Buying house with cash?

2ANONYMOUS

2ANONYMOUS

Well-Known Member
whitebb2727 said:
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.

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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Him interesting you say you can do it your self yes changing out a plug but to upgrade old to new main and what have you ??? I know where i am from any major upgrade needs a permit and a licenses person to do it as per insurance reasons and to get the permit stamped approved etc
For instance years ago i built a Garage and put in a gas heater installed the heater ran gas line to heater Also yup needed a permit
then needed a profesional plumber to come in test for lines for allowable pressure loss etc then hooked it all up inspector came and i was good to go ..
Now sure i could of done it all my self and not tell anyone ,, but again if i was to sell the house and line was not on other ends paper work i am in do do

But most importantly because i did it my self and so happened some kid was walking down the alley and by miracle . My garage Blew up killed him and damaged other buildings

GUESS what your fucked Big time insurance will no cover you oh man the hurt a person would be in specially in USA
So with doing a major upgrade your self ??? and not only you burn your house down, set other houses on fire ?? possibly kill someone Again YOUR FUCKED ..
Now again i am not sure what the rules and regulations are in the states so no need to attackk or say i must be wrong
but if property is that low never mind the shack that is on it ,, Its no wonder everyone other then a american citizen is buying up your land shit for that price who ever doesn't jump into one is crazy as for a long term investment fuck it buy 20 of em rent it out for 200 - 300 a month lmao who fucking cares in a matter of years its all payed off and its money in your pocket

But like many said above your buying in the lowest end poverty area with major crime , shootings probably , home invasions etc .. its a matter of time before your targeted and if someone smells weed growing To me its a accident waiting to happen
 
2ANONYMOUS

2ANONYMOUS

Well-Known Member
a senile fungus said:
^^^THIS^^^

the neighborhood was basically all vacant lots and burnt down buildings. In the 3wks that i cruised the area there was a minivan that burned up in the middle of the street, it blocked the road and didn't get moved at all. The home would've been nice to grow in, but the neighborhood was shit.



i know a few growers in the D and they're legit. They truly do look out for you. and if they're cool then their neighborhood watches out for them too, no cops.

i wonder how much a whole block costs? i know a couple real estate guys that were purchasing up whole city blocks to fix up. i mean shit, if the houses are less than 10k than the whole block can't be that much, lol!

that'd be great, if you and your friends owned the whole block!!! THIS IS MY HOOD, SON!!
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That's the thing if a person could get a hold of a complete block of houses etc not sure how many houses on the the block ,, And re zone it possibly take out every second house so more land per house , And out door garden area ..
Build a stone security wall with camera's etc pretty much all new upper end Districts have right
 
2ANONYMOUS

2ANONYMOUS

Well-Known Member
Corso312 said:
Permit is only a way to squeeze some cash out of you. On Rehabs I never pulled a permit. Ya get the dumpster in and out quickly and be cool with the neighbors n nobody calls on ya.
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True every one to capitalize and has there hand out but i just looked up Detroit laws concerning electrical upgrades i guess one should do some home work before they decide to do some major upgrade Permits are required probably 9 times out of 10 is my guess here is

Electrical Permit Information

The Electrical Code
The purpose of the electrical code is to provide practical safeguards to persons and property from hazards arising from the use of electricity. The code contains provisions considered necessary for safety.

What is the electrical code?
The electrical code covers installations of electric conductors and equipment within or on public and private buildings and structures, installations of conductors that connect to the supply of electricity, and installations of other outside conductors on the premises. Presently, the State Electrical Code consists of the 2008 National Electrical Code with Part 8 technical amendments. Provisions for one- and two-family dwellings are included in the 2009 Michigan Residential Code.

Are electrical permits required?
A person shall not equip a building with electrical conductors or equipment or make an alteration of, change in, or addition to, electrical conductors or equipment without receiving a permit to do the work described. (The code refers to Act 217 of 1956 for certain exemptions for unregulated electrical work.)

Do you need a license to do electrical work?
To obtain electrical permits, an applicant shall be an electrical contractor or specialty contractor licensed by a municipality or by the State Electrical Administrative Board


or

a homeowner performing electrical work in a single family home and accompanying outbuildings owned and occupied, or to be occupied, by the person performing the installation.

