FranLab is getting evicted

[EEVblog]

Basically you are only paying for the land and the pleasure to remove a whole lot of garbage. The buildings have a negative value. I have no idea how much it would cost to erect a home, garage and office space but likely it isn't cheap. And it looks like the zoning designation doesn't allow commercial activities.

Just install bathroom and kitchen in the existing space and job done. Got to remember, this is the kind of space Fran is looking for, a big industrial type live/work space.
She doesn't need a home and has specifically said she wants a large live/work creative space.
What she does it hardly "commercial activities" and would be easily allowed in any existing home or gargage.

Doing construction work is not for everyone. You'd need the skills / experience, tools and to be able to work fulltime on such a project for weeks in order to make decent progress. I've seen various people take on construction projects that turned out to be way over their head. It is not as simple as they show on TV.

See Fran's latest video, she shows photos of construction work she has done on other places she has rented. Complete fitout of an empty space.

[PlainName]

$149k for 4000sqft garage workshop on 0.5acre of land

Or less. It was $169k for a month then the price dropped in November last year. I suspect they don't have anyone on the horizon and would seriously consider an offer.

[PlainName]

You'd need the skills / experience, tools and to be able to work fulltime on such a project for weeks in order to make decent progress

You mean like devoting a Youtube channel to it?

[EEVblog]

$149k for 4000sqft garage workshop on 0.5acre of land

Or less. It was $169k for a month then the price dropped in November last year. I suspect they don't have anyone on the horizon and would seriously consider an offer.

Yep, perfect opportunity to go inspect, roam the place for a few weeks to see if you like the neighborhood and then shoot a crowd funding video to see if it works.
Will probably still be available in a years time as most people would consider it land value only and the garage is just a an expense and inconvenience to demolish.
It's these kinds of places that you want to be looking for in a situation like this when you have a unique requirement that not many other have.

[EEVblog]

$85k 2200sqft two story barn zoned for commercial:
https://www.zillow.com/homedetails/204-Strand-Ave-Sewell-NJ-08080/150557827_zpid/

[EEVblog]

Yikes, but 2000sqft place in Philly for $130k
https://www.zillow.com/homedetails/6029-Elmwood-Ave-Philadelphia-PA-19142/10404269_zpid/

[EEVblog]

Tons of places in Philly over 2000sqft under $200k in Philly.
Granted all require work or might be a shitty neighbourhood, but there is opportunity.

I think priority #1 must to to engineer a way to get home loan pre-approval, but hook or by crook, and then go hunting.

[james_s]

Basically you are only paying for the land and the pleasure to remove a whole lot of garbage. The buildings have a negative value. I have no idea how much it would cost to erect a home, garage and office space but likely it isn't cheap. And it looks like the zoning designation doesn't allow commercial activities.

The land is of course the main value, but $149k for that land is a bargain. The buildings are not worth a lot but they're definitely not negative value, livable space could be put into one relatively easily and as they stand the garage bays are usable as storage. I've done similar construction projects myself, it's not THAT hard. Especially someone with the visibility of Fran could probably get a real contractor or at least an experienced handyman to do discounted work. The trash looks like mostly random wood, getting rid of that is easy, bonfire in the yard.

It's not trivial of course, but it's absolutely doable.

[EEVblog]

Most of the places I've seen on that website have boarded up windows.
Whats the deal with that?

America ain't doing great.

[tom66]

Most of the places I've seen on that website have boarded up windows.

Probably reduces the risk of squatting and vandalism.

Also might limit damp if the property is not heated.

[nctnico]

Basically you are only paying for the land and the pleasure to remove a whole lot of garbage. The buildings have a negative value. I have no idea how much it would cost to erect a home, garage and office space but likely it isn't cheap. And it looks like the zoning designation doesn't allow commercial activities.

The land is of course the main value, but $149k for that land is a bargain. The buildings are not worth a lot but they're definitely not negative value, livable space could be put into one relatively easily and as they stand the garage bays are usable as storage. I've done similar construction projects myself, it's not THAT hard. Especially someone with the visibility of Fran could probably get a real contractor or at least an experienced handyman to do discounted work. The trash looks like mostly random wood, getting rid of that is easy, bonfire in the yard.

It's not trivial of course, but it's absolutely doable.

I meant the buildings are also trash It would not surprise me if you find a whole lot of rotten wood under the floor boards. It could also be in perfect condition but judging from the overall state of maintenance, I'd assume the worst. On top of that I wonder how comfortable and expensive such an old, wooden home (without modern insulation and airconditioning) is to live in.

