I know of an investor who bid on a property at an auction. In his attempt to upgrade the property, he discovered he was going to have to pay probably three times his purchase price in handling and disposing of the asbestos! It was only through countless letters from his attorney, and lawsuit threats, that he was able to back out of the purchase.
ASBESTOS is VERY ticklish stuff… If your teardown property shows any sign of asbestos (following an inspection from a qualified contractor), I’d run as far away from the place as possible!
We want to make our first bid on vacant land well not exactly vacant. House has burn damage and village says to tear down and build new. They are asking alittle more that what vacant land without a building goes for in this area. I would assume if you wanted to try and flip this, you would have to bid alot below to allow for cost of teardown and haul away to be attractive to a builder. Any builders out there who have any thought on this. Would you bother if you had to do a tear down? or would you not want to hassle with that cause there is more involved? Are there any hidden things to be aware of? Sorry were pretty ignorant where vacant land it concerned but would like to learn. Any help would be apprecited.