NeoREI Adventure

[Stephen Fryer]

Hi guys.

I took my first steps this week. Selected a market and began looking for deals on Fannie Mae. I found a fourplex that I thought was a good deal for 25K. Other similar units up the street were selling for 200K. Contacted the agent and had a few conversations. When I asked what her feelings were about what amount would be required to rehab, I discovered that the building had recently been condemned by the city because the cost of repairs were more than the value.

Now there's a twist. How often does that happen?

Any suggestions about what questions I should be asking the agent to get the most comprehensive background on a property?

Stephen

[Brandon Turner]

Interesting. I've heard you can sometimes challenge a city's condemnation of a building- but I haven't done it. I have a hard time believing anything would be that expensive to fix up. I think a lot of city workers believe it takes hundreds of thousands to fix something that just needs to be gutted, new sheetrock, and finishing touches (My guess would be in the 60k range... but that's a really broad estimate)

Anyways - interesting anyways. What's the market like Stephen Fryer?

(oh - and don't forget to put up a picture on your profile!)