OfflineI am now working on a home that is condemned. The seller wants it off her hands. She feels the city is ready to take it over and she will have to pay to have it torn down, etc. She begged me to take it off her hands. Sounds like I can get it for just $500.00 dollars. Several boarded up homes, but some better homes on the block. Has may be a complete tear down. Valued at 39,000, but seen a value as low as just under 10,000. Any advice? Should I bite or run like ...........
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www.tw4homes.com website
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IF IT'S A TEAR DOWN. if you have a realtor ask what they think ??? i wouldn't right it off until you got these answers. some people like to do a full gut rehab. and you may make an assignment fee or split the profits for bringing the deal to the rehabber. i am anxious to see what the more experienced investors think.
good luck TAMMY,
WALT
to get a contractor out there to give me a better assessment. Thanks Walt! I guess the one thing that keeps ringing in my ear is: "Don't let someone else's problem become your (my) problem!"
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
But have come to the decision that we will do like other offers and put 15-30 days inspection time and look for a buyer. We will have our built in escape if we don't find a buyer. She is highly motivated, so I will write the offer tomorrow with this escape clause built in.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
tear down, hauling, dump, permit expenses and any fines from city/county- plus any liens
whats the lot worth?
weigh the cost
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Mike is totally right.
There could be some huge fines from the city against this property. And they go with the property. So, if you buy it, you inherit them. Be sure to do your due diligence!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
What are the ARVs of the surrounding properties? What will it cost to build a new house along with everything Mike mentioned above. Usually it will cost way more than $40,000 to build a new 2/1 house. What home owner wants to buy a new house on a block with several boarded up houses?
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site