Posted by Zack on January 12, 2003 at 21:26:49:
- First step is to check the tax records
- If the numbers work
Condemned Property & Fire Damaged Property - Posted by Mike
Posted by Mike on January 12, 2003 at 20:46:32:
Has anyone ever done a wholesale deal with a condemned house and/or a fire damaged house? There were two properties that I drove by this weekend. One had a county sticker on it stating “condemned house…due to be demolished”…the other was boarded up with substantial fire damage. My questions are…
- How could I track down the parties to talk with?
- Would a rehabber want to deal with either of these?
Thanks for any help.
Mike
Re: Condemned Property & Fire Damaged Property - Posted by ken in sc
Posted by ken in sc on January 13, 2003 at 07:16:18:
Condemned and fire damaged are great properties to work with. I have rehabbed both. You should be able to find the owners and they should have some motivation.
Be sure to factor in a higher than typical repair number. These properties ALWAYS have higher repair costs, just dealing with the government hassle is some of it. They will be thoroughly inspected before signed off by the inspector - more than typical has been my experience. So factor that in, especially if you are going to flip. Need to leave plenty of room for the buyer to make a profit.
Good luck - Ken
Re: Condemned Property & Fire Damaged Property - Posted by Dan-FL
Posted by Dan-FL on January 13, 2003 at 07:02:39:
Condemned property are great to flip or rehab and sell or rent out.I have bought many,some 70-80% undermarket value.