Hi I’m new to wholesaling

[Mike Ross]

Hi, I have a question about condemned homestead properties, and if you can make a nice profit? I have come across a condemned homestead house looks like multiple code violations and the property is going to demolish it. It looks like a collective amount of garbage around the outside and has maybe $60,000 in repair cost, and the ARV is about $200,000 but I don’t know how to factor in the code violations! Can someone with experience in wholesaling condemned property help me please and thank you!!

[Jay Hinrichs]

Originally posted by @Ned Carey:

You  need to go to the local municipality and see what the fines and  violations are. A title company will know how to do this.  In Baltimore City it is called a "Lien Sheet" and cost $55.  It is not all liens against the property just all of the city liens including taxes, water bills, fines,etc. 

But you don't justneed to know the city or county liens, you need to know if there is an unpaid mortgage or other debts agaist the property. 

I see this is your first post Welcome to BP.

in our market cities nuisance or code violation liens are routinely dropped by 70 to 90% if you just ask and negotiate a bit.