condemned property

Nashville, TN · Member since 2016 · 11 posts · 4 votes

Hi BP, I have questions about buying a condemned property and need some advise. How much is too much to pay for one? The owner lives in California and didn't realize the property manager let it go. I have a team who will tear down and rebuild on the property. The property is in a fairly nice neighborhood no squatters and its only been condemned for 2 or 3 months. No liens against it. I have read that condemned properties usually sell for as low as 3k to 5k.

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Michaela G.

Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes

You could take out the only toilet in a house and code enforcement would then condemn the property for being unlivable. A new toilet is $ 100

So, it being condemned doesn't mean a whole lot. Look at it like any other rehab and see what needs to be done and make your offer based on that.

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George P.
Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
9y
as little as possible.
what does the seller want for it?
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Cynthia K. Anderson
OP
Nashville, TN · Member since 2016 · 11 posts · 4 votes
9y
He asked me for a price and I offered 20k. Haven't heard back from him yet.
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Account Closed
Investor · Buffalo, NY · Member since 2016 · 668 posts · 209 votes
9y
You need a mentor. Find a local REI club and attend a few meetings. Define goals and network. Good luck.
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Cynthia K. Anderson
OP
Nashville, TN · Member since 2016 · 11 posts · 4 votes
9y
I am a member of REIN in Nashville. Got advise from someone last night about my price. Is there anything helpful you could add.
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Michaela G.
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
9y
You could take out the only toilet in a house and code enforcement would then condemn the property for being unlivable. A new toilet is $ 100
So, it being condemned doesn't mean a whole lot. Look at it like any other rehab and see what needs to be done and make your offer based on that.
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Joel OwensBusiness Member
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Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
9y
Next time get the seller to throw out a number first. You need to see mentally where their head is at.
If they are in la,la land and wanting someone to pay a crazy price then time and life circumstances has to nudge them along to reality to where they will either sell or will lose the property to foreclosure or something else.
One time a developer told me of a lady with his offer she said to (go to h%ll!). 1 year later she came back to him and he bought for 20k less in price than his original offer because construction materials and labor had gone up.
Sometimes sellers get in their own way.
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Michaela G.
Investor · Atlanta, GA · Member since 2013 · 3k+ posts · 3k+ votes
9y
What are the chances that this is one of those turn-key properties that a buyer in California bought, thinking that they bought a great deal, with tenant and property manager?
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