I’m just getting started in my wholesaling business and a potential client home is designated as a historic home. Does anyone have any experience dealing with a historic home and how can I convince the owner to wholesale it to me?
@Ira Sullivan Also, you can check with your local Historic Society or the municipality’s historic division. There are specific requirements in restoring such homes.
I bought one as a Turnkey in Historic Phoenix and it is in high demand for AirBnB. It had already been rehabbed so that might make a difference in the process. But, generally check and see if there are restrictions for what you want to do and see if there are attractions in the area that AirBnB would work for.
Investor · Rockford · Member since 2019 · 46 posts · 46 votes
6y
Not a wholesaling answer but I'm a contractor and those houses are a pain to deal with. Around me you need approval from the county to do anything. New roof they need to give you permission. I would never buy one. I'm just thinking it would be harder to sell but thats my opinion
Rental Property Investor · Detroit, MI · Member since 2019 · 8 posts · 5 votes
6y
@Ira Sullivan Of course the home is more valuable. Verify the values of homes in the area and offer a decent price, considering repairs, of course. Some owner’s don’t have the funds to restore home to it’s former glory (of course, if that be the case), and they may see this as an opportunity to make a profit and move on. It really depends on the person. Some people esteem one thing more than another.
Rental Property Investor · Detroit, MI · Member since 2019 · 8 posts · 5 votes
6y
@Ira Sullivan Also, you can check with your local Historic Society or the municipality’s historic division. There are specific requirements in restoring such homes.
@Ira Sullivan Also, you can check with your local Historic Society or the municipality’s historic division. There are specific requirements in restoring such homes.
I bought one as a Turnkey in Historic Phoenix and it is in high demand for AirBnB. It had already been rehabbed so that might make a difference in the process. But, generally check and see if there are restrictions for what you want to do and see if there are attractions in the area that AirBnB would work for.
Lender · Phoenix, AZ · Member since 2018 · 108 posts · 41 votes
6y
Historic homes here in Pheonix are extremely lucrative at this time I had a fellow investor just buy and flip one and it was not only cool to watch the process (not that difficult) but sold rather quickly because of the high demand in down town Phoenix.
Investor · North Augusta, SC · Member since 2020 · 42 posts · 30 votes
6y
It would depend on location. I looked into buying a historic home at one point. But given the neighborhood that the home was in, and the restrictive covenants, there would have been a really limited number of perspective buyers.
If the house you are looking at is in an in demand neighborhood, it would be worth pursuing. But if it isn't, I would steer clear.
Flipper/Rehabber · Matthews, NC · Member since 2019 · 198 posts · 239 votes
6y
We just flipped a house in a historic district. The historic committee had strict rules about what we could do on the outside of the house. Some decisions would have to be decided by the committee which would have taken months. A few simple decisions were allowed to be made by staff. So, on the outside we replaced like for like with approvals on materials, colors, etc. The inside was open game. We put it on the market at the absolute worst time of the year...a week before Christmas and got a full price offer first week in January.
Make sure you read the covenants carefully. Also, with older homes there are many more things to look for that may have to be taken care of....electrical, plumbing, asbestos, structural, etc.