Tips for checking out a derelict property?

13 Replies

So my business partner and I are checking out a Derelict property tomorrow. From talking to the Estate manager it is in pretty rough shape.  It is boarded up. I will be taking a flashlight, gloves, drill, hammer, mask, and firearm. Is there anything else I should plan on bringing? What should I  look for out of the ordinary? I know to make sure it was winterized. It will be my business partner and I. The lawyer representing the family will be there. But will not go inside. 

Scavaging through a derelict property?   You're a better man than I am, that's for sure.

I was curious where the property was located, Ryan?  Also, what areas do you scout the most?

I have a client wanting to sell a 4 family in DEEP south St. Louis.  Dutchtown South.

Any interest in that area?

Let me know how the derelict property you looked at turned out.  Always been leery with properties needing so much capital improvement.  Hope it worked out well.

Dan

I figure there is a first time for everything. We are going tonight. I'll update with how it goes. 

Wow!  I wish you luck!  This is definitely outside my comfort zone, but it sounds exciting!  I can't wait to hear more about this.  I'm loving St. Louis investing thus far.

@Frankie Woods  it actually went really well. It wasn't in nearly as bad of shape as I was expecting. Some graffiti and lots of spiders. But other then that it has potential. 

Nice! How did you find the property? MLS? Direct mail? Bandit signs (ugh!)? What part of the Lou?

Direct Mail. It is in Kirk Wood. Arv around 75k. 

Nice work. Kirkwood is a highly desirable area as I'm sure you know!

I live in Kirkwood. @Max Householder  is right. Very desirable area and not a ton of inventory. 

Waiting to hear back from the attorney but I may have 3 available in that area soon. Great area for rentals. 

Are you just wholesaling them, rehab and flip, rehab and hold?

We normally would turn 2 of them into rentals and flip the third. (3rd is a really cool house.) The problem is we are in the process of buying 2 buy and hold right now so we need to get our capital back up. We will probably wholesale all 3. 

Or wholesale 2 and keep one. 

Ryan, PM me if you get any under contract (or need funding).  I'd be looking for a deal around that area.  

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