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An Opportunity for me.....(might be long)

post #1 of 11
Thread Starter 
OK, so you all know we do roofing right?

Well, my old boss's dad (weird situation) owns a house not too far from us. He's also a real estate broker.His son (my old boss) used to live there but when him and his wife got a divorce, he let her have the house. She lived there with the kids and her new boyfriend for about 10yrs. She was a disable woman with a disabled child from her new boyfriend (Confusing, I know) and they were on drugs. About 4 months ago, the ex wife passed away and the boyfriend and younger kids moved out.
Anyways.......
He (the father, well call him J. Sr) called me yesterday asking if we could look at the roof for him. We went out there and gave him an estimate. We had to go in the house and OMG! It's a TOTAL MESS!
I mean, junk EVERYWHERE inside it.
Well, we fixed what we needed to today and I went back about 2 hours ago to pick up the check from him.
He insisted we meet at the house. I figured because he wanted to see the work we did which I was fine with.
So I get there, he hands me the check and then starts talking about what a mess it is.
I told him that yeah, it needs ALOT of work but when it was done it would be a nice house.
So he then asks me if I want to buy it.
I told him I would love to because I rent now but my credit SUCKS
He tells me:"That's not a problem, I'll hold the morgage note"
Me:
J.Sr.: " I'll sell you the house for $75k and give you $25k out of it for rehabbing the house"
Me:
J.Sr: I will take a $1500 down payment and hold the house for 6 months while you rehab it and you won't have to make any payments for those 6 months.
Me:
I told him I would need to talk to my DH and father before I did anything.
And that we could possibly work out the $1500 down by DH cleaning out the junk, and painting the walls and stuff.

I'm really up in the air about but I do see an opportunity. The kids would have separate bedrooms (which they DESPERATLY need) cuz it's a 4 bedroom w/den and laundry room. Nice size yard but needs a fence (for Jake).
Right now it's not even livable because it needs ALOT of paint, drywall work, carpet and deep cleaning.

Don't get me wrong, I like where we're living but its getting small for 4 of us.

J.Sr kept saying "I want to do this because when I die, I can't take it with me and my son doesn't want/need it and I couldn't think of a better person for it to go to."
He's a very religious man and knows my father is a minister.

If I did do it, it would be about 6 months before we moved cuz of our lease and time to rehab the house.
The payments will be about $200 less (including property tax AND insurance) then where we are now and I would own it.

I'm not sure if I should do it though
post #2 of 11
Quote:
Originally Posted by Dixie_Darlin View Post
OK, so you all know we do roofing right?

Well, my old boss's dad (weird situation) owns a house not too far from us. He's also a real estate broker.His son (my old boss) used to live there but when him and his wife got a divorce, he let her have the house. She lived there with the kids and her new boyfriend for about 10yrs. She was a disable woman with a disabled child from her new boyfriend (Confusing, I know) and they were on drugs. About 4 months ago, the ex wife passed away and the boyfriend and younger kids moved out.
Anyways.......
He (the father, well call him J. Sr) called me yesterday asking if we could look at the roof for him. We went out there and gave him an estimate. We had to go in the house and OMG! It's a TOTAL MESS!
I mean, junk EVERYWHERE inside it.
Well, we fixed what we needed to today and I went back about 2 hours ago to pick up the check from him.
He insisted we meet at the house. I figured because he wanted to see the work we did which I was fine with.
So I get there, he hands me the check and then starts talking about what a mess it is.
I told him that yeah, it needs ALOT of work but when it was done it would be a nice house.
So he then asks me if I want to buy it.
I told him I would love to because I rent now but my credit SUCKS
He tells me:"That's not a problem, I'll hold the morgage note"
Me:
J.Sr.: " I'll sell you the house for $75k and give you $25k out of it for rehabbing the house"
Me:
J.Sr: I will take a $1500 down payment and hold the house for 6 months while you rehab it and you won't have to make any payments for those 6 months.
Me:
I told him I would need to talk to my DH and father before I did anything.
And that we could possibly work out the $1500 down by DH cleaning out the junk, and painting the walls and stuff.

