Here housey, housey
I totally think I should get a different agent, the one I’m using now is the one that my parents used and isn’t exactly all that good…I request specific information and I get back parts of the information or parts of the information with a bunch of random stuffs in it. On the other hand, could be my fault since I haven’t expressly stated what kind of house I’m looking for or want. I could understand him being confused with me inquiring about $250k houses in North Wilmington and also about $25k slum properties in ghetto Wilmington.
So far the only house I have really liked was the first house that I looked at, unfortunately so did 11 others. I don’t blame them, the house just across the street was selling at a list price of $70k more and from what my agent tells me, that has also been sold (it’s pending, so still waiting to see the final sale price). Looking in the same price range now, the properties are mostly condos or townhouses. If it is a detached house, then it is in an undesirable location like ghetto Wilmington, Elsmere, or New Castle. The locations I would prefer are locations close to UD as eventually I do plan on going back and doing the whole masters thing, eventually… Since I already live just 1.5 miles away from UD, it’s hard to really get any closer to UD without paying much more or moving into a less quality house like Madison Dr. Even moving just down the street into the new “luxury” townhouses would run me the high $300s! Ouch…
I’ve sort of have narrowed down my choices though:
Slumlord – Buy a super cheap property in the city, I mean ridiculously cheap at like $20k or less. Mind you I’ve never actually visited one of these properties and sometimes there are warnings that the pipe/water heater and such have been removed (aka stolen), but I would budget a fixing up budget of $5k. Then I would resell or rent the property out, in these economic conditions, it seems the later would be more likely. Even reading this proposal myself, I see a lot of problems. I would exhaust my cash to buy the property because the banks don’t loan money for houses in these conditions, but may still need to borrow in order to complete the repairs necessary to make the place habitable. It might be difficult to finder renters for a place in the ghetto and if I do find renters, they are more likely to be the kind that are not on time, likely to skip out, or be damaging to the property. Even without renters, I would still need to pay for insurance and the property taxes, could be a real money pit…
Townie – Find a place in Newark, close to UD. I’ve found two types, an acceptable place that I would not mind loving for the next 3 years in and the other is similar to the above of buying a fixer upper and renting it out. The properties in Newark of course cost more and it is difficult to get traditional financing on fixer uppers.
American – Buying the largest property the bank will allow me to borrow in North Wilmington/Newark just because it’s the American dream, I won’t be able to afford it later, and other misconceptions about real estate that likely let to the massive foreclosures we have now. I really don’t plan on doing this unless I find the absolute perfect house at an amazing price. The closest I’ve come is scouting out an 2 BR house on an acre of land in North Wilmington that has an approved short sale. However, since my agent is kinda sucky, I’m not sure what “approved” short sale really means in terms of what I can offer. The list price is still much more than I would pay. While the land is valuable, it also means a hell of a lot of maintenance until I utilize it for something like my own custom house which would probably be very far down the line as I would have exhausted my cash and what I could spare monthly to the mortgage I would need to buy the property in the first place. Anyhow, the maintenance on an acre of land would kill me, even with a riding lawn mower… The fertilizer, watering, and etc to keep the lawn looking decent would be an expense too. I barely keep the lawn I have now looking that good. My lawn mower didn’t have oil (engine oil, not gas) last week so I didn’t mow the lawn, now it has been raining continuously for days and won’t stop for more days, the front lawn has weed thingys growing or the grass has sprouted. Yea, I’m so attuned to my lawn that sometimes I have no idea if something is a bad weed or is a good plant.