Updated over 9 years ago on . Most recent reply
STORY TIME!!! HouseHacking capacity
Good day everybody, peace and blessings to you all. So I have a question, what would any of you consider to be a fair offer on and abandoned home in NYC. Now keep in mind, this home has had a Vacate order in place since the early 80's. I grew up in the same neighborhood as this home. I moved there when I was five and am now 31 and I have NOT ONCE, EVER, seen as much as anything other than a rodent go in and out of the tattered, warped and saggy boards. It sits in between a church that's a staple in the community, and a building that was torn down and rebuilt. It's a three family home I believe, classic prewar NYC charm, and I want it! Lol! I just recently noticed a 'For Sale' sign plastered on it. I called both numbers, got no answers and left messages. That was two days ago. What next?!?! I know I should ring their phones off the hook, but once I get someone on the phone, then what? Do I go right into the offer? I clearly want to know more about why this building has sat their that way since I was a child.
Most Popular Reply
Call and ask to go see it. No need for a blind offer.
It will likely need everything (electric, plumbing,HVAC) not to mention wood rot. And if the roof and gutter system failed 10years ago you have a good hands of foundation and mold issues. So the numbers would need to make sense with a huge rehab number. Probably 6 figures. But in your market that's probably doable.
Good luck and you'd learn a ton on that type project. For reference my first one of that magnitude I was off the rehab by 100%. Went for 60 to 120. So be careful not to lose your shirt. :)