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Save me from financial ruin!!!

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Save me from financial ruin!!!

Postby JRC on Thu Aug 23, 2012 8:01 am

This thread probably isn't going to be about what you thought it was.

I'm still in the early stages of my own project. But, just a couple blocks away, there is a house I want to save. It's vacant, and in foreclosure, and the city wants to tear it down.

This is the best photo I have of it right now: (the yellow brick house)
Image
I plan to walk around it more this Saturday, and get more/better shots.

I've already made it clear that, if it's still there in a year, and no one else has done anything, I would do my best to acquire the house and start restoring it. By that time, I would be living in my project house, (within easy walking distance) and would be in slightly better financial shape. But I still think taking on a second project, and owning 3 houses (I also own my current house, and would probably rent it out while trying to sell it) would ruin me financially, if not literally.

There aren't many visionary people in the area. Most people see an empty old house, and call it blight. Those who do see what the houses can be, have been beaten down by everyone else who thinks demolition is the way to go for every empty house. But I still think it would be a crime for this house to be razed.

So, I don't know if this was just to vent my frustration, or to spread the word, in case someone with some spare change is reading, and wants a project of their own. If you have any ideas of how I can get my hands on this house to save it, please share!
JRC
 
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Location: Youngstown, Ohio

Re: Save me from financial ruin!!!

Postby jharkin on Thu Aug 23, 2012 8:13 am

Save you? Ha! I bet half of us on here are equally insane. About 5 miles from us in the center of the next town over these is this abandoned Queen Anne... probably 1890ish... lawn overgrown, roof half caved in and covered in tarps. We drive by it a few times a week and often remark "If we were multi-millionaires wouldn't it be something to buy it and save it"

And this is coming from my wife who is not even a huge fan of late Victorians (she's partial to Colonial/Federal).
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Re: Save me from financial ruin!!!

Postby pqtex on Thu Aug 23, 2012 9:05 am

If I had unlimited funds, I would buy up every piece of property for sale with an interesting old house on it, restore it, then rent it only to people who would take care of it. Eventually I would own most of the city and I would be In Charge. I'd be able to make my own laws and run out of town all of the people who deal drugs, play loud boom-boom bass in their cars. I would have special laws for people who destroy or remuddle historic houses. I would also eliminate from the city limits people who are rude and inconsiderate. Oh, yeah, gangs and litterbugs, too. By then I would be so wealthy from the rental income, that I would also provide grants to the low income and deserving homeowners so they could repair and fix up their homes. I would call this place MayberryUtopia. Huh? Wow, I was dreaming this really weird dream for a minute. Yeah, I understand your feelings on this. :lol:
Image
My great-grandparents' 1913 farmhouse

Too bad the spam got so bad. Some of us have been spending time at the new community for folks with a love of old houses at wavyglass.org
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Re: Save me from financial ruin!!!

Postby wletson on Thu Aug 23, 2012 10:38 am

pqtex wrote:I would call this place MayberryUtopia. Huh?


tee hee hee, nice rant! :lol:
Image1883 Schoolhouse, rural Ontario, Canada
warren
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Re: Save me from financial ruin!!!

Postby PowerMuffin on Thu Aug 23, 2012 12:08 pm

pqtex, I have had those same thoughts - everytime I drive/walk by an old neglected house. There is a beautiful old house about 5 blocks from me that is in perfect shape. Unless some one moves it, the city is going to tear it down for a bigger parking lot. I wish I had an extra $100,000 to buy a piece of land and pay movers to move that house. Octagonal windows - oh my.
Diane
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Re: Save me from financial ruin!!!

Postby triguy128 on Thu Aug 23, 2012 12:29 pm

Simple foursquare. The brick is a big plus... unless it needs immediate tuck pointing.. I wonder what issues it has. Probably jsut has soem roof leaks that have made a mess of the interior plaster and floors... and everything is out of date.
1925 Neo-Classical

Previous home - 1968 single story Ranch/Colonial, 1200sqft - 11 windows
Current home - 1925 2 story Beaux Arts Neo-classical overlooking the Mississippi River, 3200sqft - 48 Windows
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Re: Save me from financial ruin!!!

Postby JRC on Thu Aug 23, 2012 1:04 pm

triguy128 wrote:Simple foursquare. The brick is a big plus... unless it needs immediate tuck pointing.. I wonder what issues it has. Probably jsut has soem roof leaks that have made a mess of the interior plaster and floors... and everything is out of date.


