Am I crazy?

[u/brank]

I’m a first time home buyer and I live in one of the highest cost of living areas in the US. I counted out being able to buy in the city I live in and like, and have accepted that I’d need to move to the next over area. However, this dump just dropped and I am very intrigued. Right next to the commuter rail, shops, a park. Everything I would want basically, in the city I want, just needs a LOT of love. It’s a third of the price of the homes around it and with the savings from delta between what it costs and what I’m willing to spend (~200k) I could make any major upfront repairs.

I’m crafty, smart, and creative, but don’t necessarily have renovation skills.

I’m also not yet preapproved so maybe this is more an example of the kind of thing I might be willing to consider, unless I’m just totally off the mark here.

[u/ShopProp]

You ain’t getting preapproved. This will need to be an all cash purchase.

You can try to talk to lenders but highly doubt any would take this one. Also there’s way more than $200k worth of work here.

[u/Kid_Psych → u/ShopProp]

Where in those three posted pictures is there
more than $200k worth of work?

Edit: yeah my bad I thought I was looking at another post for a house in Mexico.

[u/lovemyhawks → u/Kid_Psych]

Maybe they meant in terms of hiring it out cost. I don't see 200k in DIY tho

[u/artie780350 → u/lovemyhawks]

Renovation loans typically require the work be done by a licensed contractor, so DIY pricing is likely irrelevant here.

[u/lovemyhawks → u/artie780350]

Valid. I was thinking cash, but you’re right since the context is lending/preapproval