But if Fran is up to doing the work (and create a whole bunch of content in the process) then it could be a really good fit. I didn't know Fran was also into construction work. Doing that yourself saves a lot of money and you know it is done right.

[EEVblog]

I think priority #1 must to to engineer a way to get home loan pre-approval, but hook or by crook, and then go hunting.

I'll revise that. Step #1 is to stop the cash hemorrhaging from the 4 properties.
Move all 4 locations into a single cheap rented house outside of Philly and save like crazy for a few years.
Could likely save $20-30k a year doing this.
https://www.zillow.com/homedetails/1322-Reservoir-Rd-Honey-Brook-PA-19344/54728335_zpid/?
https://www.zillow.com/homedetails/850-Franklin-St-Coatesville-PA-19320/67351400_zpid/

[nctnico]

BTW: What I always find strange about American homes is that the front door leads straight into the living room. So if you open the door, everyone can look into your home. And the cold / heat gets in. Over here we always have a (small) hallway that serves as an entry to the rest of the home.

[xrunner]

BTW: What I always find strange about American homes is that the front door leads straight into the living room. So if you open the door, everyone can look into your home. And the cold / heat gets in. Over here we always have a (small) hallway that serves as an entry to the rest of the home.

Around here no one uses the front door - they go in through the garage. 

[PlainName]

the front door leads straight into the living room

Some places are like that here in the UK. Typically terraced 2-up/2-down with the stairs between the front and back rooms.

[Stray Electron]

BTW: What I always find strange about American homes is that the front door leads straight into the living room. So if you open the door, everyone can look into your home. And the cold / heat gets in. Over here we always have a (small) hallway that serves as an entry to the rest of the home.

Around here no one uses the front door - they go in through the garage. 

  Pretty much true of all of America. The front door does usually lead directly into the living room but it's mostly for aesthetics. Most American homes have significantly wider properties than homes in Europe and England and most Americans park beside their homes, or off to one side, and use the side entrance. That leaves the front yard, front door and yes, sometimes the living room, for show.

[Stray Electron]

$149k for 4000sqft garage workshop on 0.5acre of land in what looks like a realtively nice suburban neighborhood. Some elbow grease required. 1hr from Philly
https://www.zillow.com/homedetails/223-E-Walnut-St-Birdsboro-PA-19508/2061135479_zpid/?

  Wow! I just looked at the pictures and if I was in that area, I would JUMP on that! Those are real wood floors, probably hard wood floors, in the garage! And it has a huge four door garage and with a sliding door on the end and a sliding door on the side that gives access to the 2nd floor as well. And it looks like it was build when they really knew how to build well. And she'd be getting huge lot. I think that she might be able to sell off the upper part of that lot to someone else for a home site if she wanted to. The shed appears to be full of old boards but my guess is that that is probably all hard wood and would be quite valuable to wood workers. Fran could probably sell the lumber, tear down the shed and sell that side of the extra as well.  If Fran would get that place and put her other projects on hold for a year or two while she fixed it up, I think she'd have a very nice place to live and to work, and could potentially make a LOT of money if she ever sold it. And look at the size of it's lot compared to the lots around it in the aerial view.  Every property that I've seen in any large US metropolitan area in recent years that has a large lot is now bringing a super premium. Like James-s said, the lots are sometimes worth far more than the homes.

[james_s]

BTW: What I always find strange about American homes is that the front door leads straight into the living room. So if you open the door, everyone can look into your home. And the cold / heat gets in. Over here we always have a (small) hallway that serves as an entry to the rest of the home.

That's common but not universal. My house is a split level, they built millions of them in the 60s-70s, the front door opens to a landing with a staircase that goes up to the main living space on one side and down to the basement on the other. They were often sold as starter homes with an unfinished basement with the idea being you'd live on the upper floor until you could afford to finish the basement to your liking. There are countless other floor plans out there including custom homes designed by the purchaser.

[nctnico]

$149k for 4000sqft garage workshop on 0.5acre of land in what looks like a realtively nice suburban neighborhood. Some elbow grease required. 1hr from Philly
https://www.zillow.com/homedetails/223-E-Walnut-St-Birdsboro-PA-19508/2061135479_zpid/?

