters friend bought it, redid the kitchen and flipped it big!

35   Y   2016 Nov 16, 8:16pm  

Well then, my advice would be to go ahead and buy it.

everything says

redid the kitchen and flipped it big!

36   The Original Bankster   2016 Nov 16, 10:23pm  

all housing is going to collapse because interest rates will go up. thank god for Trump.

DO NOT BUY ANY HOUSES.

37   everything   2017 Jul 18, 2:21pm  

It's up for another flip. They've got it listed at double the price our family sold it for back in 2010, unbbelievable. We let it go for 79k, my sisters friend bought it, flipped it for 129k, now someone else bought it painted it and has it listed for 166k. Looks like we are just about back where we started back to the last runup.

38   BayArea   2017 Jul 18, 3:09pm  

When you posted this in 2011, the right thing to do was to buy any house!

It was soooooooo hard to get in the door during that time in the Bay Area. I found that if you didn't have some "in" with the seller or selling agent, you were very hard pressed to acquire any property at all since the experienced and well-connected investors owned the game.

39   FortWayne   2017 Jul 18, 3:27pm  

If you don't have a house, and can easily afford it, and it'll make your life more comfortable I don't see why not. Only you know your life circumstances though.

40   everything   2017 Jul 18, 4:38pm  

Someone will buy it, it will be a fairly quick flip is my guess, and we will see it foreclosed sometime into the next recession. The threats of higher interest rates are causing panic buying. We are getting to the point (as I have seen), where anything under 200k is affordable due to some wage growth and dual incomes. I ended up buying again, and once again got myself into something bigger and higher taxes than I needed, but .. it is what it is, i purchased a few years back at a fair price compared to what people are paying now. The last time I owned in this state my property taxes were about the same as the house payment. This time it should be easier to rent the place out and not have to sell when or if I do move.

I have seen quite the runup in prices just in the last three years, mostly, or so it seems, payments followed rent prices.

41   anonymous   2017 Jul 18, 5:15pm  

Next recession

----------------

It's not coming anytime soon. There's plenty of capacity for additional debt take on. It feels like the late 90's all over again, my mailbox is stuffed full of offers to take on lots of debt at low to no costs. So the stock market should double in the next few years, then housing will eventually follow with another double of its own. After all that, maybe we get a pullback that's labeled a 'recession '

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