It's May 04, 2024, 02:18:43 AM
^^just outta curiosity though, answer his question, did you actually get this building appraised or did you just think it in your head that it would become a historical landmark or something?
Quote from: E-Crazy on January 16, 2007, 08:30:40 PM^^just outta curiosity though, answer his question, did you actually get this building appraised or did you just think it in your head that it would become a historical landmark or something?I don't feel the building will be a historical landmark, no. It also hasn't been recently appraised. Real Estate appraisal is not rocket science, especially in a town full of similar structures in similar condition of a similar age. I ran across an excellent deal and had the cash to buy it outright; I'm quite pleased with it. For the price I paid, and the small amount of money we're talking about, an appraisal would be worthless. I bought it from a gentleman who's had it for years and had no idea what it's value was. It's a 2300 square foot brick building, strong, sound, built in 1920. What's that worth to you? Throw a number at me. It's just different philosophies, neither are wrong, you should stick with what you know and what you're interested in. I personally am interested in old buildings that can be renovated, Jrome seems to be more interested in newer properties. He said he finds it hard to believe that a 100 year old building in a town of 1000 people is desirable. I strongly disagree with that statement, I would rather buy a 100 year old building in a small town on main street any day of the week over a new construction in a larger city. We're at exactly two opposite ends of a spectrum so I don't feel his advice or my advice makes much difference to each other. Peace~
all of them have sold over and over again in the last several years and it's pretty easy to determine what a buildings worth when there's an entire street of them around you that have sold recently.
No problems selling the bulding later on, really you'd have to see the situation to understand it. We're talking about a small amount of money, again, as well. I'm in a situation where if I lose my entire investment it won't hurt me, so I don't care if it makes money or not. As for comparable properties, I've mentioned twice that the entire downtown is full of buildings similar to this one, all of them have sold over and over again in the last several years and it's pretty easy to determine what a buildings worth when there's an entire street of them around you that have sold recently. Come on man, do you think it's really that big of a deal? Honestly. This particular building, a guy's been using for storage since getting it out of probate court years back for almost nothing. He decides to sell it and priced it under half of what the building would actually sell for, I was first in line with cold hard cash to make a downpayment and cold hard cash to pay for the rest of the building as soon as we can get closing pushed through. The neighbors on the left want to buy it, but aren't preapproved for a loan. The people across the street were actually renting it, but were tossed out when the building went into probate and now can't afford two buildings. Dude had people calling him about the property from New York and Texas while we were in the building checking it out... man this is the south, you don't understand the opportunities that can arrise down here with these country folks who are all laid back and low key. That's one reason I prefer older buildings over new buildings.Now, with all that said, like I said in the first post, I'm not in it strictly to make money. I have a little bit of money, and I spent a small amount of it to buy this building. I wasn't buying it to flip it and make a ton of cash next year off of it. I'm much more into the rental side of things and there's also the opportunity here to help with the revitalization efforts of this little town's downtown area. You keep saying that the building may not be there in 30 years; the land under it will be there for eternity and I own it. The building itself is strong as a rock and built from brick, it's not going anywhere unless a tornado comes through town, and I've got hazard insurance so that'd be alright too. You're telling me I downplay an appraisal. If a man's trying to sell you a building for 50 grand, and you think it's worth 100 grand... what happens when the appraiser agrees with me and tells the guy his building is worth 100 grand? Come on man, use your head a little bit. We're talking about a property he wanted less than THAT for, it's really a fantastic deal that we had checked out for a few days and by all accounts we just made a shitload of cash buying it. Worse case scenario if the ground opens up tommorow and swallows it, I'll still be sitting here doing just fine without it so to me it's really not that big of a deal.... it's just exciting to own a dusty old building with some character to it. Peace~
How many of you have an interest in Real Estate as an investment tool? I have two brothers, we're all really close. Today we bought our first commercial property; we also own our home... actually the home we still have a mortgage on but we paid cash for a historic building on main street of a small town near here today. We're going to renovate it and then rent each side out. Anybody else have any Trump asperations?