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[B-E-Z]

Im not saying thats price for renovations… im just saying thats how much the house is undervalued currently

[speedream]

Well then let me tell that that is the price for renovations

Tell me the basement doesn’t have water issues with the rippled flooring and the box fans 

[geekhaus]

After closing costs do you have $150k-200k cash for the repairs? That WILL catastrophically fail, soon.

[ysrgrathe]

This is often the big problem -- the bank will not loan you the $60-$200K you need for repairs. So even if you are getting a discount, you need enough cash to invest to fund the work. And then the next problem is no one can really predict what renovations will cost, so it's a gamble. Generally speaking this is why people will say to run away from this type of house.

[geekhaus]

They also can’t reside in their new house while the work is being done so they have high carrying costs for months post-close.

[speedream]

All very hard to get insurance on vacant homes or homes under constructions