Buying house with cash?

ricky1lung

ricky1lung

Well-Known Member
people buy homes with a cash sale all the time, mostly for considerable amounts more than you've outlined.

Buy it.
 
Igotthe6

Igotthe6

Well-Known Member
hotrodharley said:
It's under $10K. Nobody is even going to alert the IRS for a transaction that small. However don't think the neighbors are stupid. If it is that cheap it's ghetto somehow. If you aren't living there with an alarm system . . . . ..
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By Federal law the bank has to report ANY transaction over $5ooo. Your best bet is to deposit $1000 at a time,pay in a cashiers check as a land purchace and it's all legit above the board. @5000-$7000,Does that come all set up as a trap house? scales jars to couck crack in,meth lab in basement?
 
Cobnobuler

Cobnobuler

Well-Known Member
Hell where I'm at in this country houses in the city can be had all day long in the 10K range and property taxes including City, County and School not much more than a G.
Yes, its a mostly depressed area stuck in a time warp. Except of course for the major Heroin outbreak......thats relatively new.
 
hyroot

hyroot

Well-Known Member
sourdieselyumyum said:
Would it be safe to buy a fixer up house for around 5000-7500 without alerting irs? Or is that a bad idea would be using house to run a few 1000 watt lights and veg light while fixing up.
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You can buy a house with cash all day long. But it's best to go through an escrow company and use a realtor too for any liabilities on the seller and the agents. Anything below $10,000 doesn't get reported. In some cases it's over 5,000 that gets reported

I'm in a real estate agent / broker / loan officer family. My mom's been agent / broker / property manager for over 30 years. My brother has been one for 15 years. His late wife was a loan officer, my uncle is a property lawyer and judge, my brother in law is an architect. Me n my sister used to be an agent. My brother got some award for being the top 10 sales a couple years ago for the whole state of california. I'm pretty well versed in realty and tenant and buyers rights

If it's in a bad area. Heroin area. I would say don't even bothor. Area like that you will get robbed eventually.. I know tat from experience being robbed myself. Random home invasion.
 
Dr. Who

Dr. Who

Well-Known Member
Igotthe6 said:
By Federal law the bank has to report ANY transaction over $5ooo. Your best bet is to deposit $1000 at a time,pay in a cashiers check as a land purchace and it's all legit above the board. @5000-$7000,Does that come all set up as a trap house? scales jars to couck crack in,meth lab in basement?
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Wrong - Like Hyroot said it's 10K and up that gets the attention/report.

If it is a Detroit home.....Your going to need to redo the plumbing most likely. The copper has been stripped out years ago!
There are some cool things going on in the Detroit metro area. Neighborhood farming and local sourcing for many foods. It's pretty nice in some area's.....All sorts of community activity and yeah, some area's are better then others...

I would say depending on your state of location.....Abide by the state laws and grow freely......Colo has smell sections to their laws as an example.....
 
Budley Doright

Budley Doright

Well-Known Member
Don't go into this as a long term thing, go in, Reno it as you go to legitimize the thing and get out. I have not done the big indoor thing but from what I've seen they have a lifespan, the longer they are running the more likely they get busted. We rotated every year outdoors and lasted for 15 years with out a glitch, then yup a glitch lol.
 
H

herein.mygarden

Member
It's not suspicious but I'd say fuckit and just make payments of like 400 a month for 18 months, if you've got the money might as well improve your credit score at the same time, whatever you do get the wiring checked, a house that cheap might not be 100% on the internal workings
 
ttystikk

ttystikk

Well-Known Member
herein.mygarden said:
It's not suspicious but I'd say fuckit and just make payments of like 400 a month for 18 months, if you've got the money might as well improve your credit score at the same time, whatever you do get the wiring checked, a house that cheap might not be 100% on the internal workings
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Get EVERYTHING checked, by an experienced home inspector who YOU are paying for. For that kind of money, you really can't afford not to.
 
whitebb2727

whitebb2727

Well-Known Member
2ANONYMOUS said:
seriously that kind of money ? make sure it has a pee hole can some one find me 5 of these places?? i will buy them right now .. links please .. I am also thinking the electrical should be good to plug in 6000 watts of total consumption ..
Matter of fact lets drop it to 2000 watts haha make dam sure you get wieners and marshmallows for that house fire ..
To the op i am not trying to be a smart ass, I am just telling you what you are 100 percent getting your self into
How old is this house ?? when was water / heater tank last changed and yes pending on year you might need a complete electrical upgrade and not sure how much it costs there but it can be a easy 3 - 5 -8 grand cause legally you cannot do it let alone possible plumbing issues ..
lets face it owning a home or purchasing a home is a persons biggest invest ever and its not cheap
I say save your money , rent this place see whats all wrong , old places old trees main sewer issues that again can be costly pending summer or winter and if they have to dig or they can just snake the blockage out

So As a RIU member to another member i say make a plan of attack i bet you might be excited all about it but seriously re evaluate get a plan of attack and get your self into 100 time better set up
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You can do electric and plumbing yourself depending on where you live. 5-7 is a little low but you can find places her 10-15 all day long. Granted they are not in the best shape but its doable.
rob333 said:
dude this is rollitup .com not real estate .com lol
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Its pretty common in the dope growing game to buy houses and grow in them while fixing them up. Later down the road you quit growing and live off the rent.
 
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ttystikk

ttystikk

Well-Known Member
abe supercro said:
Property Taxes in Detroit, does anyone know why they are so damn expensive? There's a lot of deals there still, but I don't want to pay anywhere near 3k/year on an economy rental investment.
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Corso312 said:
No infrastructure almost always means high taxes, the city is broke and needs dough.
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They just emerged from bankruptcy and they need to pay for all those improvements with SOMEBODY'S money... and the rich are connected enough not to be a target for taxation.
 
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