Hurricanes+Recoverable Depreciation = A Possible Creative Offer?
Hello BP world. I am writing from storm stricken Lake Charles, LA. Within a short period of time our city endured two back to back hurricanes, a freakish flood, and an unprecedented freeze that has unfortunately left devastation but there is opportunity as so many owners are selling.
I have a pretty good deal currently in front of me that will be my wife & I's 1st flip. We currently own 11 buy and holds. My question to the insurance savvy...
Is there any legal avenue in order to make an offer on a damaged single family home that will allow the seller to collect the recoverable depreciation upon completing the work? I suppose I'm asking if anyone has any creative way to possibly pose a partnership with the seller for a deeply discounted offer, I take care of all of the work needed, she collects recoverable depreciation to make up the deficiet of between my offer amount and the current value of the property as it sits. Then we complete the sale for my offer amount. Or anything remotely close to that idea. Legally.
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You could try some sort of lease option set up.