BiggerPockets

is there such a thing has having a list of either condemned or fire damaged properties?if so where would i look to get it from

yea im going to check it out,cause ive been noticing theres a good amount of properties with red signs on them,meaning not livable,i was thinking maybe if i could somehow go at the city to get those properties either rentable or bring them up to code maybe i can get in that market....another thing i gotta figure out how would i find the value of these properties...

thanks eddie,i was also thinking of that as well

I would stay away from fire damaged but treat the condemned properties on a case by case basis. Just because a property is condemned does not mean it is a junker. I have 2 examples of recent homes that I have talked with the owner on one (and inspected the property with my contractor) and the other one I called Building & Safety and actually talked with the guy who posted the sign.

With the one I inspected, the owner had tenants that did not pay for 9 months and the Sheriff recommended that they have the property "Condemned" then the Sheriff can force them out, otherwise they would have to go through the motions of the court (which are in the tenants favor in OR).

The other one that I talked with Building & Safety about was "Condemned" because there was a homeless person living in the home (with the owners permission) without electricity or trash pick-up...as you can imagine the trash piled up and as far as safety they had candles for light which was not safe so they "Condemned" the home basically for the same reason, eviction.

Bottom line is you need to do your due diligence. The fact that these are "Condemned" properties you may be the only one actually taking a look at them.

Jeff

Not sure you want to do fire damaged properties. Even though the damage might not look like much, the rehab can be extremely high. You get some beams with a little bit of char....Replace it!! Also, smoke damage gets into everything!

Just had a buddy with a fire in his garage only....did not get into his house. Because of the smoke damage that entered the house, and the charred joists, the contractor pretty much had to gut the interior.

One little fire.....six months of full time rehab!

thanks alot Justin,acutally man im looking for those lists in houston ,and i've noticed you're there as well,add me as a collegue

A possible usable piece of info from my Arriganto Monelongo seminar would be that in some cases you may be able to get the owner to assign the insurance pay out to you. If you can get the work done below the insurance companies assessed cost you can pocket that money as well.

Hi, you guys can really cover a topic! Due to the extent of damage from fire, I don't even consider them, besides, there is a very good construction company in town that specializes in rehabbing fire losses! Another suggestion along these lines is that you might want to check with municipalities on any real estate they hold (ORE). Economic development programs make loans available in enterprise zones or for low/mod housing. Believe it or not some of these loans go under, contractors go broke, banks begin foreclosure and the government must pay them off to protect their position, I pick up a really nice tri-plex from the city that way with a funny money loan I assumed. Condemned properties can be OK, but you better know how to perform due diligence. These are transferred by special warranty deed excluding liens, title issues, damage, latent defects and any compliance issue. Bill

So can u assign condemn properties?
thanks