Rental Property Investor · Atlanta, GA · Member since 2014 · 30 posts · 3 votes
Hi BP family,
I am curious to know if there is a market of buyers that buy properties that have been damaged due to fire? Once they are purchased, what do they normally do with them?
In Sunny Florida, fire remediation must be done totally under permit. Usually rewiring is also required. So, if you buy fire-damaged property, buy it cheap!
There is a market. I have an idea I want to try with this very situation. If the property is mostly burnt or completely destroyed, the property should be acquired at a steal. There are companies like ICON that can build a new house in a matter of like 3 days for very little. There smaller 500 sqft house is about $4K, but can build a 2000sqft. If you assume price scales with size, this may be about $25K. In an expensive area you can make a killing or significant reduce the cost of owning a home. The ideal property would be one that just has the cement foundation remaining. Anyways, that is the route I am seeking and i will let you know if it works out.
Burnt Out is now available for purchase on Kindle. Paperback will be available on Amazon within a few days. Here's the link https://www.amazon.com/dp/B08L...
I am an investor in Atlanta. When searching for deals I see a lot of burned out properties. I looked at many other markets and I simply do not see nearly as many burned out properties in other places. Is there a specific reason that there are so many burned out properties in and around Atlanta? I can't seem to figure it out. What am I missing?
I have a whole chapter in my book "BURNT OUT" about how and why homes catch fire. Go check it out maybe it will provide some insight. My guess is old wiring & poor maintenance is the culprit.
I am an investor in Atlanta. When searching for deals I see a lot of burned out properties. I looked at many other markets and I simply do not see nearly as many burned out properties in other places. Is there a specific reason that there are so many burned out properties in and around Atlanta? I can't seem to figure it out. What am I missing?
space heaters, maybe. Many other areas of the country have more severe winters, so they need a full house heating system all winter. Here in Atlanta it gets cold, but not as cold, and many lower income tenants try to get away with space heaters, because they don't want (or can't, because of outstanding bills) to turn on gas heat. It would also require an extra deposit, that they might not have. So, they use electric space heaters and overload an old electrical system and boom.......
In NYC or Chicago there would not be any consideration of not having the heat fully functioning