I currently own 4 rental properties and one of my tenants inherited a property through her husbands death over 15yrs ago. She didn’t even know she was the rightful owner until recently when she got called to court for code violations. We have discussed me buying this property from her- but it’s unlivable, needs a complete to the studs renovation or maybe even tear down. It’s under 1000sqft. Lots in the area go for 20-40k, and houses range from 80-150k. We have discussed me
Buying to for around 10k. It’s been vacant for over 20 years and had squatters at one point.
I have never done a complete rehab, or really kind of Renovation- would you buy and hold, tear down and hold, do a Rehab? Rent in the area would be $700-900.
Sounds like this one might work perfect for the BRRRR strategy. Do you have the cash to buy it and do the rehab?
Alternatively, you could wholesale it.
@Mary Chiles have a good local contractor look at it. It could have ‘good bones’.
Houses in my area can be 200 years old and if they were winterized right, they probably just need the finishes updated if they’ve been renovated within the last 25 years.
Who knows, you might be able to simply mow the lawn and list it and get a few grand out of the deal.
If it were me, I’d at least run the numbers for a brrrr.
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