OfflineI have a line on a house that is a large duplex, vacant, three bedroom two story each side. It is in an absolutely poor part of town. I mean, a block away there are four wooden crosses on the side of the road. The house next door looks just as horrible, but there are people living in it! Looks like Detroit!
Anyways, this guy from this liquidation company is selling it for $15k. I offered 5k and he didn't take. Is this a house that is something to consider?
ALSO, found another property being offered for 20k. It's in a better part of town. Large commercial building with four storefronts on the lower level, full dock access at the rear. On the second story there are six apartments. There looks to have been a fire at one point, which destroyed much of the roof of the building. The building is mainly comprimised of brick and cinder block. It looks to have been vacant for some years now. Is this also a viable option?
PLEASE let me know, thanks!
Jason
House in high crime area>>>
Posted on: Tue, 07/31/2012 - 06:29
House in high crime area>>>
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- by jazon12
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Jason,
Great question! There are a couple of things to consider when looking at any property.
1st- Do you have a buyer that would be interested in purchasing either of these properties? If you don't walk away. There is no reason spend time looking at and evaluating a property you don't have a buyer for.
2nd- If you do have a buyer, what are their rehab requirements? Do they want a project such as this?
In addition make sure you have run your FMV on these properties to see if there are any workable margins there.
Good job! Keep up the good work.