HOW UGLY IS UGLY?

Bird Dogs, Wholesaling
1

I have a couple of potential deals I have found, but I’m not sure if I should touch them. The reason being each of the homes have major roof damage, possibly from fire. I checked the title records and each one of the properties are owned outright free and clear. Which leads me to belive that the owners may have had no fire insurance, since there is no mortgage, and there is no work being done on either property.
I know that I can try to get them under contract and ask for the fire insurance settlement to be assigned to me as well (if it exists).

My biggest concern is will I be able to flip the contract to another investor or will they steer clear because of the damage to the roof? So how ugly is ugly?? Any help is appreciated. ARV of both homes is approx. $400K - $450K.

Below are some pics to give you an idea:

House 1:

http://www.realdealdanley.com/firedam1.jpg
http://www.realdealdanley.com/firedam2.jpg
http://www.realdealdanley.com/firedam3.jpg

House 2:

http://www.realdealdanley.com/firedam_1.jpg
http://www.realdealdanley.com/firedam_2.jpg
http://www.realdealdanley.com/firedam_3.jpg

2

Take this with a grain of salt since I haven’t acually DONE IT yet…

The first one is a passer’up. Those burned down roof trusses are going to be $$$$$$$$ to repair most likely.

The second one looks like a decent opportunity, but its hard to tell just how extensive the damage is from the pics.

3

Thanks, MarkW.

4

What are the lots worth? How much to tear these puppies down?

I’d think about those options and reselling the lots to builders.

Chris Michaud

5

Hmmm, another good angle, but my intention is to just wholesale the contracts. Aftewards an investor can do what they wish. The lots are worth somewhere between $250,000 - $275,000. I’m in Los Angeles, California.

Thanks Allamigos.

6

Picture don’t come up on my computer, so I want be able to coment.

7

I can’t get the pics either. :-[

8

I took them down. My question was answered already. Thanks.