OfflineHey Folks,
What do you advise about dealing with condemned properties? I saw two condemned buildings today both were quadruplexes. They were in a fairly good neighborhood. I was scared about them at first but afer reading chapter 17 of Be A Real Estate Millionaire, I was emboldened by Dean's story about one fantastic deal he executed. What are the steps to handle such cases?
I also saw a REO(quadruplex)close to a one of the colleges. There were $6,845 taxes on the property and the bank was asking for $160,000. SHOULD I GO FOR IT?
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This may be a funny question but how condemned were the properties? Totally useless or repairable?
Also, a thought: What is the best use for the land? Is it to keep the properties as plex's or bulldoze the property and do something new? Being that the properties are condemned you may find it easier to do something new - if there is to be found a better use for the property. If you create a better use the property will be worth far more and thus have better value to you later.
Asking if you should go for a property at $160,000 is a hard answer without knowing much about the property, area and best use.
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It really DOES depend on why they were condemned. It could be something as simple as code violations. Find out from the city.
It really DOES depend on why they were condemned. It could be something as simple as code violations. Find out from the city.
I agree with wmark1963. It depends on why they were condemned. Due diligence is important, especially when it comes to the issues of Environmental Protection. Is the land contaminated? Title Search and research from the city is important.