OfflineIs there anybody with experience about burnet houses?
How to deal with it?
There were no insurance on the house ( the blocks are still there)She wants 30k(might be less) for it, because she ows 13K for the builder+prop. taxes.
Thanks
Zsuzsa
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Zsuzsa,
I am very cautious when it comes to burnt houses... rehabs can be total rehabs, so make sure you get several estimates from licensed contractors.
Remember... always due your due diligence!
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
You need to get the ARV on the property before you even consider making an offer.Then you need to get an estimate on how much it will cost to get the home in move-in ready condition.
I have done several burnt houses in my investing. In today's market I feel that you can find a better deal without all the headaches in dealing with burnt houses. Building codes generally require a total retire and bringing structures up to new codes if they are 50 %
Damaged. I purchased a fire damaged home in July 2010 for $19,500. Spent $30.000 to bring it up to code. I had trouble getting comps for the rebuild and barely broke even. Approach with caution in today's market. Probably better to buy a foreclosure.
Jimmy