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Anyone have experience renovating absolute run down homes?

welshmin

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Since I do not have enough room to run my own business. Essentially a manufacturing business.

I will need my own home.
So either get a home in a bad neighborhood where the home is live-able or buy a home in a good neighborhood that is absolutely run down.

When I mean run down, I pretty much have to replace everything. I believe I can haggle down the home price to about $90k.
Although I can't live in this house right away to build my real business, is it worth it?

This in itself is its own business and already going through the costs and extremely expensive with all the tools/materials again and paying that mortgage. Now I will probably have room for the machines, but no money for them...sigh

How do people deal with these high capital businesses without slaving away at the job and living severely below means?

Just found a fella on youtube called Meet Kevin, his advice is not something i've heard before but makes 100% totally obvious sense...

Buy a house that is "cosmetically" run down but the bones are good.

Maybe the kitchen needs to be re-done, the carpets, the pain, the lighting, etc. All relatively cheap stuff you can DIY.

Because the market discounts these homes, they look ugly! No one wants to buy and live in them, but the bones are solid. As long as there are no major structural faults, or big expensive issues then you can quickly fix these things yourself and bump up the valuation in a short time.
 
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WJK

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Since I do not have enough room to run my own business. Essentially a manufacturing business.

I will need my own home.
So either get a home in a bad neighborhood where the home is live-able or buy a home in a good neighborhood that is absolutely run down.

When I mean run down, I pretty much have to replace everything. I believe I can haggle down the home price to about $90k.
Although I can't live in this house right away to build my real business, is it worth it?

This in itself is its own business and already going through the costs and extremely expensive with all the tools/materials again and paying that mortgage. Now I will probably have room for the machines, but no money for them...sigh

How do people deal with these high capital businesses without slaving away at the job and living severely below means?
I've read this entire thread and you've got this all backward. Rent a light industrial space and put your bed in the corner with a microwave, a bar-sized fridge, and a hot plate. Use small appliances for cooking like a "hot pot". If you're worried about privacy, hang a curtain. You could even use a Murphy bed that looks like a cabinet and pulls down at night. It's instant house hacking. You can pull your car into your space at night through the roll-up loading door. Some zoning codes do not allow people to live on-site, but I have inspected buildings where I can see that the owner has lived there for years. Some have mezzanines with small kitchens and bath/laundry facilities. The owners call them "break rooms" rather than living spaces. If you can buy the space rather than rent it, you are better off over time. Build yourself a "self-contained" life that is cheap to maintain.
 
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DeletedUser0287

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I've read this entire thread and you've got this all backward. Rent a light industrial space and put your bed in the corner with a microwave, a bar-sized fridge, and a hot plate. Use small appliances for cooking like a "hot pot". If you're worried about privacy, hang a curtain. You could even use a Murphy bed that looks like a cabinet and pulls down at night. It's instant house hacking. You can pull your car into your space at night through the roll-up loading door. Some zoning codes do not allow people to live on-site, but I have inspected buildings where I can see that the owner has lived there for years. Some have mezzanines with small kitchens and bath/laundry facilities. The owners call them "break rooms" rather than living spaces. If you can buy the space rather than rent it, you are better off over time. Build yourself a "self-contained" life that is cheap to maintain.

Don’t get me wrong I have considered industrial spaces. But as you stated, they don’t allow you to live there. I so would if I could.

What you are pretty much saying is to hope on no one finding out that I’m living there. One wrong move and it is over. I have not ever seen an industrial space for purchase that would be cheaper than a small home. If you do buy, it is the whole lot. Aka half a million dollars? How is your method cheaper?

They are going to find out eventually especially if your car is there if there is no roll up door.

So live my life like an animal sneaking in and out. If I’m there at night, then I’m stuck there until daytime?
 
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broswoodwork

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Don’t get me wrong I have considered industrial spaces. But as you stated, they don’t allow you to live there. I so would if I could.

What you are pretty much saying is to hope on no one finding out that I’m living there. One wrong move and it is over. I have not ever seen an industrial space for purchase that would be cheaper than a small home. If you do buy, it is the whole lot. Aka half a million dollars? How is your method cheaper?

They are going to find out eventually especially if your car is there if there is no roll up door.

So live my life like an animal sneaking in and out. If I’m there at night, then I’m stuck there until daytime?

I'd still prefer the shipping container myself...
 
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DeletedUser0287

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I'd still prefer the shipping container myself...

Monthly is quite high, I am trying to get my rent under $1000
 

WJK

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Don’t get me wrong I have considered industrial spaces. But as you stated, they don’t allow you to live there. I so would if I could.

