Updated almost 7 years ago on . Most recent reply
Wholesale fire damaged property
What are some of your opinions/ experiences wholesaling fire damaged properties? I’m trying to get an older fire damaged property under contract, but honestly I’m not sure how to assess it. The house literally right next door on the same street to the property is a brand new development and is a HUGE beautiful home. Would and investor see this as an opportunity?
Parts of the roof have excessive fire damage, but the inside seems to be somewhat intact. I know theres water damage from putting out the fire so I’m not even sure how to calculate this deal. Help a brother out
Most Popular Reply
I flip fire-damaged properties and own a fire damage restoration company. It's a big undertaking, but it can be done if the numbers are right. The place to start is by asking them what the insurance company decision is--if they will give you that information that is a big help.
Beyond that, I would suggest getting an experienced restoration company to look at it and give you a run-down on what it will need. There are many things that could be overlooked as part of the renovation on fire-damaged properties.
Let me know how I can help.
PS What area are you in?