So the high end neighborhood I have been working in has about a $1mil house that has been left at the framing stage. I did some research and its been that way over a year. Tyvek is blowing off, lots of wood damged, etc.
Its owned and built built by a builder and he still has his sign out front.
Its a LONG shot but how can I get some work out of that? I can’t afford to buy it but what approach can I use to offer to help finish it. Once again just thinking outside of the box and this folder has been slow lately so thought I would toss it out there.
I need to use the neighbors somehow as they cannot be happy looking at what appears to be the Haunted Mansion out their fron window each day.
Toss out some ideas no matter how strange.
Replies
I guess I don't get what's in it for you? If the guy can't afford to finish it, or has decided it's a lost cause why would you want to be involved?
PaulB
http://www.finecontracting.com
Get the neighbors to buy it.
Neighbors are probably tapped out as well. that would be an impressive sales job though- to convince the neighbors to buy the un-finished eyesore in order to hire Mike to finish the project. there doesn't seem to be a lot of opportunity for ANYBODY in this situation. Mentally-try to walk around the situation and look for an opportunity- I don't see one. If you have the resources to buy the place outright for a song-and THEN finish it and THEN sell it at a profit high enough to make the risk worthwhile,- then MAYBE you have an opportunity- but short of that I don't see an opportunity. there has to be like 50 billion out of work contractors in florida-so exactly what is mike going to bring to the table?- I don't see an angle.stephen
Yeah, after I posted it occurred to me that the bank probably owns the property and, for the bass-ackward reasons they have, doesn't want to sell it at a loss -- would rather sit on it and watch it rot.It may be the best approach would be to deal directly with the bank -- they may be willing to invest in it to help preserve what little real equity they have.
A strong nation, like a strong person, can afford to be gentle, firm, thoughtful, and restrained. It can afford to extend a helping hand to others. It's a weak nation, like a weak person, that must behave with bluster and boasting and rashness and other signs of insecurity. --Jimmy Carter
getting the neighbors/and you to purchase the property is not as far fetched as it seems.
type up a proposal and distribute in the neighborhood that basically states you would provide the following services in exchange for 1/5th equity in the project
;finish siding the house and paint,install gutters, install lawn and lanscaping including all hardscapes. oversee driveway install. complete all exterior projects.
then when the place sells have another proposal to complete the interior up to the CO. this time getting paid for your time
sounds fair to me
i like getting the neighbors involved also.
so it's a million dollar house done?
so they probably have 300k in it now? so if someone would offer a 100k it might buy it. 5 neighbors living in a million dollar hood,will probably gladly chip in 20k a piece to see something happen.
just got to talk to the bank,if they don't resond,report them to the city for that 1000.00 a day fine.the older i get ,
the more people tick me off
Those deals tend to be laden with unpaid lumberyards and subs, mortgages that are going unpaid, etc. Wait until it's bank REO and then approach the bank about finishing it. It may take a while to get there, they have to foreclose, get rid of all the junior liens, etc.
Assuming as David says that there is a bank and it is not practical to complete the job now, maybe you could propose to weatherize it so that no further damage occurs. Sounds reasonable to protect the investment.
Perhaps manage that on a continuing basis in case of wind damage, etc. Put up a fence if there isn't one. They might even have other properties needing similar work.
John
We had one like that on the prominent Golf Course Development here in Albany, Georgia. A Medical Doctor started a 16,000 square foot house, 5 car garage, indoor pool. They ran out of money and it sat about 60% complete for over a year. I couldn't believe that they used OSB roof sheathing for a high-line house, and by the end of the year, the tar paper was shredded and the OSB on 24" centers was wavey and weathered.
The golf course developers began to take legal steps to tear it all down - this monster was bigger than the clubhouse, and on a prominent hill.
Somehow the Doctor got his financing cleared up, just in time. The brickwork had been completed, but no windows or doors. It was really a mess, weathered pretty badly. They shingled over the bad OSB, and it looks like hammered s*** here about 6 years later. But it's all landscaped up and looking pretty good now. Classic McMansion.
If there's any money in this for you, it would be in weatherproofing and perhaps vandal-proofing. Board up the window openings and get some Tyvek over the walls, maybe Titanium on the roof, if it's not shingled yet. If the money is there at all, finish the roof.
It's very difficult to insure a vacant house, especially one that's half complete. The liability alone is a terrible risk. Kids, vagrants, etc.
Hope you get some work out of it.
Greg
Your best bet might be to offer them your services as a camp fire builder, and for a small fee you will camp out on their property and build a bonfire that you will promptly forget about and leave.
That would probably make everything simpler for everyone.
Renovation - DETROIT STYLE!
Tu stultus es
Rebuilding my home in Cypress, CA
Also a CRX fanatic!
Look, just send me to my drawer. This whole talking-to-you thing is like double punishment.
Well you guys sure can come up with some great ideas can't you? :) I like the on-site camping project manager one. Maybe I could live in it for a while and after so many years, don't I get Squaters Rights?
Yeah, I didn't think of a way to generate money for me but thought I would ask based on the following.
- The neighborhood as a strong HOA. I cannot believe the neighbors who live in new high end homes enjoy seeing the Haunted Mansion across the street when its been that way for over a year.
- It sure is an Attractive Nuisance as its wide open and three stories tall! If I was the insurance agent on that project I would be going nuts!
- The tile roof is finished so its dry from the roof up but everything else is getting ruined.
- Our County just pushed for higher enforcement due to all the abandoned homes which are being neglected. Say they are going to start writing $1,000. per day citations starting Jan 1 for any home in derelict condition.
So I still haven't figured out a way but with a host of ideas here maybe I can cook up something? Personally, I am not much of an "out of the box" thinker but I can be inspired by even the most outrageous thoughts of others.
If anyone comes up with an idea that works, I will send you 5% of whatever I make. Seriously, I like challenges like this and maybe we can think up something so unique it might work?
hey- Crack house?
Meth Lab? those are growth markets ain't they?
stephen
That builder appears to be bankrupt and the bank is sitting on that.