What you are pretty much saying is to hope on no one finding out that I’m living there. One wrong move and it is over. I have not ever seen an industrial space for purchase that would be cheaper than a small home. If you do buy, it is the whole lot. Aka half a million dollars? How is your method cheaper?

They are going to find out eventually especially if your car is there if there is no roll up door.

So live my life like an animal sneaking in and out. If I’m there at night, then I’m stuck there until daytime?
Don't so dramatic. I was a commercial appraiser in Los Angeles and a broker for 30 years. I saw many people living in those spaces. Yes, they chose spaces where they could put their cars away at night. No, they didn't sneak in and out. They just quietly lived there. It would hard to do it without people noticing in most industrial complexes, BUT there are a lot of light industrial spaces that are free-standing. I've also seen a lot of them with houses on the same property.

Some cities are crazy about enforcement. Others really don't care. Talk to people who know. Stop stressing! There are actual zoning codes with mixed uses that allow residential uses as well as light industrial uses. And there are some properties that are "grandfathered". That means that they have been used that way for years before the city made their rules. You know you can ask the Building and Safety Department about their rules and enforcement policies. There's usually one person in those departments who is assigned to an area. Find that person and ask.

Now I'm in Alaska. One of my businesses is renting a mixed-use property like that right now in a nearby city. The property includes 2 free-standing shops and a single-family house. My partner and his family live in the house. He has his auto repair business and a paint booth in the shops. Then, we use the highway frontage of the 2 acres for selling our used vehicles. The neat part is that he is on-site. We use one of the repair bays and the paint booth for preparing our vehicles for sale.

Start thinking outside the box. There are solutions to everything.
 

broswoodwork

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broswoodwork

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I'm having fun overcoming all of your objections on this Tuesday afternoon anyways... it's good practice for when I get stuck.

The Craigslist one above is a two bed. Get a roommate who also is starting a business. Bam! $950/mo.

Your ball!
 
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DeletedUser0287

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Don't so dramatic. I was a commercial appraiser in Los Angeles and a broker for 30 years. I saw many people living in those spaces. Yes, they chose spaces where they could put their cars away at night. No, they didn't sneak in and out. They just quietly lived there. It would hard to do it without people noticing in most industrial complexes, BUT there are a lot of light industrial spaces that are free-standing. I've also seen a lot of them with houses on the same property.

Some cities are crazy about enforcement. Others really don't care. Talk to people who know. Stop stressing! There are actual zoning codes with mixed uses that allow residential uses as well as light industrial uses. And there are some properties that are "grandfathered". That means that they have been used that way for years before the city made their rules. You know you can ask the Building and Safety Department about their rules and enforcement policies. There's usually one person in those departments who is assigned to an area. Find that person and ask.

Now I'm in Alaska. One of my businesses is renting a mixed-use property like that right now in a nearby city. The property includes 2 free-standing shops and a single-family house. My partner and his family live in the house. He has his auto repair business and a paint booth in the shops. Then, we use the highway frontage of the 2 acres for selling our used vehicles. The neat part is that he is on-site. We use one of the repair bays and the paint booth for preparing our vehicles for sale.

Start thinking outside the box. There are solutions to everything.

Yes, there are other solutions, but they are just expensive. Mixed-use is the perfect solution, too bad rent is more than double. The mixed use was what I was looking at from the very beginning. Didn’t even count the utilities to heat large warehouses...
 

Dan_Cardone

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Yes, there are other solutions, but they are just expensive. Mixed-use is the perfect solution, too bad rent is more than double. The mixed use was what I was looking at from the very beginning. Didn’t even count the utilities to heat large warehouses...
People here have more patience than I do.

All I ever hear from you are excuses. I mean this in the nicest way possible: Is what your doing right now going to make you successful?

Is it more productive to make excuses or to use that energy to be resourceful?
 
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WJK

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Yes, there are other solutions, but they are just expensive. Mixed-use is the perfect solution, too bad rent is more than double. The mixed use was what I was looking at from the very beginning. Didn’t even count the utilities to heat large warehouses...
"Large"? Why? You're a start-up company. Today you need a hole in the wall with power, a place to sleep and bathroom. Like I said, use a Murphy bed that can be pulled down at night. Use that space for floor space during the day for your business. Land lightly. This is not a life-time decision -- although it might make or break your business. 9 out of 10 businesses fail in the first 10 years. The primary reason is a lack of money. Right now you don't the finances to have it all. That's still down the road from you. What are you going to do when your receivables aren't paid in a timely manner? What happens if you create a style that doesn't work? And on and on... Keep your overhead expenses as low as possible to keep your options open. Living expenses are part of your overhead. Keep them as close to 0 as possible. And yes, for your information, I learned these lessons in the school of hard knocks!
 
