My partner and I purchased 2 properties along the coast in NJ. Both are tear downs. I am wondering how I might go about determining and marketing anything of value in them. I am not looking to put a lot of work into it as it could be more trouble and time than it is worth. Any advice?
Both properties are victims of hurricane sandy. NJ requires the properties to be elevated prior to occupancy which is not practical. They don't appear to be in especially bad shape, but were condemned. I haven't been in them in-person yet. I plan to visit this weekend. My partner is my boots-on-the-ground.
I am thinking there are probably two categories of value: commodities and finished products. For commodities, I am thinking bulk copper and anything else of value. Finished products would be cabinets, appliances, mechanicals, fixtures, etc; all subject to having a used but marketable condition. I should have some pictures available in about a week if that helps (I am sure it does).
My only ideas so far are ads in Craigs List and similar and asking contractors I know for interest. Then, I thought, BiggerPockets would know...!
Look into raising them. There are a number of companies who have gotten good at it over the past few years. It may be cheaper than razing the whole thing and either selling the lot of rebuilding.
No personal experience to give specific suggestions, but went through Sandy and worked with some who did the rebuild process.
There is a non profit in Baltimore called Second Chance . they deconstruct houses and you pay them , then tin return they give you a VERY generous tax deduction . You are too far for them , but you may want to call them and see if they know of any similar outfits near you .
This post has been removed.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.