What conditions would be deal killers for a "fixer upper" property?

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Replied by FrankN on topic What conditions would be deal killers for a "fixer upper" property?

JGibbs wrote:

Wanderer wrote: Watch HGTV and look at the various "Flip or Flop" shows. Buying properties is a project that needs a detailed eye so as to not get caught with huge surprises. In my home state of Minnesota Housing Inspections run around $400. Worth every penny!!! They are neutral and look for what ever there is that is not correct. They are not City Building Inspectors but many of them think along the same lines. While you don't want to eat into your funds on hand ... would you not rather know what you have versus finding problems costing thousands of dollars you didn't have?! ;)

I love HGTV. Have you seen the show called Holmes on Homes where couples enlisted a property inspector who failed to find major problems that are expensive as heck to fix? It's scary to think about making such a major investment and doing everything right, only to have it go to heck.


HGTV is awesome. I have gained some great insights from that channel.
1 year 8 months ago #1

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Replied by JGibbs on topic What conditions would be deal killers for a "fixer upper" property?

Wanderer wrote: Watch HGTV and look at the various "Flip or Flop" shows. Buying properties is a project that needs a detailed eye so as to not get caught with huge surprises. In my home state of Minnesota Housing Inspections run around $400. Worth every penny!!! They are neutral and look for what ever there is that is not correct. They are not City Building Inspectors but many of them think along the same lines. While you don't want to eat into your funds on hand ... would you not rather know what you have versus finding problems costing thousands of dollars you didn't have?! ;)

I love HGTV. Have you seen the show called Holmes on Homes where couples enlisted a property inspector who failed to find major problems that are expensive as heck to fix? It's scary to think about making such a major investment and doing everything right, only to have it go to heck.
1 year 8 months ago #2

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Replied by FrankN on topic What conditions would be deal killers for a "fixer upper" property?

Moneyes wrote:

Pinky wrote: We are looking at a property for 89K in Ruidoso perhaps as an income property.


Isn't that a resort town?

Look at the comparables. I don't know anything about the market in that town, but I highly doubt that the surrounding properties are worth twice that much.

Location, location, location. A deal killer if there ever was one.


Location is key! Were you able to find other properties in that area for a similar price?
1 year 8 months ago #3

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Replied by Moneyes on topic What conditions would be deal killers for a "fixer upper" property?

Pinky wrote: We are looking at a property for 89K in Ruidoso perhaps as an income property.


Isn't that a resort town?

Look at the comparables. I don't know anything about the market in that town, but I highly doubt that the surrounding properties are worth twice that much.

Location, location, location. A deal killer if there ever was one.
1 year 10 months ago #4

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Replied by FrankN on topic What conditions would be deal killers for a "fixer upper" property?

Joker wrote: I agree with your other advisors here. See the property, and if it looks like something you can upgrade, call an inspector and get that professional opinion. Considering that there are no foundation problems, or major support load factors, and the inspector agrees that it is repairable, start your journey to homeownership.


Foundation problems would be a deal killer for me.
1 year 11 months ago #5

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Replied by Joker on topic What conditions would be deal killers for a "fixer upper" property?

I agree with your other advisors here. See the property, and if it looks like something you can upgrade, call an inspector and get that professional opinion. Considering that there are no foundation problems, or major support load factors, and the inspector agrees that it is repairable, start your journey to homeownership.
2 years 1 week ago #6

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Replied by JGibbs on topic What conditions would be deal killers for a "fixer upper" property?

Are we talking about a fixer upper to flip or a fixer upper that we're going to live in? I hadn't considered it until I read it here, but I guess a person dying inside the home or having the home built near a cemetery would be a deal breaker for me too. It could hurt the resale value. I wouldn't buy a fixer upper that had a lien against it either. If the fixer upper is meant for me take up residence, I wouldn't buy a home somewhere with HOA fees or no designated parking.
Last edit: 2 years 2 weeks ago by JGibbs.
2 years 2 weeks ago #7

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Replied by CentsibleSaver on topic What conditions would be deal killers for a "fixer upper" property?

Wanderer wrote: Watch HGTV and look at the various "Flip or Flop" shows. Buying properties is a project that needs a detailed eye so as to not get caught with huge surprises. In my home state of Minnesota Housing Inspections run around $400. Worth every penny!!! They are neutral and look for what ever there is that is not correct.

I love that show! It's terrible about the couple getting a divorce. Couldn't believe it when the gossip first came out. About the house inspection, did you ever watch any of the Mike Holmes programs on HGTV where the home owner had a home inspection and it ended up being bogus. Mike Holmes would come in to fix the problems. I'm sure a lot of it was just drama for television, but it helped me to realize that house inspections don't guarantee much at all. Some of it was down right creepy.

I wouldn't buy a home if someone passed away in it or it was in foreclosure.
2 years 2 weeks ago #8

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Replied by Lexie on topic What conditions would be deal killers for a "fixer upper" property?

Absolutely WANDERER. We just bought a couple of years ago and spend $300.00 on an inspector. Well worth the money. All he found was a few little items that were very fixable for the seller. It just gives you peace of mind knowing there is nothing major wrong with the house.
2 years 3 weeks ago #9

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Replied by Wanderer on topic What conditions would be deal killers for a "fixer upper" property?

Watch HGTV and look at the various "Flip or Flop" shows. Buying properties is a project that needs a detailed eye so as to not get caught with huge surprises. In my home state of Minnesota Housing Inspections run around $400. Worth every penny!!! They are neutral and look for what ever there is that is not correct. They are not City Building Inspectors but many of them think along the same lines. While you don't want to eat into your funds on hand ... would you not rather know what you have versus finding problems costing thousands of dollars you didn't have?! ;)
2 years 3 weeks ago #10

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Replied by Pinky on topic What conditions would be deal killers for a "fixer upper" property?

Thanks for that advice. I never thought about getting an inspector to go check it out first. I hope the cost isn't too much because it's just going to eat into my down payment. I do know what you mean when you say the weeds might be the deal killer. I've seen some properties that you couldn't see the house for the weeds!
2 years 3 weeks ago #11

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Replied by FrugalFran on topic What conditions would be deal killers for a "fixer upper" property?

Surely you wouldn't buy a property without looking at first, so I would start by contacting the listing agent. I agree with getting an inspector if you're going to make an offer, but first things first - you need to see it for yourself. You may take one look at it and decide it's not worth the weeds in the yard.
2 years 3 weeks ago #12

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Replied by Lexie on topic What conditions would be deal killers for a "fixer upper" property?

Absolutely Pinky!!! Get an inspector before you take another step. Is there any way you can go see the property? That would be a good thing. We went with the inspector before we bought a home for my son and it was well worth the money.
2 years 3 weeks ago #13

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Replied by FrankN on topic What conditions would be deal killers for a "fixer upper" property?

Pinky wrote: We are looking at a property for 89K in Ruidoso perhaps as an income property. The listing, however, does not show any pictures which worries me. I know that if the roof is bad or the floors boards are ruined, probably wouldn't be worth the price. Can anyone help me out with some other things to look for as we are going to see it soon?


No matter what, get an inspector or expert if you have someone you can trust. It is by and far worth the money and it could save you from losing your entire investment.
2 years 4 weeks ago #14

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What conditions would be deal killers for a "fixer upper" property? was created by Pinky

We are looking at a property for 89K in Ruidoso perhaps as an income property. The listing, however, does not show any pictures which worries me. I know that if the roof is bad or the floors boards are ruined, probably wouldn't be worth the price. Can anyone help me out with some other things to look for as we are going to see it soon?
2 years 4 weeks ago #15

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