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DeletedUser0287

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"Large"? Why? You're a start-up company. Today you need a hole in the wall with power, a place to sleep and bathroom. Like I said, use a Murphy bed that can be pulled down at night. Use that space for floor space during the day for your business. Land lightly. This is not a life-time decision -- although it might make or break your business. 9 out of 10 businesses fail in the first 10 years. The primary reason is a lack of money. Right now you don't the finances to have it all. That's still down the road from you. What are you going to do when your receivables aren't paid in a timely manner? What happens if you create a style that doesn't work? And on and on... Keep your overhead expenses as low as possible to keep your options open. Living expenses are part of your overhead. Keep them as close to 0 as possible. And yes, for your information, I learned these lessons in the school of hard knocks!

“Large” is relative. What I meant large in comparison to small home I was going to buy. You are telling me to keep my costs as close to 0, but your solutions are the most expensive.

People here have more patience than I do.

All I ever hear from you are excuses. I mean this in the nicest way possible: Is what your doing right now going to make you successful?

Is it more productive to make excuses or to use that energy to be resourceful?

What I’m doing right now is just trying to find a cheap place to run my business, but not throw that money in rent or temporary settings. If I am going to find a place to live/work, might as well put it into an asset. And my monthly will be under $1k. So what I’m doing is productive.

Like I said the solution of mixed-use is perfect, if you can afford it.
 

WJK

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“Large” is relative. What I meant large in comparison to small home I was going to buy. You are telling me to keep my costs as close to 0, but your solutions are the most expensive.



What I’m doing right now is just trying to find a cheap place to run my business, but not throw that money in rent or temporary settings. If I am going to find a place to live/work, might as well put it into an asset. And my monthly will be under $1k. So what I’m doing is productive.

Like I said the solution of mixed-use is perfect, if you can afford it.
Sorry I couldn't help you. I was telling you what I would do in your situation. Maybe you're the exception. Maybe you can run before you learn to walk. So, good luck to you. I must get back to work...
 
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broswoodwork

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“Large” is relative. What I meant large in comparison to small home I was going to buy. You are telling me to keep my costs as close to 0, but your solutions are the most expensive.



What I’m doing right now is just trying to find a cheap place to run my business, but not throw that money in rent or temporary settings. If I am going to find a place to live/work, might as well put it into an asset. And my monthly will be under $1k. So what I’m doing is productive.

Like I said the solution of mixed-use is perfect, if you can afford it.
I believe you are secretly a self made billionaire who is using a near clairvoyant gift of mind-F*ckery to get us to face our own entrepreneurial demons.

This is the most rational reason for what you're doing here.
 

Bertram

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Don’t get me wrong I have considered industrial spaces. But as you stated, they don’t allow you to live there. I so would if I could.

What you are pretty much saying is to hope on no one finding out that I’m living there. One wrong move and it is over. I have not ever seen an industrial space for purchase that would be cheaper than a small home. If you do buy, it is the whole lot. Aka half a million dollars? How is your method cheaper?

They are going to find out eventually especially if your car is there if there is no roll up door.

So live my life like an animal sneaking in and out. If I’m there at night, then I’m stuck there until daytime?
I think your Stamford roots are holding you back.
You probably have dozens of obstacles in your way compared to people from, say, Woonsocket.
For example, the shipping container is a definite no go unless you can install three solar-panels to run the 32-optional cycles digital washer and dryer you plan on moving with you. I mean, even Section 8 housing in Stamford is full of $2K digital W/D's.
So says my Stamford-based cousin the broker who picks up almost all her clients without having to step outside the lakefront country club. She side-hustles airplane fuel too. Great town for business, Stamford.
Why ever leave? You have a career alternative, in Stamford, which is to grow into a big enough fish to to carry out big hustles in your own home town.
Is that the blind spot here? Just my guess. This discussion might not be stressful as much as it is a question of having to put your standard of living on the line. There are fine communities where this simply isn't done. And you live in one of them.
There's no judgment from anyone here if that's your position, naturally. Of course, forget about what other people think anyway. That's harder to do when you come from one of the great towns like you do.
I get the sense that none of our suggestions are going to shift your position.

Hilarious: :"Am I going to have to live like an animal?"
No, get wealthy in the only way you're comfortable with. So what if it take twelve extra years.

But if I misread your objections here, and you really do want to bust out, maybe consider this. The world is far less rule-bound and way less conspicuous than you're used to.

Good luck bro!
 
