What are this 50-60K old homes is Richmond are all about? I am first-time buyer and need advice.

Asked by Itguy, Sunnyvale, CA Mon Jun 28, 2010

I am working professional with like $50k in savings looking to buy inexpensive home in that area. There are quite a lot of old homes in Richmond and I do have re-mod/fix experience, are this homes a good option for me? I was also looking for mobile homes at that budget rage, but there I have to pay HOA..

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Jeff Kim’s answer
Jeff Kim, Agent, Blackhawk, CA
Thu Oct 21, 2010
I don't know if you are still in the market, but if you are, I can throw in my two cents. Richmond does have numerous homes in the 50-100 thousand range. I have been to numerous showings with clients who are in the same boat as you: have the cash and are looking for an investment property or a home to purchase to hold on to. Some are in great shape and have already been rehabbed. Some have been totally destroyed by either past owners/tenants/ squatters/weather/etc.

You should also know that all cash offers are pretty much the norm for these type of priced homes. I have had clients who have put in numerous offers above listing who did not get the house. Offers are usually presented very quickly and there are multiple offers on good properties.

With that being said, contact a local agent who definitely knows the area and can provide answers to all of your questions. You can look under the "Find a Pro" tab here at Trulia and find some great agents and brokers.

Good luck
0 votes
Reuben Pache…, Agent, West Hollywood, CA
Mon Jun 28, 2010
Hi ItGuy,
The question that asked is very broad and almost impossible to answer. The question falls back to you because it just all depends on your full scenario.

If this is an area that you like, then great. If the properties that you're looking at make sense for you financially and you can qualify for a loan - weigh your options and do your pros and cons. If there are as many properties on the market as you say; you definitely want to speak to an agent that is knowledgable in the area to give you a better idea of market trending ( moving UP or DOWN).

With HOA fees, in most cases, are not deductable ( please confirm with your tax profesional ) because of the owner occupied situation. So you have to examine the overall costs on a monthly basis and make sure your debt ratios are in line with the banks qualifications or better yet your own.

When calculating your overall debt and payements and interest rates, please be sure to talk to a real estate professional or tax professional that understands NATR and NATP ( Net After Tax Rate and Net After Tax Payments) you will be totally surprised of the end of year actual costs of hoeownership ( in a very good way)


Reuben Pacheco
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0 votes
The Medford…, Agent, Fremont, CA
Mon Jun 28, 2010

Richmond is very much like Oakland: there are a lot of very inexpensive homes in some really bad neighborhoods. If you are looking for an investment to rent (perhaps Section 8), then Richmond may have some good options for you in the lower end of the market. If you are familiar with construction, you should be able to make a decent assessment when you visit any specific home. If a home looks interesting, you can tie it up with an offer and then get proper inspection reports.

If you are planning to live there, you will need to do expensive neighborhood research to ensure you get a home in a good part of town.
0 votes
Itguy, Home Buyer, Sunnyvale, CA
Mon Jun 28, 2010
Thanks Anna!
I am not working with any Realtor right now. I am WP myself - IT specialist.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Jun 28, 2010
Since you mentioned that you are working with a professional--your agent can best advise as to what will most suit your wants, needs and lifestyle--ask him/her all your questions.
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