> Buying a shit hole house on the cheap So I want to buy

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Construction loan.
I did the same thing OP. I paid cash for a POS house on 5 acres. It was a foreclosure. Instead of tearing it down like I originally intended I decided to extensively rebuild it. I added a second story without changing the original roofline, and added on the back with a new basement as well.
Anyway, I used a construction loan and borrowed whatever I needed when I bought materials. I paid interest on whatever I currently owed, and once the house was completed I switched everything over to a conventional loan. Everything went very smooth, but I would imagine that depends on your bank and the relationship you have.
Good luck

>>1157164
What about a FHA 203 loan?

>>1157156
A lot of people in the real estate bussiness have partners. If you have any investor friends. If you buy all the tools to flip one house you might as well flip another.

>>1157173
He would end up paying 70-80grand. FHA means: Fuck His Ass!

>>1157187
Can you explain that?

>>1157164
Post pics? Start a thread?

I'm curious.

Talk to a bank loan officer about the type of house and condition. Many banks will fund the Reno as part of your mortgage. On top of your 30k in savings, you can do a lot of reno if you knock that price down.

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>>1157200
Ive posted these before, but it's been awhile. I bought a house that was originally built sometime around 1900. I tore off all the janky additions down to pic related which I believe is the original structure.
All work performed by myself, friends and family, except HVAC and basement. I started work memorial day weekend and moved in right before Christmas that year.

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>>1157213
Once we got down to the bones of the place I took up the beech floor joists, formed around the stacked rock foundation and poured concrete,then laid down new joists.
Dug a basement behind the house and added on, following the original roofline. Thanks to the nice tall ceilings and attic I was able to set floor joists at 7 1/2' and build a second story.
All plumbing and most duct work was done in new part of the home with the furnace upstairs and a double dampner(sp?).

>>1157156
I financed my $40000 house through a credit union. It had to be in insurable condition for the loan, but that was their only stipulation.

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>>1157223
It's been five years since I've finished the house, there are a few things I would have done differently but Im happy.
Typically it's not worth doing this amount of work to an ordinary old house. I had a few things going for me such as a skill set, access to materials at a steep discount, cheap labor, and a very cheap initial investment. I would have built a one story ranch on the property but I'm glad I didn't, the warmth and character of an older home, plus being able to bring something back to life is very rewarding.

>>1157225

I remember when you posted your build...I said it then, and I'll say it again...looks good anon...

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>>1157230
Thanks, I appreciate it.
This is 4chan so I expect some bullshit, it's always nice to get a compliment instead.

>>1157230
yeah, I remember this house build post too. finished house looks nice. good work.

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>>1157466
Thanks guys
>remembering this shit from four years ago
We really are here forever.....

>>1157516
I will stand by my original criticism on the house being rather daft and uninspired, but I guess it is more a personal taste more than anything

Those colors screams capitalism

>>1157225
Was the sheet metal roof worth it? I have heard different things, mostly good by those that swear by them. Just curious to how it is for you?

>>1157537
I remember you as well. My first choice for color was white/white trim, green metal roof. My wife wanted something more colorful so I went with this. She did the same thing to me on the front door, I had one that matched my french doors picked out, but she really wanted the other one.
Whatever, pick and choose your battles,like you said everyone has different tastes.
>>1157545
Fuck yes. Easy install, good material, and I think it looks great. Most people ask about how loud they are in the rain. If you can hear the rain beating on your metal roof then you obviously don't have enough insulation in your house. On the porches however you can definitely hear it, and it's quite relaxing.

>>1157156
why does that house look so angry?

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>>1157225

Really nice work. You did a great job, anon.

>>1157225
do you have a fire strategy?

>>1157706
Thanks!
I like the contrast with black, but thanks for the suggestion. Once my landscaping comes in I think it will mute most of the house anyway.
>>1157712
Wired smoke detectors throughout whole house, extinguisher in kitchen, /utility/furnace area, every main room upstairs has a widow with less than 15' drop from the sill to ground.

>>1157726
>smoke detectors etc
so literally fire --> tried to use extinguisher --> can't get to it because fire and smoke --> falls 15 feet out of the window and if your legs arnt broke, watch your timber structure burns to the fucking ground?

>>1157729
Yep. You got it.

>>1157732
Oh, I forgot, the number for the local volunteer fire department 15 miles away is stuck on my fridge, underneath last weeks chore list for the kids.