With $30,000 being the minimum it will be to get the property shown in this blog up to code and sell able we will have to sell as a real fixer upper, and feel lucky if we only lose $50,000 on this investment. That will make our total loss on 5 properties at over $145,000. That's more than half of what we started with in our checkbook IRA. I am afraid Tom and I will have to sell our house to survive. So sad, wish we had never listened to KFYI!
The entire electrical including breaker panels needs serious work to pass inspection.
Termites have eaten away at the floor.... as this is not a cement foundation, but a crawl space wooden foundation. And the fascia trim..... uncertain about the roof substrate.
Plumbing is another fine mess. PLUS, IPX put carpet in the laundry room! Really?
The sad part is the IPX bought this property for $92,000, MAYBE put $25,000 into the renovation, (we don't know because they won't produce any records) then we bought it for $160,000. That's a nice tidy profit for them.