Flipping Condemned Properties - Posted by Desmond

Real Estate Investing
#1

Posted by codero on April 21, 2000 at 23:00:25:

I can’t tell you yes or no, but I can tell you that one person’s problem can be an other’s opportuniy. I recently started in the flipping biz, I found three vacant junkers that are in the city’s hands. I’ve been trying to contact the attorney who handles these, no luck yet. If you want to find property like this just get out and drive, you may find all kinds of opportunities if you’re looking for them. If you can’t find a buyer for them, then keep looking for all the other deals out there. The time wlll come when you either have a buyer or you can do something with it yourself.

#2

Flipping Condemned Properties - Posted by Desmond

Posted by Desmond on April 21, 2000 at 22:12:39:

Is there a market for flipping condemned properties? If yes, does anyone have any special techniques and ideas for making money with flipping condemned properities? Additionally, does anyone know where I can find these types of properties as well as potential buyers?

Thanks

#3

Re: Flipping Condemned Properties - Posted by Trump

Posted by Trump on April 24, 2000 at 15:55:54:

Can I keep the $$$ to. Just jokeink. There is a lot of green in cond. homes. You need to join your local Investors club and learn the business more. I highly recomend Ron LeGrands wholesell Reatail course. It has kept me unemployed for 4 years and i have plenty of$ in the bank.

#4

Re: Flipping Condemned Properties - Posted by Rik NJ

Posted by Rik NJ on April 22, 2000 at 07:20:36:

You may want to consider flipping to folks that are looking for a place to live as opposed to another investor. I would suggest getting some information about the FHA 203K mortgage, which is a rehabilitation mortgage. You can run some ads for buyers letting them know that you can help them get a rehab mortgage, and a great house that will ultimately be ?brand new? after the rehab. All of this can usually be done below FMV when completed. Everyone wins.

I purchased my own home this way. I bought a junker in a nice area with a great yard. I got it for a steal because of the condition. I used the FHA 203K mortgage (3% - 5% down depending if you?re a first time home buyer or not.) for the purchase and the rehab money, and ended up with a brand new house (after all of the work was completed) for about $50K below FMV. Not too shabby.

Good Luck,

Rik NJ