got a steal!

[jon.human]

My wife and I bought an old house with the intentions of restoring it, later down the road I was planning a barn style shop for my classic cars. We sold our house in Atlanta, moved to the small town that our renovation was in. We found an 1880's Victorian with a great 30x40 shop in the back to rent till we got the other house finished, here comes the curve ball, a month after we moved into the rental it got forclosed! I had a hard time feeling bad for the owners because they let us move in knowing that they were about to lose it! We were allowed to rent from a division of Fannie mae, fast forward a year and the house is on the market and not getting much interest and Fannie mae starts slashing the price, finally it reached a point that we couldn't refuse. Now I have this great fully renovated victorian, a 30x40 shop, and it cost about as much as a nicely optioned new car would!

I have a lot planned for the shop, it was originally used as a woodworking shop, I restore classic cars. The roll up door needs to be moved to the end. I'm gonna build a shed across the opposite end to store lawn equipment my atv and such. I need a hvac system and the building needs to be insulated, I will have a two post lift, fully plumbed air compressor. it's currently wired for 110 and 220. I'd like to add epoxy floors as well.

 

[rickairmedic]

Jon welcome to the Garage journal aaaaaand sweet deal on the new house . I would guess this means the fixer upper gets put back on the market .


Rick

 

[jon.human]

Yes it does, anyone want an 1840's greek revival? southern plantation house?

 

[Motown 454]

Welcome. Nice to see it working out in someones favor for once.

 

[Az Scooter]

Little tykes cars don't count as restorations. Nice score on the property. Glad someone was able to get it that could properly use it.

 

[jon.human]

Thanks for the welcome! yeah in the shop currently is a 1969 Camaro, and a 1973 Z28.

 

[jon.human]

Excuse the clutter, the previous left a shop full of junk and I wasn't expecting to stay long term so I didn't bother to organize it. Now I'm in the process of decluttering it and starting over.

 

[54FordPanel]

Sweet......

 

[JC23]

Welcome and congrats on the deal!

You'll find plenty of great ideas here, my man...

Hope you take lotsa pics for us.

 

[NUTTSGT]

Sounds like you got a deal your are happy with. That'll make a nice garage.

 

[Lookin4'67Galaxieconv]

Nice buy, Jon. I live in the Atlanta area too and bought my house built in 1900 back in 2001. No big garage on my property, though. I had to build my own.

 

[Nighttrain]

Very nice! The house and property behind ours has gone to the bank also. Ive been trying to buy the back five acres from them. Will have to wait till it gets sold and purchase the acres from new owner or if the house goes way down in price.

How often did Fanny lower the price? And by how much each time? just percentage not numbers if you will.

Thanks

 

[jon.human]

started at 120,000 which is what was owed on the house, after two months it dropped to 110, then 1 month to 80, then 1 month 60, then two weeks 49,900 which is where I bit.

 

[Nighttrain]

started at 120,000 which is what was owed on the house, after two months it dropped to 110, then 1 month to 80, then 1 month 60, then two weeks 49,900 which is where I bit.

Thanks for the info, and that is a great deal there. I guess that bank does not want to hold on to them long. I know the property tax on the one behind us is $10k a year so that bank is paying everyday they own it.

 

[oldgymnast]

Great deal!!! Make sure you take plenty of pictures as you go.

 

[jon.human]

Ok I've been doing some clean up. The previous owner left a lot of junk in the shop, and I had a lot of clutter from the move, etc. I'm still not done but there is progress.

 

[jon.human]

excuse the cell phone pics

 

[Falcon67]

excuse the cell phone pics

Any pics are good pics. We're all about the visual medium here. Congratulations on the score! That sounds like an excellent buy - glad it landed with someone that can appreciate it and not some "bondo and paint" house flipper.

 

[jon.human]

This is what I what I am planning to do to my existing garage. I'm going to raise the existing roof, and add an apartment above the shop area. I will move the roll up door to the end and add sliding doors to hide the roll up door. I'm trying to go for a carriage house look to match the age of my house.