Purchasing a House With Fire Damage
I am thinking of making an all-cash offer to purchase a SFR with existing fire damage in the kitchen at a price well below market value The property is in otherwise solid condition and in a great neighborhood. I plan on rehabbing the entire property to BRRRR or flip it. What are the considerations I should be aware of in purchasing a property with existing fire damage? Are there any special protocols in repairing the fire damage? Once repaired, how does a history of fire damage impact the insurability or insurance premiums of the property? What about financing post-rehab? Once rehabbed, what disclosures would I have to make if I were to sell it as a flip? What disclosures would I make if I rent to tenants as a buy and hold investment?