Considering home ownership...

[Jesda]

Someone is giving away a house on the north side of St Louis.

http://q.spilky.com/nicothread/freehouse/

The problem? Its falling apart and its located in Le Ghetto. Fees for title transfer and such would be about $1500. Theres currently 120 people being considered (no qualifications other than having to be serious about the purchase).

Should I throw my hat in? I could squeeze $1500 out of the folks, but I wonder if I'd be digging myself a financial hole renting it out for cheap while trying to keep up with maintenance.

-Jesda

[nsrZ32]

hahaha that house, in the hood of St. Louis, is going to be a nightmare.

There are much more fun ways to waste 1500 bucks if not more.

[Altiman94]

If u can't come up wiht the 1500 yourself, then you can't afford to be able to fix whatever needs to be fixed. I would say no until you can financially support yourself.

[skydragoness]

your'e kidding right?

I'm sure a building inspector could condemn that house by the looks of it.

[gabossie]

For real, the property is worth more without the house. Don't get yourself involved in something like this unless you have the capital to tear that house down, and build something new.

[Jesda]

Yeah, that neighborhood isnt exactly open to gentrification.

[The Mic]

stay in your parents house, buy it, and lease it.

[Mr1der]

do you get the land it's on?

if so, we could so stake out the place and run off the problem makers.

buy run off, I mean sodomize.

muy bueno.

[PoorManQ45]

Actually, the exterior of the structure appears to be intact.

You would probalby need to replace the plumbing(Cast iron), completely rewire the electrical system(probably used aluminum wire), possibly tear down the walls because of termites and/or rot, probably need to replace the roof(Shingles and Truces), replace the flooring, and go through and bring things up to code.

For $1500, that's not a bad investment. If you could pay for it yourself, I'd say go for it, but not if you have to "Sqeeze it from your parents".

Also, you would need a plethora of knowledge in the construction fields.

You could probably get that thing back in great shape for $5k~$50k. ANd then you could turn around and sell it for 2x~10x that much .

Why are they actually "Giving it away"? Also, you might want to check around on those title transfer fees. There is usually a loophole which will allow that fee to be waived for a period, or even permanently.

Check around your area for "Foreclosures due to Default", or "Foreclosures Due to Unpaid Taxes". You can get buildings in foreclosure for Cheap.

[elwesso]

I wouldnt do it.. Thats a lot of money (remember that you have some mirrored beauties that you are in debt to )

Probably best to buy a house when you actually have a job and some money ..... Go big or go home (or back to parents house)

[Jesda]

I think its free because its a pile of crap surrounded by other piles of crap.

[PoorManQ45]

Probably best to buy a house when you actually have a job and some money ..... Go big or go home (or back to parents house)

Wes.. Wes.. Wes.. . How many times have I told you not to think like that!

[elwesso]

Wes.. Wes.. Wes.. . How many times have I told you not to think like that!

That may be the case, but

[PoorManQ45]

ROFL!!!

I'm a h0m0-Sapien

[AZhitman]

I think its free because its a pile of crap surrounded by other piles of crap.

Home ownership is not cheap in the short run, but it's a brilliant financial move for the long-term (think taxes and appreciating asset).

Keep in mind you must insure it and pay property taxes as well.

Better to own the worst house in a nice 'hood than the best house in a bad 'hood.

I bought a "fixer-upper" in 96 for $70K, primarily because we were expecting our 2nd child and the house payment would've been less than the next bigger apt in our complex. It's the nicest house on an old and weary blue-collar street, and it's safe, clean and sturdy (albeit a little small for 5 people and 2 damn huge dogs).

Nothing good is cheap, despite the jibberish and bleating from the ill-informed.

[PoorManQ45]

Nothing good is cheap, despite the jibberish and bleating from the ill-informed.

I'm cheap! And some women tell me I'm good

[AZhitman]

....at clicking their .jpeg images.

Dude, don't start. "Women" is plural. You're 17. And we've seen you, you're no Leonardo.

And your GF is on NICO.

Back on topic.

[The Mic]

[jdmfreak]

lmao!!!

pwned by the hitman.

[gniknave]

Renting it would take you well beyond the $1500. You'd need 3 times that to even make a legal lease agreement with a potential tenant. On the other hand, if someones giving the property away, your patience would end up making you money in the long run.

[PoorManQ45]

Jesda:

The government has grants for a first time home owner. They are usually in the amount of $5000, and all you have to do with the money is use it on the House.

Have you ever seen the comercial where the goofy looking guy in the Yellow/Black question mark suit runs around talking about grants? Well, it would be wise for you to pick up his book. There is a ton of money out there just waiting to be had.

[PoorManQ45]

Dude, don't start. "Women" is plural. You're 17. And we've seen you, you're no Leonardo.

Hehehehe. As long as you don't look like a donkey's a$$, a little charm goes a long way . And oh, I will repeat, Women .

[574-240sx]

Thats pretty crazy and crule to make anyone live there.

[Rex]

No, please don't. You'd be better of waiting for one of those $1 houses that require you to build sweat equity. Those at least are situations of the city trying to re-invigorate an area.