OfflineSo I found a brick, one level home in a high rental area with fire damage. The structure/foundation/roof is still in tact. Here's what happened the owner was renting it out and the tenant tipped a candle over in the back room. The owner just had a baby her son is like 3 or 4 months old, and she has several rental properties so she does not want to deal with this one right now she would rather just let it go. I had a professional inspection done on the property and I was happy to see the original hardwood flooring is OK just needs to be re-sanded. The contractor quoted me a complete rehab job with total electrical replacement for around 20K. She is willing to let the house go for 10K. I checked comps in the area and the last house that sold was appraised for about $65K. Is this deal worth a shot? I know there are some small local banks giving rehab loans but will they loan on a house with fire damage??
She is really flexible about this home just wants to get rid of it. She owns it free and clear is even willing to quit claim deed it to get it out of her hands. Any responses to my post are welcomed! Thanks DGers!
Melina Thomas
www.gogeorgia.vpweb.com
Melinda has addressed a GREAT investment opportunity and to expand on the
comments she made, I wanted to briefly explain how there is money to be
made in this destroyed properties.
Some of the best deals I’ve been involved with, either myself purchasing
or assigning, have been properties that needed major rehab!
Retail buyers will stay FAR away from this properties and so will
many investors….however I’m made a good amount of money
by working with contractors that are investors. They have the
team in place and you can pick up these type of properties on
the cheap.
When I was heavily working with contractor/investors, they wanted
me to find properties that have been flooded, had fire damage,
roofing problems, foundation issues, etc.
You can even contact your county’s zoning department to
get a list of this condemed properties and then start making
offers and make great money on an assignment!!!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Drew! Thanks for sharing with us!
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.