Any luck purchasing 10k "Condemned" & "Burn Out" Homes?

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Any luck purchasing 10k "Condemned" & "Burn Out" Homes?

Michael Lirones
Real Estate Broker · MI · Member since 2016 · 71 posts · 7 votes

Any luck purchasing 10k "Condemned" & "Burn Out" Homes?  I have an opportunity to do so in Southwestern Michigan (not Detroit)...90 minutes from Chicago and 5 minutes to the beaches of Lake Michigan.  High rental demand (Section 8 too).  Advice?

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  • Chris Martin
    Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
    1y

    Advice? Buy if the numbers work. There are always opportunities in buying real estate, businesses, companies, etc., as long as you know (or think you know) what you are in for. There are risks too, when buying condemned and burned-out houses because you may not be able to control the environment where these properties exist. Weigh the pros and cons. Good luck. 

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  • Michael Lirones
    OP
    Real Estate Broker · MI · Member since 2016 · 71 posts · 7 votes
    1y

    Thanks for input. I have a few properties identified.  Would you like to partner? 

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  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    1y

    Be very careful with these types of homes. They may be non permitable.

    check with the local city or county before you get into it where you can't get out.

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  • Michael Lirones
    OP
    Real Estate Broker · MI · Member since 2016 · 71 posts · 7 votes
    1y

    Thanks!

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