My Five Bedroom in ND - $500. plus repairs. (I agreed to live here and make repairs.
This price was not available to investors.) Yearly taxes are around $200. per year.
Did you know that you can buy an older home very cheap, make a few repairs
and never pay rent or mortgage payments again? You can afford upgrades
when you don't have mortgage payments. No bank can take your house.
All the money you would have wasted on realtor fees, points on a bank loan,
payments and interest on a 30 year mortgage can be spent on upgrades and repairs as needed,
then the rest of the savings can be saved for your retirement fund or used however you please.
Forget about using your home as an investment. Think about using your home as a place to live. If you have never owned a home, you don't need credit, real estate agents
or a bank mortgage to buy a home. Buy directly from the owners, pay cash or get a small interest free promissory note from the owners. example = I purchased a seven BR, 2 Bath
from the owner for $10,000. I put $1000. down and pay $200. per month for 3 and a half years, interest free. A free wood stove, $500. plumber, $269, hot water heater and now
I have a large home for my daughter and grandchildren to live in.
How to find a home you can afford. If you need a bank mortgage, you can't afford it.
Find a home that you can pay cash for and expect to make repairs weekly or monthly
out of your paychecks. Once repairs are complete, you can move in and enjoy.
No excuses. Do it. How?
Ways to find a home to live in:
craigslist - place a free ad in "Real Estate Wanted" section of craigslist for your state.
*** Be very specific about what you need. put $1000. as price and Wanted Old Home to Live In as the title. State that you need a house to live in,number of bedrooms, in the country or in town, state you are willing to make repairs and it's OK if the house has been vacant
for a while. Owners of second and third homes will be looking to cut expenses
by finding families to live in and repair houses that would otherwise go to waste.
North Dakota has thousands of vacant homes available. With millions of foreclosures
flooding the market many older homes have become burdens to the current owners,
too expensive to keep. If you already own a home and you marry a woman from another state who also owns a home, then you inherit Aunt Mary's old farm house, you might not be able to
afford extra taxes, electric bills and mowing fees. Aunt Mary's might need plumbing and roof repairs. You don't want her house to fall in, you loved her. What do you do?
You find a family who agrees to live in the house and make repairs and sell it cheap
before they change their mind.
Many owners will give you the property house and all.
Affording repairs: Hire local workers to do a side job.
The Roof: Hire local roofers to repair your
roof. Our local carpenter charged me $1000. to go over my huge roof on a 4 bedroom, 2 story and make all needed repairs. I had to buy some shingles and 2 sheets of plywood. I saved $18,000.
Plumbing: Any old house up north that has had the electric OFF in the winter will need new plumbing -
water pipes and a new hot water heater. Sears will deliver hot water heaters to rural areas.
My local plumber charged $500. for the whole house. A 55 gallon hot water heater was $269.
from Sears.
Electric: Hire a local electrician or trade one to come out and check wiring and install
new electrical box if needed. I purchased a 4 BR that had no electrical box. The electric
company had removed the old unsafe box and refused to turn on electric unless
a new box was installed. The seller had been told a new box wold cost $3,700.
plus the electrician fee. I found a local electrician who came out and installed a
new box for a total of $1,800.
Heating a large older home: Try a "Corn Burner" or "Flex Stove"
A good used one runs around $700. Cheaper, good for the enviornment and local farmers.
You can afford one.
New ones run around $1000.
The Basement: if the basement has failed and flooded move your electric box,
hot water heater and furnace upstairs, reinforce the foundation if needed and fill the basement with gravel and or rocky field dirt. Dig a pond in your back yard and use the dirt to fill
in the leaky old basement. I reinforced my foundation by filling blue plastic barrels with
gravel and stacking them into columns in the 8 ft crawlspace. Then hired a neighbor with a backhoe and bucket to dig a pond, which helped drain my property
and filled in the basement with the dirt from the pond. I got the barrels online for $15. each.
A contractor quoted $30,000. in basement repairs but my solution cost $500.
Finding a Home
I prefer homes that have not gone to the county or been sold at auction, but you can
try both. Get a list of available properties from your County Courthouse.... not properties
up for tax sale, you want the list that the County has already taken for back taxes and now offers for sale. They pass title free and clear for as little as $500. Check with city and county to make sure the home hasn't been condemned.
If you don't think you can afford a home look at these:
4 BR, $16,000. 2,844 finished square feet in this home, yearly taxes $288. more photosBid4Assets - $1 , no minimum, no reserve auctions.
Ebay Residential Real Estate - Ebay is a good place to find owner financing. You can bid on the down payment and then start making payments with out a bank or credit check. When you read a listing check to see if you are bidding on the purchase price or the down payment.
Tips for Buyers - Always visit the house before you purchase. Check with the City and County
to find liens or back taxes owed, and amount of yearly taxes. Check with utility company
to get an idea of average monthly bills. Make sure there is not going to be a problem getting
your water and electric turned on.
The time you invest in finding a mortgage free home is well worth it.
This is something everyone should do right after you cut up all your credit cards. Use your bank
debit card or a prepaid Visa to purchase online. Never spend money you don't have.
Please share your tips in comments.
No comments:
Post a Comment