Looking at buying this. What do you all think?

[EaglesSJ]

Long story short I am tired of renting and not having any freedom. I went from being in the military and getting told what to do and when to do it to landlords that tell me how short to keep the grass and what color I can paint my mailbox. I grew up in a small cabin in Ky and I when I got out of the Airforce a couple months ago I moved back to KY and I am currently renting a little house.

To the point. The guy wants 19k for this place but will be financing it to me for 5k down and 250 a month for 5 yrs. This will be our (myself, fiance, 4 yr old son) primary residence. Not a vacation home. It is on 1 acre of land and is near daniel boone national forest and a big lake and waterfall. Here are a few pics.

[trish2]

More important than our input is your lady's input.  What does she think of it?

[NM_Shooter]

Hmmm... I don't know.  What does an acre of land sell for in that area?  Have the well and septic inspected.  Take a hard look at the roof too.  If it has been leaking at all, mold could be a big problem.

I would put the value of that structure at about $10k. 

[rocking23nf]

wow 19,000. You cant even buy lot around here for under 80,000. I would jump all over that.

My cabin was 120,000, my house I just but a downpayment for though a builder is 472,000$.

That looks like a great fixer uper.

250/month mortgage..........drool.

[EaglesSJ]

thank you all for the replies. That land is on the lake and beside a national forest and probably sells for 6-9k an acre. Lindsay likes the place ok but only if we can fix it up a little bit. She wants to make it something like the one in this thread. It is our favorite cabin.

http://countryplans.com/smf/index.php?topic=1568.0

[fishing_guy]

10 points for the Washing machine on the porch!

Kind of rough, but it the bones are solid, you can always gut and redo.

I went out with my dad, when he was searching for a "bargin".  He didn't understand (he's 75) that for the price he was paying, you could just about bet on putting on a new roof.  He wanted it move in ready.

Just remember to check out the bones.  If they are good, anything else can be replaced.  If they are bad, you are looking at a tear down.

[archimedes]

In this real estate market,  no matter what he's asking,  offer him less. 

He'll probably take it,  or at least counter offer.

[cbc58]

how much are just plain old lots in that area??  if you just wanted to buy a lot?  this looks pretty rough and you are looking at few $$ to get it in year round shape.

are you tied to one area or can it be anywhere... because there are some absolute steals out there.

[EaglesSJ]

It needs to be within 5 hrs of Campbellsville KY because I have to give my ex wife visitation with my son.

[frazoo]

I bought some rental property is SW VA, just over the line from KY about three years ago.  Seller was asking 12K as is.  I looked up the property tax assessment (it was 8K) and offered seller ten percent above tax assessment.  He took it.  If you don't NEED them to finance, offer less, that seems high for that area.  If you want him to finance, it's his show, but offer him less first, you are gonna but a lot of money in that house in that condition, I think.

good luck, frazoo

[JRR]

Don't feel rushed ... there's probably plenty of housing/real-estate down-turn left.   And I've never failed to get a good deal by waiting ... sure, some were missed, but there were always great ones "down the road".

[hoboken911]

Looks like heaven to me!!!   Good advice on getting the ladies thoughts on it.  By my math, he isn't charging you much intrest at all....and that is a big plus in my book.