Investors who buy houses

Does anyone know anything about these companies that buy houses. I am constantly getting letters from them.

Some are looking for homeowners that can’t afford their mortgage or need major repairs and their offer will be very low. Some are probably legit, but talk to a realtor and know what it’s worth.

A buddy sold his dad’s house to a guy or company that bought it as is. My buddy and his sisters took the stuff they wanted and the buyer cleared out the rest, they didn’t need to do any repairs or get it ready to sell. They probably could have sold it for more but it was quick and easy with no real estate agent commissions to pay and they were done with it.

I got a bunch of spam texts and letters after my father died, though he didn’t own the house. I still get a couple texts a month.

Some people might flip them to rent. In my area in “investor “is buying up a bunch to be torn down and rebuilt. Basically they’re turning a house into a $400-$500,000 lot. They build monstrosities that look nothing like any of the other houses in the neighborhood and because they paid so much for the lot and they appraise for so much the value of my home skyrocket which is great if I want to sell it, but not so good when it comes to paying taxes on it.

Thanks for the responses. At this point in time I am very healthy for my age and not planning to sell my house. However, if my health declines in the future I will probably move to a senior living community that is near my daughter’s family in Atlanta

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Sure, I can probably tell you everything you want to know…what questions do you have ?

A guy I know has been doing that for over 30 years in a few nicer Chicago suburbs. He’s sitting on half a dozen homes he rents out until he’s ready to tear them down and build a new home. He usually has them sold a few months after he breaks ground and the buyer can pick their finishes and options.

I think I can tell you just about all you need to know.

Most of these calls/cards/letters are from bottom feeders. Probably top dog in that biz is the Ugly Houses franchise. They want to offer you perhaps 20 cents on the dollar and they close very fast with none of the usual trapping like inspection, visible commission, etc. Get you out real fast if you want to bend over and take it.

Sometimes it is fun to respond. “You say you want to buy my house?” “Yes absolutely. Blah, blah, and blah” “OK what do you offer?” “Umm first we have to know a little about your house”

All right that does it. If you want to buy MY house you should at least know its address. You should also know what appraiser declared its value to be and how much tax was paid for last year or three. But if you know none of this, you started out with a big LIE! And I don’t deal with bottom feeders. Have a nice day!

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Somebody bought the dump across the street from me. The have taken out all the shrubs and tore up the inside, but there is a lot of work remaining to be done. I met the guy who bought it and he wasn’t thrilled. It’s one of the times that they got burned. He said he bought it sight unseen (that’s a mistake) and that it’s worse than they thought it was. I don’t know how much he paid for it, but I hope he didn’t use the tax assessment value as a guide. Here’s a picture of the house below.

I think this qualifies as an ugly house. The county appraisal was $220,000. I am not sure this house can be rehabbed. The house was built in 1951 and that is the original room. The “patch” on the side was a hole that was about the size of that patch. I told the guy that the hole has been there for over 2 years. The seller didn’t tell him about that. They gutted the inside since I’m certain it had to be full of mold. I think that’s why they painted the X on the front door. It may be cheaper for the guy to raze the house and build something new. It’s not a big lot so it will likely be a rental. There had been shrubs that obscured the house from the street (it still looked bad) I reported the guy to the city a couple of times but they didn’t do anything. Unfortunately, I think they are going to hold the new owner to a much higher standard.

That’s gotta be torn down.

A lot of young people don’t want to own a home, they’d rather rent for the rest of their life and pay a landlord.

I have lived across the street from this for 12 years, although the shrubs were overgrown - across the front and over the roof. I had complained to the city but they didn’t do anything. But don’t let your grass grow over 6 inches or the city will mow it and fine you $100. This is my house that is across the street from it. A modest little 1950’s ranch. Mine typifies the houses that were around him…just wanted to show I don’t live in a shithole neighborhood,


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Looks very well maintained KC The colors give it curb appeal.

I am perfectly fine with that ! :slight_smile:

OKay…at the risk of an argument…it was likely to always be a rental. See…the neighborhood across the street has much smaller lots than my side of the street, and in my neighborhood people are spending half a million to tear down a house and build a McMansion. This lot is too small for one of those. And I don’t care if it is a rental…a lot of houses in that neighborhood are rentals. I

I wasn’t commenting on that specific house or neighborhood, in general more young people are choosing to rent instead of owning.

That is gross. Worse than I have lived in. Owner needs to goto county appraiser and get the valuation cut to reasonable. That would be equal to lot value minus cost to smash it and put all the pieces in a dumpster and have it hauled off. Paying the tax on that at 220k is obscene.

Depending on the valuation date (31 Dec in Texas) owner should seriously get that backhoe and dumpster out there so it is wiped before said date.

The trouble is, the guy bought the house sight unseen and likely based his offer on the appraisal. He can likely get it lowered, but I don’t think he will make a profit on this one