Apology if this is in the wrong forum.
Can someone tell me if a condemned home is an undesirable investment in the state of Texas ? I have no other information about the property at this time…was just driving by.
TIA
depends on why it was condemned. structurally unsafe? black mold? purchase price, cost to repair and final market value determine if it’s a deal or not. Even the lot is worth something.
I have bought many condemned properties, so I guess I must like em, ??? I usually ask myself after the purchase - why did I buy this junker?
The way I see it, if I’m going to rehab a property, it needs to be a nice family home worthy of so much time and effort. In my experience, most of the condemned properties do not produce enough profit to complete a rehab, but the property your looking to buy might be different.
I have rehabbed only one junker, and as stated above, I learned that after spending so much money fixing it, there was no profit. There is too much BS with the city after they have tagged it - everything must be brought up to code. $$$
Again, each property is different, that’s just my experience
Nowdays, when I buy a junker - I just knock off the rough edges (cleaning crew) and sell it wholesale to folks wanting a cash deal.
That said, if you can get a bargain on that property, you can always flip it as-is, I call my method “sweep and sell.”
ATTN: MCWAGNER - I was able to purchase 2 junker properties in Marshall this week - grand total = $500. FIVE HUNDRED
Here is a pic of a $250 junker house. NO JOKE
http://i33.photobucket.com/albums/d81/bighat/AllenSt.jpg
So what do those people that you sell wholesale to do with the properties you buy? Graciez
Most of my buyers are retail customers, mostly hispanic, that are willing to do their own work. Seems they always have friends and family that help do the repairs - cheaply.
Here are two examples:
I had one guy buy two properties from me, he turned them into rentals. He said he enjoys fixing them.
Another guy was a roofer, he traded me labor + cash for a house. He fixed it up and now lives there - he says his friends call him a liar when he tells them he bought the house for $3500. (2400 cash - 1100 labor to reroof another one of my properties)
Bighat…
no cattle
Cool, sounds like you are doing well and offering affordable housing to those willing to work for a living. Awesome job. Graciez