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Primeperiwinkle

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I believe you are secretly a self made billionaire who is using a near clairvoyant gift of mind-F*ckery to get us to face our own entrepreneurial demons.

This is the most rational reason for what you're doing here.

He gets more engagement than 90% of posts! If he used that power constructively what could he accomplish?!? Lmao.
 
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Bertram

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I believe you are secretly a self made billionaire who is using a near clairvoyant gift of mind-F*ckery to get us to face our own entrepreneurial demons.

This is the most rational reason for what you're doing here.
Time to move on.
I want to hear how @broswoodwork got started in a toolshed in a city, building his first furniture pieces by the light of a grease candle with the skunk for companionship.
 
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broswoodwork

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Time to move on.
I want to hear how @broswoodwork got started in a toolshed in a city building his first furniture pieces by the light of a grease candle with the skunk for companionship, come on, it's time. You've had enough tea.
Here's a visual sneak peak of my 10x8 starter home, with my home made table saw. I couldn't afford real equipment, so i had to invent it. I also didn't know how to build furniture, but YouTube fixed that. :DWP_20141008_009.jpgWP_20141008_010 (1).jpgWP_20140820_001.jpg
 
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Bertram

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Here's a visual sneak peak of my 10x8 starter home, with my home made table saw. I couldn't afford real equipment, so i had to invent it. I also didn't know how to build furniture, but YouTube fixed that. :DView attachment 28080View attachment 28081View attachment 28083
Annnnnnnnnd now THAT is completely wild.
Plywood and duct tape! No clamps or screws.
Did the skunk have to feed and catch the wood?
Were you building crates?
 
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broswoodwork

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Annnnnnnnnd now THAT is completely wild.
That's a great table saw.
Plywood and duct tape! No clamps? That doesn't look easy. Did the skunk have to feed and catch the wood?
Were you building crates? They look fancy.
Duct tape is like a religion for me!

I got started with those crate tables everyone was into a few years back. :D I came up with a way of putting them out at a retail price lower than the cost competition was paying for materials.
 

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Bertram

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Duct tape is like a religion for me!

I got started with those crate tables everyone was into a few years back. :D I came up with a way of putting them out at a retail price lower than the cost competition was paying for materials.
How many did you build in that toolshed?
@welshmin [Edit] @MoreValue you need to be paying attention here.
@broswoodwork's invention of a homemade table saw is much like @biophase's bus trip from the rough neighborhood to the business development conference.

Don't wait for the perfect time to begin. Now is always the perfect time.

Ditch the 30-cycle option digital washer/dryer trappings of privilege and get in your shipping container where life waits for you.

(And here it comes.)
(Yeah, sometimes I write like a novelist when not paying attention and@BellaPippin isn't too happy about that. :smile:)
 
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BellaPippin

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How many did you build in that toolshed?
@welshmin you need to be paying attention here.
@broswoodwork's invention of a homemade table saw is the equivalent of @biophase's bus trip from the rough neighborhood to the business development conference.

Don't wait for the perfect time to begin. Now is always the perfect time.

Ditch the 30-cycle option digital washer/dryer trappings of privilege and get in your shipping container, young Welshman, where life waits for you.

(And here it comes.)
(Yeah, I write like a novelist when not paying attention and@BellaPippin isn't too happy about that.)
Haha my joke copying your text was more within the lines of “totally plagiarizing her text for the pick up line” I wasn’t making fun of your writing. Sorry if it read a different way n_n
 

Bertram

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Haha my joke copying your text was more within the lines of “totally plagiarizing her text for the pick up line” I wasn’t making fun of your writing. Sorry if it read a different way n_n
That was funny but then:
"Michael Scott"

So I had to look that up.
 
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Bertram

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The Office reference. He quotes someone then quotes his name at the bottom.
Thanks, that's really funny.
I'll watch the show sometime.
Do you think [Edit] @MoreValue has any idea what he wants to do?
 
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BellaPippin

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Thanks, that's really funny.
I'll watch the show sometime.
Do you think @welshmin has any idea what he wants to do?

Sorry, did you mean MoreValue? I don’t, I’m not in the field of rehabbing, industrial spaces or manufacturing. That is why I wasn’t in this thread in the first place.
 
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If your electrical company notices you're using an exorbitant amount of electricity, they'll absolutely know you're running a business. If you don't have the proper infrastructure then it's a hazard for you and others in your neighbourhood. I'm not sure what type of machines you require, but if it's enough to be required for manufacturing, it will definitely be an issue.

Interesting.

So would the cops or zoning people come knocking on your door to see what you're doing?

Then what?
 

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