ArlyA
Super Star Member
- Joined
- Mar 18, 2016
- Messages
- 12,126
- Tractor
- Outlander max 1000 6x6, Ego lawn mower
We agree, its a mess that some licensed appraiserYeah, that is what I purchased 11 years ago. Since then, we have replaced all wiring and plumbing, every inch of it. Structurally rebuilt/repaired all walls, replaced all drywall, siding, insulation, reroofed, replaced all windows, doors, and floors, and the list goes on. All done by my wife and I, with occasional hired labor.
All while living in it.
It worked for me, we're still married, we like living here, and we learned a lot. Financially, we never needed a mortgage to make it work, we were able to cash flow it all.
If you buy that sort of property, you need to attach no value to the structure. I bought my 10 acres with the house, a detached garage (neither permitted), a permitted and functional well and septic system, for the value of the empty land.
Our family thought we were crazy, and maybe we were. It worked, and no regrets.
It might be challenging to sell, when we eventually have to, due to lack of permits. Even with that consideration, it has allowed us to have much more than we would have otherwise.
I will never do it again.
won't need to buy and repair. Appraisers are not building contractors.