Just curious about hearing how one has or May handle buying a property that needs work and then you find out you have to just about build the house over or even to the point of a complete tear down but you wasn’t prepared or expecting this ....or does this rarely happen ?
Thankfully no. But, almost. Our primary residence was condemned and was on the edge, but we brought it back to life. The financial hit would have been substantial to have to build from scratch.
If it’s that bad you bought wrong and made a bad mistake
I do tear downs all the time. It’s a great strategy. You really should be able to determine that before you buy.
If the property is in a flood zone be careful not to get burned by the FEMA 50% rule. If you don't know what that is google it. We got burned by that once and had to tear down and rebuild AFTER we spent 30k+ in rehab.
@Robert Collins Yes, my personal residence that I am currently renovating was near a teardown. We re-built with what we had but we also planned on it in the front end. Purchased for $30,000 and ARV is $145,000.
@Nick C. Yikes 😬
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