I don't know if I'd call it simple. What can't be seen in the picture is that it has 3 chimneys, and the first floor is clad in stone. I have no idea what it looks like now, but I'd love to see what the interior looked like when new.

From what I'm told, the roof is bad, and the eaves are rotted/gone all the way to the exterior wall, on the back of the house. Oh, and the garage, at the back of the property, has collapsed.
JRC
 
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Re: Save me from financial ruin!!!

Postby eclecticcottage on Thu Aug 23, 2012 2:02 pm

Ha-we were pondering the same thing recently. We still own the "Old House" which we are slowly clearing our stuff out of, then need to do a few projects on before renting it (not too many people will want to rent a house heated with two gas stoves). The Cottage is no where near complete, and even though we're trying to do everything inexpensively, it still adds up. We still have some "big" projects ahead, like a roof.

In the mean time, a nearby county had a tax auction...and there was a small cottage on the list. Smaller than ours, with a "half bath" only. It was in...um...oh, I'll just say it. Extremely poor condition. Holes in the roof, the "half bath" was actually an addition on the rear which had collapsed. But, it was near the lake and we figured it was savable. We figured we could gut it and renovate it in a cottage theme, then rent it. Many little cottages here are being torn down and replaced by larger all season homes, and we're losing that part of our heritage. It wasn't very original or exceptional, but it was still there. It was also on a non-conforming lot, which means it cannot be knocked down for a new build, unless you managed to buy more land (lots on either side ARE vacant though). The darn thing sold for 2x it's assessed value-and about 20K MORE than we were willing to spend. Everyone we talked to said the buyer is nuts-or looking for a tax shelter and is going to leave it until it falls in.

Truth be told, there was another cottage originally on the foreclosure list we wanted even more. I seriously lusted over it, I've never seen anything like it. Early 1900's, with clay roof tiles (the end ones on the corners had an ornate design, I think a lion's head cast into them). Stacked stone on parts, somewhat "bungalow" ish architecture. It redeemed (the owners paid up the back taxes). I'm glad actually, because a LOT of people were talking about it, and it is on a BUILDABLE lot. I doubt many would have fixed it up. Now if I win the lotto, I'll be contacting the owners to see if they want to sell, lol.
The Cottage Blog: http://eclecticcottage.blogspot.com/

Current home: 1950's Summer Cottage turned year round home (the Cottage)
-@ 700 sq ft, heated with a wood stove, on the shore of Lake Ontario
Previous home: 1920's Vernacular (the Old House)
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Re: Save me from financial ruin!!!

Postby eclecticcottage on Thu Aug 23, 2012 2:13 pm

Oh, I forgot to answer your own question. Is it in tax foreclosure, or bank foreclosure? Are there other liens?

Such places can be a REAL nightmare. We chased after one such place for years. The short story:

Saw house for sale, obviously vacant. Listed with an agent. Called our agent, looked at it and were interested, thought asking price was WAY high. She said the listing agent mentioned the owners owed the IRS some $$. No way we could get near their asking price, gave up but kept an eye on it. Months go by, we see it is in foreclosure (bank). We go to the county, research it, find the owner and write a letter. We also find MANY liens on the property. The owner gets back to us. She'll sell, has no idea it's in foreclosure, tells us it was her late husbands-they were married 3 months or so when he died suddenly in the house, but before he died he told her to move out for her own sake. She is nice, but doesn't seem capable of handling the issues. The bank (BOfA) won't talk to us or to her since she wasn't on the mortgage. Never mind she's the widow of the owner. Chase our tails for a few years (it came up for tax foreclosure on one occasion but the bank redeemed, they also tried to put it up for their own foreclosure auction at least 2-3 times but cancelled them right before they were scheduled each time). Give up, find the Cottage. Someone is now living there and it's staked. BUT, it was up for tax foreclosure auction-redeemed last minute by the IRS who will now be auctioning it on their own auction. MESSY MESSY MESSY.

The IRS was pretty forthcoming, as was the county. The bank was a nightmare. It all depends on who is foreclosing, and how they are in your area.
The Cottage Blog: http://eclecticcottage.blogspot.com/

Current home: 1950's Summer Cottage turned year round home (the Cottage)
-@ 700 sq ft, heated with a wood stove, on the shore of Lake Ontario
Previous home: 1920's Vernacular (the Old House)
eclecticcottage
 
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Re: Save me from financial ruin!!!

Postby JRC on Thu Aug 23, 2012 2:45 pm

How timely. A little research goes a long way:
http://www.dlnnews.com/notices/detail/D ... 2635S42223

Too bad I don't have that kind of cash laying around, yet.
JRC
 
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