Double makeover

Double makeover

There are 60 comments on the TwinCities.com story from Apr 27, 2011, titled Double makeover. In it, TwinCities.com reports that:

The Frogtown house that faces the roar of traffic along Interstate 94 in St. Paul was once vacant.

Join the discussion below, or Read more at TwinCities.com.

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Lady of Saint Paul

Minneapolis, MN

#1 Apr 27, 2011
Why not buy these homes and then rent them out to families that can only rent? That would be profitable, right? Rent w/option to own or contract for deed... just an idea or two.
Freedom Lover

Minneapolis, MN

#2 Apr 27, 2011
A year ago a bank paid 40k. A realitor charges 15%. Remodeling a kitchen? Hmmm, there would be a lot more that just granite. Let's say 5k. If all the other rooms looked as rough as the hallway, let's say 10k for all other repairs and throw in the basement remodeling. They'd have to hey 100k for a nominal profit. Who in their right mind would pay 50k for an old house overlooking 94? Somewhere in this there must be St. Paul money. If they can gice 2 MILLION to Cossetta's they can give 50k to everybody. Just don't bring no Jesus statue.
Freedom Lover

Minneapolis, MN

#3 Apr 27, 2011
AND!!! I can't believe a 40k house would even have windows? How many windows are thewr in this house? Has there been an energy assessment? How about bullet holes? They let the cold in.
Freedom Lover

Minneapolis, MN

#4 Apr 27, 2011
Asbestos removal can cost a small fortune. How about lead abatement? Not just the paint around those drafty old windows either. All the water lines need to be replaced. 10K. Oh, and those lead bullets too.
Glenn Palin

Saint Paul, MN

#6 Apr 28, 2011
It's not about helping the community, and never was. These guys are preying on people and lining their pockets. They purchase the properties for next to nothing, provide it as affordable housing, and then take upwards of thirteen to fifteen hundred per month as rent (all of a woman's Section 8 money), leaving nothing left for a poor family, and then 'pissing and moaning' if they're asked to provide a snow shovel (or lawnmower) or fix the cheap used dryer that they've thrown in the deal, or you just can't find them because now they have money to be up North hunting or on a family vacation. And WHO has their hand out wanting something for nothing; WHO is taking advantage of welfare or the system? And for you white wives out there who's husband or family owns property in St. Paul, rarely have we encountered a situation in which your husbands/property owner doesn't make his way around to giving inappropriate compliments to seeking some perceived fringe benefits from his perceived entitlement. Be with your husband while he's managing properties! Now, who's really sick in all of this???
the troll

Minneapolis, MN

#7 Apr 28, 2011
Freedom Lover wrote:
Asbestos removal can cost a small fortune. How about lead abatement? Not just the paint around those drafty old windows either. All the water lines need to be replaced. 10K. Oh, and those lead bullets too.
Freedom Lover? sounds like you love Colt 45 and lots of it. and then go typing.
I'm all for the remodels. I have been had by "investors" or house flippers who want to get rich quick on other poeples money, ripping off subs and not doing anything except making a few phone call. The guys who actually do the deal and do the work - hey, more power to em. It's not like there are any construction jobs out there. Buy low, fix it right and make it pretty and get a decent price.
GreatDay

Wake Forest, NC

#8 Apr 28, 2011
This third layer market of "watch a tv show" speculators will come to a "crash and burn" halt quick.
Amateurs usually screw up the path to "riches" with any trendy thing...everyone becomes an expert.
Here comes a BIG BANG on this new suburban former "mini vanners" venture!
Keep your day jobs all you "get rich quick" know nothings!
annette

Minneapolis, MN

#9 Apr 28, 2011
I have been saying this for 6 months! Houses priced right are selling. And I wish Realtors got 15%...closer to 1.35%.
John

Saint Paul, MN

#10 Apr 28, 2011
Wait until they rent to some low income african americans. The city will have them shut down in no time flat when the racist neighbors start complaining to the city council. These guys will be bankrupt in a year or two.
adam

Hillsboro, OR

#11 Apr 28, 2011
hope they dont get shot before they finish by hood thugs
marylou

Saint Paul, MN

#12 Apr 28, 2011
I dont know why this is news???? Are there no hit and runs or gunshots to report today?? Use this space to write about Nick Firkus till he cracks!
Tom

Saint Paul, MN

#13 Apr 28, 2011
These guys are some bold investors. Who in their right mind would buy a house in that area for over $150,000?
I wish them well.
No More

United States

#14 Apr 28, 2011
Banks are not lending because they were given money to lend to people but instead turned around and bought US Gov't debt which was paying more interest and sat back and racked in the money!

Housing is still over valued! Prices have to fall back to their 1990 levels!
WebD

Saint Paul, MN

#15 Apr 28, 2011
Wouldn't a house on St Anthony be in the Summit-U neighborhood?

The boundaries of Frogtown are:
Western Boundary: East Side of Lexington Avenue
Northern Boundary: Burlington Northern Railroad Tracks (above Pierce Butler Route)
Eastern Boundary: Rice Street
Southern Boundary: North Side of University Avenue

click here for the boundaries of the Frogtown Neighborhood Assoc.(District 7)
A reader

Minneapolis, MN

#16 Apr 28, 2011
Kudos to those who are willing to put their money where their mouth is and purchase these empty homes, fix them up and give families a place to live. Shame on those who are always looking for the negative...at least these guys are doing something. Would you rather keep it empty and deal with the issues that come with that???
Auroro-Universit y Chick

Kingman, AZ

#17 Apr 28, 2011
"Affordable Housing", not at all. These folks are buying these houses, fixing them up, then waiting for the lightrail to bank in. I've lived in the area for 34 years and have seen these type of people that claim to be doing a "good deed" for the "community" when all they're really doing is trying to buy up property in an area they wouldn't have touched with a ten foot pole a few years back. It's funny how money changes people's desire to provide goodwill to a community. They may rent to these "low-income" renters for a short while, but as soon as the light rail is in place, that will all change.
Mee

Saint Paul, MN

#18 Apr 28, 2011
Auroro-University Chick wrote:
"Affordable Housing", not at all. These folks are buying these houses, fixing them up, then waiting for the lightrail to bank in. I've lived in the area for 34 years and have seen these type of people that claim to be doing a "good deed" for the "community" when all they're really doing is trying to buy up property in an area they wouldn't have touched with a ten foot pole a few years back. It's funny how money changes people's desire to provide goodwill to a community. They may rent to these "low-income" renters for a short while, but as soon as the light rail is in place, that will all change.
What is your idea? What do you suggest happens to this property? These people are taking a chance that they will sell or rent the property in a short time frame when it is ready. If they wind up sitting on it, they have to pay the mortgage, insurance, taxes, utilities and other upkeep with no income. They are doing something good and yes, hopefully at a profit.

Why must everything be a negative for some people?
exed

Centuria, WI

#19 Apr 28, 2011
marylou wrote:
I dont know why this is news???? Are there no hit and runs or gunshots to report today?? Use this space to write about Nick Firkus till he cracks!
I wondered about that too, but it seems that nearly all the daily "top stories" on this site are really lame. Maybe the new editor will create a more interesting publication.
Mark

Minneapolis, MN

#20 Apr 28, 2011
With all the over-regulation, the corrupt building inspectors in St. Paul, red tape, union entanglements, property taxes... it's shocking anyone can make a profit on a house here.
East Side Resident

Saint Paul, MN

#21 Apr 28, 2011
Underpricing a rehab home so you can flip it quickly is not what I would call "helping to keep neighborhood values from sliding." Most of these investors don't care how much the house is actually worth, as long as they make a quick profit.

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