OfflineHey everyone,
I'd like to get your input on boarded-up houses. My parents owned a home in an area and eventually rented it out for 13 yrs. Finally sold and made a good profit. We know the area and look there often because it's a much sought-after area with elementary and high schools very close. Just the other day we were cruising around and spotted a boarded-up home that we had delivered newspapers to for years. We researched using Prop Trends and the MLS and found it was a 3-unit single home with 8 garage rentals(included) that sit behind it. I was just wondering if boarded-up homes are riskier; I'm not sure how long it's been closed up. We do have the address of the current listed owner and are going to contact him. Does anybody have a form letter you use to make contact this way? We went to our courthouse Friday to research homes we've spotted in our drive-by searches.
Vincent and Pamela Jo
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
Vincent and Pamela Jo
Thats how I find Most Of my properties or tax sale properties but I went back to my old neighborhood found two properties that were side by side and boarded up . Look up the properties found the owners we are working on a deal now where I would get both houses $15000. But its a complete rehab and I'm catching a lot of crap from my wife. But I know it wll make money!!One house for $14500 and the second $500!!wish me luck!!
Wow sounds like a good price but how much are you going to do in repairs and are you going to rent or resell? Is the profit margin there on this kind of deal? My husband and I are going back and forth about these kind of properties, He is ok with looking into them but I'm a little nerveous being that we are so new to this with little money to rehab. with. Any information would be appreciated.
Thank you Tammy
Love and Laughter make the world a better place.
You would have to look inside and see what kind of repairs are needed and what the value is on those properties in order to know if they are worth buying and holding or would you be better off wholesaling them to an end buyer.
I found some boarded up homes in good neighborhoods. The owners seem to be deceased on 2 of them, so I think they could be potentially huge deals to wholesale. Bottom line is you have to check them out,the owner may just want to get rid of them real cheap just to walk away from the head ache of having them.
good luck
Richie.
Thank you for the informations.
Love and Laughter make the world a better place.
There are so many circumstances that can cause a house to be boarded up. It never hurts to hunt down the property owner and get some information about the house. It may be an estate or probate situation, or it could be a health code violation for meth-amphetamines. Two totally different scenarios. My first step is always to make contact if I have a question. The rest seems to just fall into place naturally.