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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Natalie AlliePro Member
Member since 2024 · 24 posts · 17 votes
1y

Hey Michael, I am in the Detroit area and work with investors for PM services and renos. I would suggest you hire an inspector as well as have a general contractor go out to the property. You may also need a fire remediation specialist to assess the damage. There are some programs through local government systems where you may be able to receive a tax abatement or grant here in Michigan in an effort to help beautify a neighborhood. Southwestern Michigan offers plenty of charm and is a destination place but would definitely make sure your ROI makes sense based on your long- and short-term goals with the property. There are plenty of investment opportunities in the Detroit area as well which have the potential to offer immediate value, so I would weigh your options with care. Let me know if you would like to connect! -Natalie

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  • Natalie AlliePro Member
    Member since 2024 · 24 posts · 17 votes
    1y

    Hey Michael, I am in the Detroit area and work with investors for PM services and renos. I would suggest you hire an inspector as well as have a general contractor go out to the property. You may also need a fire remediation specialist to assess the damage. There are some programs through local government systems where you may be able to receive a tax abatement or grant here in Michigan in an effort to help beautify a neighborhood. Southwestern Michigan offers plenty of charm and is a destination place but would definitely make sure your ROI makes sense based on your long- and short-term goals with the property. There are plenty of investment opportunities in the Detroit area as well which have the potential to offer immediate value, so I would weigh your options with care. Let me know if you would like to connect! -Natalie

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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    1y
    Did you really just post the same topic in 4 different spots??????
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  • Michael Lirones
    OP
    Real Estate Broker · MI · Member since 2016 · 71 posts · 7 votes
    1y
    Quote from @Natalie Allie:

    Hey Michael, I am in the Detroit area and work with investors for PM services and renos. I would suggest you hire an inspector as well as have a general contractor go out to the property. You may also need a fire remediation specialist to assess the damage. There are some programs through local government systems where you may be able to receive a tax abatement or grant here in Michigan in an effort to help beautify a neighborhood. Southwestern Michigan offers plenty of charm and is a destination place but would definitely make sure your ROI makes sense based on your long- and short-term goals with the property. There are plenty of investment opportunities in the Detroit area as well which have the potential to offer immediate value, so I would weigh your options with care. Let me know if you would like to connect! -Natalie


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

    Thank you Natalie Allie!  I will keep Detroit area in mind.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    1y
    Quote from @Curt Davis:
    Did you really just post the same topic in 4 different spots??????

    why on gods green earth would you want to buy 10k condemed houses :)  seems like a waste of time and money to me.
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