I'm really up in the air about but I do see an opportunity. The kids would have separate bedrooms (which they DESPERATLY need) cuz it's a 4 bedroom w/den and laundry room. Nice size yard but needs a fence (for Jake).
Right now it's not even livable because it needs ALOT of paint, drywall work, carpet and deep cleaning.

Don't get me wrong, I like where we're living but its getting small for 4 of us.

J.Sr kept saying "I want to do this because when I die, I can't take it with me and my son doesn't want/need it and I couldn't think of a better person for it to go to."
He's a very religious man and knows my father is a minister.

If I did do it, it would be about 6 months before we moved cuz of our lease and time to rehab the house.
The payments will be about $200 less (including property tax AND insurance) then where we are now and I would own it.

I'm not sure if I should do it though

1. If you do this get it in writing. Period.

2. Have you ever done work like this before?

3. You are going to have to have inspections a-go-go, so are you ready for that?
post #3 of 11
Thread Starter 
Quote:
Originally Posted by lookingglass View Post
1. If you do this get it in writing. Period.
Oh I plan on getting everything in writing if I did do it. He told me he was going to draw up a contract for me to look at and to have my dad's lawyer look a
2. Have you ever done work like this before?
Yeap! DH has been in construction for about 12 yrs now. If not we would hire someone in to do it
3. You are going to have to have inspections a-go-go, so are you ready for that? That wouldn't be a problem at all. He would hole the deed/title in his name until the house was done.
post #4 of 11
1 ) as said above, GET EVERYTHING IN WRITING

then, have the house inspected, and checked for any structeral damage, and soundness of the foundation/beams etc.

then, if it seems on the up and up, and you can swing it, GO FOR IT!!
post #5 of 11
those other posters have given you good advice. PLEASE, FOLLOW IT TO THE LETTER, and GOOD LUCK!!! Seems like a once-in-a-lifetime opportunity -- just make sure everything's bona fide and EVERYTHING'S IN WRITING.
post #6 of 11
Quote:
Originally Posted by Dixie_Darlin View Post
Good. If it feels right then do it.
post #7 of 11
Thread Starter 
I guess I'm just skeptic because it seems almost TOO good to be true.

He kept saying over and over to me "I can't think of a better person" and "I know you'd be greatful"...

I called him a little while ago and asked to pic up the papers to review them tomorrow.
post #8 of 11
If it is all on the up, then GO FOR IT. for everything to go well.
post #9 of 11
That is DEFINITELY a wonderful opportunity!!!

Sounds like the first 6 months would be like a lot of work, but definitely worth all your hard work in the end.

Good luck with your decision!!
post #10 of 11
What a fantastic opportunity! But just in case, just on the offchance, that something here isn't right... before you sign anything, please do three things:

1. Have the home inspected completely for everything that could possibly be wrong, foundation, plumbing, everything.

2. Find out (from the city or county) if there are any plans for the neighborhood where this house is -- a zoning change, a new highway, even major street renovations, anything at all.

3. Also find out if there are plans to build something undesirable nearby, like a prison, a sewage treatment plant, a factory that might spew toxins or foul smells... anything that would lower your property value.

If none of that is happening, then it sounds like a fabulous deal! Congratulations!
post #11 of 11
Thread Starter 
Quote:
Originally Posted by CarolPetunia View Post
What a fantastic opportunity! But just in case, just on the offchance, that something here isn't right... before you sign anything, please do three things:

1. Have the home inspected completely for everything that could possibly be wrong, foundation, plumbing, everything.

2. Find out (from the city or county) if there are any plans for the neighborhood where this house is -- a zoning change, a new highway, even major street renovations, anything at all.

3. Also find out if there are plans to build something undesirable nearby, like a prison, a sewage treatment plant, a factory that might spew toxins or foul smells... anything that would lower your property value.

If none of that is happening, then it sounds like a fabulous deal! Congratulations!
Definatly will! My dad is going with me this weekend to check it out. He is interested in it himself. I just hope it works out
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