Wholesale Fire Damaged House

3 Replies

I am still a newbie to the wholesale game and was wondering what the steps would be to wholesale a burned down house. Im 95% sure its what people call a tear down it actually turns out a family member owns it. Would I try to sell it as land value? I would really appreciate some help/guide through this process. 

There are only a few investors that will touch a burn-out. Most likely you will look at the value of the land and the area it is in. I would try to get in with a local real estate investing group and see if you can connect with someone that can point you towards investors looking for that kind of property. There are usually facebook groups for area investors or you could put it on the marketplace here. 

@Kevonte Williams  Is it in Carthage close to downtown area? Feel free to reach out to me. I have done a few fire damaged houses and buy in Moore County. It depends on where the actual land is. Some lots are in bad locations and the only person that will buy it is someone wanting to custom build. Some places just don't work for specs. But if it is actually a good lot for a spec, then lot value minus teardown is the most a builder will pay. If it already has water and sewer that could change it by a couple thousand, but not much.

BTW, We have the REIA here next week. Check it out in the events section. It's the second Tuesday of every month at Hickory Tavern in Southern Pines from 6:30-9 ish. Super laid back and you will meet some of the local guys playing the game. Look forward to hearing from you.