finding real estate investors for condemned properties - Posted by Dlewis

import · February 18, 2000, 10:53pm

Posted by PBoone on February 19, 2000 at 05:54:45:

If the properties are being sold for 50% of FMV minus repair costs, we will buy all you can find
Pat

import · February 18, 2000, 10:53pm

Posted by Dlewis on February 18, 2000 at 23:53:51:

Does anyone know how to find investor’s that would be interested in purchasing condemened and run down houses that can be rehabilitated? These are houses that an investor can rehab at low cost and make great profit. I am having no problems finding properties, however I can’t find investors. It would be nice to have a long… list of investors on hand to sell our properties. You would think someone would jump at the chance since I’m selling below market value and willing to do owner financng. If anyone has any ideas, please let me know.

Thanks in advance!!!

import · February 19, 2000, 3:12pm

Two Possible Reasons - Posted by Jim Kennedy - Houston, TX

Posted by Jim Kennedy - Houston, TX on February 19, 2000 at 16:12:49:

If the properties are in my marketplace (Houston area) and the price is right, I would be VERY interested. Based on your post, I can think of two things that may be keeping investors from buying your properties.

First is the fact that some of the houses are condemned. In my area, there is more risk in taking on a condemned property ? much more red tape combined with higher repair costs.

Second could be the price you are asking. I use a fairly consistent method to analyze whether a potential rehab project fits my buying criteria. In your post you wrote, ?These are houses that an investor can rehab at low cost and make great profit.? What will be the fair market value after repairs are completed? Deduct from that figure a reasonable profit for the rehabber. Then deduct a reasonable amount for acquisition, holding and disposition costs. Now subtract repair costs and you should arrive at a price that would be attractive to a rehabber.

Hope this helps.

Best of Success!!

Jim Kennedy,
Houston, TX

import · February 19, 2000, 10:45am

Re: finding real estate investors for condemned properties - Posted by GIO

Posted by GIO on February 19, 2000 at 11:45:22:

got anything in n.y. ? i’m ready, just have some of the numbers ready.
thanks

import · February 19, 2000, 7:31am

where are you? - Posted by steph in tex

Posted by steph in tex on February 19, 2000 at 08:31:38:

we’ll buy 'em.
if the price is right.
seriously.

steph in tex

import · February 19, 2000, 6:11am

What are the town’s plans for the property? - Posted by Ben

Posted by Ben on February 19, 2000 at 07:11:56:

Looking at it from a potential investor’s perspective, have you made it ironclad sure that the local government has no plans to raze these properties in order to build a highway, expand a road, clean up the neighborhood, etc. The government can exercise eminent domain and undercut everything. This may be what is scaring people off.