Electrical Permit Application

Prior to applying for an electrical permit, it is suggested the applicant review the statewide jurisdiction list. This information is updated regularly due to changes in the electrical code enforcement that may be conducted by either the state, county or local unit of government. An electrical permit application must be submitted to the appropriate enforcing agency.

Questions regarding electrical permits should be directed to the Electrical Division at 517-241-9320.
 
whitebb2727

whitebb2727

Well-Known Member
2ANONYMOUS said:
Him interesting you say you can do it your self yes changing out a plug but to upgrade old to new main and what have you ??? I know where i am from any major upgrade needs a permit and a licenses person to do it as per insurance reasons and to get the permit stamped approved etc
For instance years ago i built a Garage and put in a gas heater installed the heater ran gas line to heater Also yup needed a permit
then needed a profesional plumber to come in test for lines for allowable pressure loss etc then hooked it all up inspector came and i was good to go ..
Now sure i could of done it all my self and not tell anyone ,, but again if i was to sell the house and line was not on other ends paper work i am in do do

But most importantly because i did it my self and so happened some kid was walking down the alley and by miracle . My garage Blew up killed him and damaged other buildings

GUESS what your fucked Big time insurance will no cover you oh man the hurt a person would be in specially in USA
So with doing a major upgrade your self ??? and not only you burn your house down, set other houses on fire ?? possibly kill someone Again YOUR FUCKED ..
Now again i am not sure what the rules and regulations are in the states so no need to attackk or say i must be wrong
but if property is that low never mind the shack that is on it ,, Its no wonder everyone other then a american citizen is buying up your land shit for that price who ever doesn't jump into one is crazy as for a long term investment fuck it buy 20 of em rent it out for 200 - 300 a month lmao who fucking cares in a matter of years its all payed off and its money in your pocket

But like many said above your buying in the lowest end poverty area with major crime , shootings probably , home invasions etc .. its a matter of time before your targeted and if someone smells weed growing To me its a accident waiting to happen
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What ever man. No danger to it man. Some of us can take the time to do things according to code.

We just got this place two years ago. Nothing was right. I've redone the plumbing and wiring.

I wasn't attacking you. I was correcting you because your statement was not correct.

Yes some cities and states require a license and permits. Some don't.

Nothing wrong with doing something yourself. I'm a jack of all trades. I can do anything and it will be right.

Even in the places that require license most likely the guy doing the work is a helper. Master plumbers and electricians don't do the small stuff. They oversee the work being done. I know because I was in construction and was a self contractor. I still do work some.

So no, I'll do it myself and know it is right instead of some kid right out of school with the license holder on the other side of the job site.


Op,

Remember land is always valuable, even though the market might say otherwise.

I used to work for a lanord that owned somewhere around 100 units in the ghetto. It is hard, hair pulling work. Your rentals are gatunteed to be destroyed when people move out and you will be in court a lot but you will make bank.

Look up your local ordinances and go from there.
 
whitebb2727

whitebb2727

Well-Known Member
2ANONYMOUS said:
True every one to capitalize and has there hand out but i just looked up Detroit laws concerning electrical upgrades i guess one should do some home work before they decide to do some major upgrade Permits are required probably 9 times out of 10 is my guess here is

Electrical Permit Information

The Electrical Code
The purpose of the electrical code is to provide practical safeguards to persons and property from hazards arising from the use of electricity. The code contains provisions considered necessary for safety.

What is the electrical code?
The electrical code covers installations of electric conductors and equipment within or on public and private buildings and structures, installations of conductors that connect to the supply of electricity, and installations of other outside conductors on the premises. Presently, the State Electrical Code consists of the 2008 National Electrical Code with Part 8 technical amendments. Provisions for one- and two-family dwellings are included in the 2009 Michigan Residential Code.

Are electrical permits required?
A person shall not equip a building with electrical conductors or equipment or make an alteration of, change in, or addition to, electrical conductors or equipment without receiving a permit to do the work described. (The code refers to Act 217 of 1956 for certain exemptions for unregulated electrical work.)