  Wow! I just looked at the pictures and if I was in that area, I would JUMP on that! Those are real wood floors, probably hard wood floors, in the garage! And it has a huge four door garage and with a sliding door on the end and a sliding door on the side that gives access to the 2nd floor as well. And it looks like it was build when they really knew how to build well. And she'd be getting huge lot. I think that she might be able to sell off the upper part of that lot to someone else for a home site if she wanted to. The shed appears to be full of old boards but my guess is that that is probably all hard wood and would be quite valuable to wood workers. Fran could probably sell the lumber, tear down the shed and sell that side of the extra as well.  If Fran would get that place and put her other projects on hold for a year or two while she fixed it up, I think she'd have a very nice place to live and to work, and could potentially make a LOT of money if she ever sold it. And look at the size of it's lot compared to the lots around it in the aerial view.  Every property that I've seen in any large US metropolitan area in recent years that has a large lot is now bringing a super premium. Like James-s said, the lots are sometimes worth far more than the homes.

If that is the case, then why didn't the property sell yet? 

[james_s]

If that is the case, then why didn't the property sell yet? 

Any number of reasons. The largest is probably that the vast majority of people are looking for a turnkey move-in ready home, not a project. Even fewer are going to want a project that is in an economically depressed high crime area like Philadelphia. Fran is not everybody though, for reasons I cannot grasp she actually wants to live in that area, and she apparently doesn't want a picture perfect suburban home so a place like this could be a good deal. Obviously most people are going to want something different.

[SiliconWizard]

BTW: What I always find strange about American homes is that the front door leads straight into the living room. So if you open the door, everyone can look into your home. And the cold / heat gets in. Over here we always have a (small) hallway that serves as an entry to the rest of the home.

Different places, different approaches indeed.

Another point that I've always found odd in many american houses, but not only, it's actually pretty common in many other countries, is the fact there are rarely window shutters. They have curtains, but no shutters. That may depend on the region though, haven't seen all of the USA! But I've seen the same thing in Norway too. I find it odd. Over here, window shutters have been the norm for ages. There are practically no house with no shutters.

[nctnico]

In the NL you won't find window shutters either. From what I've seen these are only a 'thing' in hot climates to keep the heat from the sun out out during the day.

[james_s]

Another point that I've always found odd in many american houses, but not only, it's actually pretty common in many other countries, is the fact there are rarely window shutters. They have curtains, but no shutters. That may depend on the region though, haven't seen all of the USA! But I've seen the same thing in Norway too. I find it odd. Over here, window shutters have been the norm for ages. There are practically no house with no shutters.

I think shutters are a thing in hurricane regions, I've never seen them out here, although for a while it was popular for houses to have silly decorative fake shutters screwed onto either side of the window, 60s-70s thing I think and it looks dumb. Having never lived in a house with shutters I don't fully understand their purpose, I'm not sure how they would work with larger windows or how you'd open and close them. At least with the type of windows that are common here only a portion of it slides horizontally to open.

[rdl]

With most American houses, only visitors will come to the front door. Residents will use the back/side door because it's closer to where the cars are parked and usually the shortest distance to the kitchen which is important when unloading groceries.

[EEVblog]

$149k for 4000sqft garage workshop on 0.5acre of land in what looks like a realtively nice suburban neighborhood. Some elbow grease required. 1hr from Philly
https://www.zillow.com/homedetails/223-E-Walnut-St-Birdsboro-PA-19508/2061135479_zpid/?

  Wow! I just looked at the pictures and if I was in that area, I would JUMP on that! Those are real wood floors, probably hard wood floors, in the garage! And it has a huge four door garage and with a sliding door on the end and a sliding door on the side that gives access to the 2nd floor as well. And it looks like it was build when they really knew how to build well. And she'd be getting huge lot. I think that she might be able to sell off the upper part of that lot to someone else for a home site if she wanted to. The shed appears to be full of old boards but my guess is that that is probably all hard wood and would be quite valuable to wood workers. Fran could probably sell the lumber, tear down the shed and sell that side of the extra as well.  If Fran would get that place and put her other projects on hold for a year or two while she fixed it up, I think she'd have a very nice place to live and to work, and could potentially make a LOT of money if she ever sold it. And look at the size of it's lot compared to the lots around it in the aerial view.  Every property that I've seen in any large US metropolitan area in recent years that has a large lot is now bringing a super premium. Like James-s said, the lots are sometimes worth far more than the homes.

If that is the case, then why didn't the property sell yet? 

99.9% of the market want a house, and probably 90% of those want a renovated house.
This is giant run down old barn that is useless, and would cost a fair bit to knock down and remove it all to build a house.
Add in a depressed market and it's no surprise it's not seling fast and they have dropped the price.