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My current house was in worse shape when I bought it. The owners had moved to Cali and rented the place to in laws who absolutely destroyed it. I ended up paying 80 grand for a 2600 sp ft home in a nice quiet neighborhood.
I basically wrote a 10,000 dollar check every week during reconstruction. Took about four months to complete. I lived in the gameroom for most of that time. I ended up firing one contractor and did about a quarter of the work myself. I ended up putting another 120,000 into it and ended up with a 300,000 place.
It was a PIA but the 4 months of headaches was worth the 100,000 I saved. I didn't need financing so that was a headache I avoided. I wouldn't recommend my path to everybody.
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