Do you need a license to do electrical work?
To obtain electrical permits, an applicant shall be an electrical contractor or specialty contractor licensed by a municipality or by the State Electrical Administrative Board


or

a homeowner performing electrical work in a single family home and accompanying outbuildings owned and occupied, or to be occupied, by the person performing the installation.

Electrical Permit Application

Prior to applying for an electrical permit, it is suggested the applicant review the statewide jurisdiction list. This information is updated regularly due to changes in the electrical code enforcement that may be conducted by either the state, county or local unit of government. An electrical permit application must be submitted to the appropriate enforcing agency.

Questions regarding electrical permits should be directed to the Electrical Division at 517-241-9320.
Click to expand...
a homeowner performing electrical work in a single family home and accompanying outbuildings owned and occupied, or to be occupied, by the personperforming the installation.

Electrical Permit Application

Prior to applying for an electrical permit, it issuggested the applicant review the statewidejurisdiction list. This information is updated regularly due to changes in the electrical code enforcementthat may be conducted by either the state, county or local unit of government. An electrical permit application must be submitted to the appropriateenforcing agency.

Questions regarding electrical permits should bedirected to the Electrical Division at 517-241-9320.


If you live in it you can do the work just like I said. Buy one, live in it and do the work.
 
Corso312

Corso312

Well-Known Member
I'm no electrician, I've always subbed that out..unless its just changing switches or installing a ceiling fan..but anything on the panel or running conduit I pay a professional..which is a relative or a friend.

Its easy to find a spark for fair price, He makes a material list n ya take him to home depot n buy everything.


If it were me I'd put burglar bars on windows on first floor n motion lights outside..good steel door and you should be good.
 
S

sourdieselyumyum

Well-Known Member
I have the cash to buy the house so I don't need banknow loan. It's a foreclosure. Would I really need redo electrical running only 2000 watts .
 
whitebb2727

whitebb2727

Well-Known Member
I will spell it out for the ones that don't know how.

Setup an llc.
Buy the house in your name and dwell there so you can do the work.
When finished sell the house to your llc and buy the next one.

Never own more than one house in your name.

You lived in it allowing you to work on it.
When you sell the house to your llc an inspection will be required so make sure your work is up to code.


With a little research and effort you can use some variant of the steps I listed and save a lot of money.
 
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ttystikk

ttystikk

Well-Known Member
whitebb2727 said:
I will spell it out for the ones that don't know how.

Setup an llc.
Buy the house in your name and dwell there so you can do the work.
When finished sell the house to your llc and buy the next one.

Never own more than one house in your name.

You lived in it allowing you to work on it.
When you sell the house to your llc an inspection will be required so make sure your work is up to code.


With aittle research and effort you can use some variant of the steps I listed and save a lot of money.
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Genius!
 
budman111

budman111

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

View attachment 3563715

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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Corso312

Corso312

Well-Known Member
Am I correct in saying that if you go 2 years or more from closing to closing you pay Zero Income-capitol gains tax?
 
ttystikk

ttystikk

Well-Known Member
Corso312 said:
Am I correct in saying that if you go 2 years or more from closing to closing you pay Zero Income-capitol gains tax?
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I think it's three years? It would be smart to check and make sure. The other requirement is that you move capital gains from one investment of a given type to another of the same investment class, so no taking the cash from sale of real estate and playing the stock market. Finally, I believe you have either three or six months in which to complete the full turn, else you pay capital gains.

It gets better; there's no upper limit I'm aware of, so you just keep rolling your equity into larger and larger properties (Presto! Instant manufactured market for McMansions!)...

AND everyone gets a once in a lifetime EXEMPTION from capital gains on the sale of their personal home! You can even take out a HELOC (home equity line of credit) and go play with that equity anywhere else you like, no penalties, since it's 'just a loan'!

Those are the real reasons rich people buy mansions. And if course it's only a good deal IF YOU'RE RICH, so your cost to borrow is prime rate. The great unwashed will have to make do with retail money... suckers.
 
kingzt

kingzt

Well-Known Member
I only knew two growers in Detroit both were white and both were stand outs! Both eventually got robbed and moved out of the city. I wish I had the cash back before mid town was renovated with those nice condos and homes. Whoever owned that land made a killing. I was told by friend that his co worker bought river condo for <$100,000. Turn around and sold it for $305,000!!
 
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