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jenn_8675309
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Hello Everyone

Post by jenn_8675309 » Fri Nov 15, 2013 1:37 pm

I am a small business owner that has recently purchased a commercial building just outside of Springfield in the Oakland Neighborhood. Driving to and from work each day I have fallen in love with the homes in Springfield. It has been a dream of mine to buy and reno/restore an old home. I currently own a home in Mandarin that was built in 61, and over the past 5-6 years have remodeled it end to end myself, with the exception of electrical that was done by a pro. Now I am putting my house on the market to sell and have began looking at properties in Springfield. I am looking for something in the 2000 sq. ft. range and have a total budget of $150K, house and renovations. My only must have is off street parking. I have noticed that most of the homes on the 200 ft. deep lots have alley access and plenty of room for parking in the rear. I am asking for any and all advice, anything from picking a property to the renovations/restorations. Thanks in advance!

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Gloria
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Re: Hello Everyone

Post by Gloria » Fri Nov 15, 2013 8:16 pm

You've come to the right place

iloveionia
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Re: Hello Everyone

Post by iloveionia » Fri Nov 15, 2013 11:53 pm

Indeed.
Welcome!
We all know the houses in Spfld like the backs of our hands.
I am a licensed Realtor and can send you listings, but that's all. My license is just for me, however I can offer some names of folks who can help you out. Having a local Spfld Realtor is best.
Tell us more!
Nicole Lopez

“One of the advantages of being disorderly is that one is constantly making exciting discoveries.” A.A. Milne

Debbie Thompson
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Re: Hello Everyone

Post by Debbie Thompson » Sat Nov 16, 2013 8:02 am

Go to http://www.MySpringfield.org, click on Businesses, then Realtors. I have worked with Amanda Searle, Crissie Cudd and Reggie Fountain personally. All know Springfield well. (I know the other two Realtors listed too, just not as well.)

I had a couple houses in mind that ticked your boxes, but the Watson website says they are no longer available. Still ask about them, though, in case there is an error on the website. 320 E. 9th Street and 320 E. 7th Street.

jenn_8675309
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Re: Hello Everyone

Post by jenn_8675309 » Mon Nov 18, 2013 9:59 am

Thanks for the responses. 320 E. 9th is still on the market and on my list to look at, but I don't think the other is. I have been working with a Watson Realtor but haven't committed to anyone just yet. To use an analogy that fits, we're just dating and it's too early to commit :lol:
I have looked at several houses in various stages.

335 W. 6th, which is condemned for work beyond what was permitted, and has been racking up fines since 2010. I understand that I can settle those for $1500. What puzzles me is someone, a flipper I imagine, did quite a bit of work on the inside but the roof leaks horribly. It has some of the original details, but not much. The lot however is perfect, and on a paved alley. This one would be a complete gut job and start over from scratch.

230 E. 7th, is priced too high for my budget considering the amount of work that still needs to be done.

305 E. 6th is a beautiful house, but needs a lot of work. Someone chopped it up into a duplex, but it still has potential. If it is available when I am ready to buy I will get an estimate on the cost of renovations. It may or may not be in my budget.

The last one that I looked at was on W. 10th St. I don't remember the number. Even though it was most of the way done it was perfect. It had a large front room and master, and most of the original details. If it is still available when I'm ready it's one I would definitely consider.

I am torn between finding one that is finished, or almost finished, or one that needs to be saved. I can see past most of the work that needs to be done, I am looking for the original details that are still there, not the rotted wood and roof caving in, but I can't even begin to estimate the costs of a restoration.

movedsouth
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Re: Hello Everyone

Post by movedsouth » Mon Nov 18, 2013 11:44 am

Couple tips:

Be patient and find a realtor that is patient. Preferably a realtor living in Springfield (Watson has a few). I think in Springfield, every block has at least on realtor, which should be a good sign in itself ;-)

Don't underestimate the work that has to be done to "almost finished" houses. Sometimes the work is just more hidden (plumbing, electrical... ) .

Be ready to spend some time finding the right place and negotiating. In particular with short sales it is "hit or miss". Be ready to walk away from a couple houses after spending some effort haggling over price.

Will you need a loan? It is possible, but tricky (and leads to additional complications) if you need a rehab loan (203k?)

jenn_8675309
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Re: Hello Everyone

Post by jenn_8675309 » Mon Nov 18, 2013 1:30 pm

Thank you Movedsouth for the tips. I need all the help I can get.
Yes, I need to learn patients, that's not one of my strong points. I love every home I see, the ones with renovations I love because of their beauty, and the not so pretty ones because they need to be bought or will be torn down.
The Realtor that I'm working with says they've lived in Springfield before, but not currently. I wonder if I should have one Realtor for my sale, and another for my purchase?
I will need to get recommendations for a trustworthy home inspector to uncover those hidden issues that you mentioned.
Question...Is my budget of $150K realistic for what I am looking for?

movedsouth
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Re: Hello Everyone

Post by movedsouth » Mon Nov 18, 2013 4:00 pm

jenn_8675309 wrote: I will need to get recommendations for a trustworthy home inspector to uncover those hidden issues that you mentioned.
I would consider hiring a contractor to walk the house with you. I don't find a "traditional" home inspection all that useful for an old house. I can already tell you that there will be some termite damage, there may be some rotted wood and some questionable plumbing / electrical work. The question you probably really have is "how much will it cost me and do i have to fix it now or later". Try to find a contractor with some experience with these houses.
Question...Is my budget of $150K realistic for what I am looking for?
[/quote]

I think that is realistic. 320 E 9th that Debbie pointed out should be on your list. It is listed for $130k and I think move in ready (local realtor owns it and lived in it for the last few years).

Cathy_Campbell
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Re: Hello Everyone

Post by Cathy_Campbell » Mon Nov 18, 2013 9:01 pm

320 E. 9th is an awesome house.

iloveionia
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Re: Hello Everyone

Post by iloveionia » Tue Nov 19, 2013 12:26 am

All but one of the houses I bought had its electrical stripped. Always plan on that expense if you buy a vacant home.
We all agree, get a local Realtor.
Home inspector? No. Like Moved said, contractor familiar with old houses best.
The uglier the better for me with these old houses. Plenty of dreams still to be found in Spfld. You will know it when you feel it (and the price is right!)
Drive the hood at all hours/days and get a feel. We all own property in Spfld and between us own in all four quadrants. Keep the questions coming.
Nicole Lopez

“One of the advantages of being disorderly is that one is constantly making exciting discoveries.” A.A. Milne

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