Posted by Joe-GA on April 03, 2006 at 21:58:08:
unles youran experienced investor, I would let this one slide on by… this is something you tyake on several years down the road …
FIRE Damaged-Property… - Posted by RandyDallas
Posted by RandyDallas on April 01, 2006 at 22:47:20:
Hi
I have a lead on a house in TX.
I need some advise from experienced rehabbers and investors.
THe house is worth about $120,000.
Median house price range in this area is maybe around $150,000.
The seller wants $37,000 for the house and is firm.
THe house is about 80% fire damaged.
I know you cannot give me an accurate answer, but just looking for guesses and thoughts.
With those numbers and 80% fire damaged,house value if all fixed up, asking price of the seller,etc. Do you think this would be a good deal for a rehabber? With those numbers above?
Again, i understand you cannot give me a specific answer but from the numbers above, what do you think?
I want to wholesale it, and im fine with earning a small profit.
Please let m eknow
Re: FIRE Damaged-Property… - Posted by j
Posted by j on April 02, 2006 at 15:48:54:
WIth the #'s you give, you are buying the LOT.
80% says the foundation is there and maybe a partial exterior wall.
Been there and done that in MI
Re: FIRE Damaged-Property… - Posted by Ed Garcia
Posted by Ed Garcia on April 02, 2006 at 13:14:08:
Randy,
You say. ?I have a lead on a house in TX?. To me this means you haven?t even seen it yet.
If I had a sincere interest in doing this deal, I would do what Jimmy suggested. I would get my butt out there with a contractor to get a bid on what it would take to bring the house back to market condition. If I liked his numbers, I?d get 2 more bids by 2 other referred, licensed contractors, to compare the rehab information as well as the cost.
This will give you an opportunity to build and establish a network of people to start doing business with in the area. It?s obvious you don?t have a network or you wouldn?t be coming to us. I think to give you our opinion out of the blue without having pertinent information would do you and your deal a miss justice.
Ed Garcia
Be Very Careful - Posted by Jimmy
Posted by Jimmy on April 02, 2006 at 09:04:28:
You better know exactly what you are doing here. Find a contractor who had done AT LEAST a half-dozen major fire rehabs. Its not just the charred surfaced and burned surfaces you have to worry about. the heat from the fire has damaged a lot of stuff you cannot see.
I’m not saying fire rehabs can’t be profitable. Thy can be if the proce is right. But this could be a tear-down and rebuild situation. If it is. would you still make money?