Would you buy a fire damaged property?

Question

Why or why not? What would be some things to look out for? What’s your experience with getting these types of properties appraised after rehab? Thank you for your time!

Sarah Brown · Answer

For the right price, absolutely!   I would recommend getting a professional in there to see if any of the home is salvageable or if it needs taken down to the foundation.  Then you can determine the price you are willing to pay for it.

Sam Shueh · Answer

tear down vs rehabilitate. Time required with permit vs interest paid idling.

Matt Lewis · Answer

@Milan Dixon - Hey Milan!

Some fire damaged properties are really good opportunities. You need to work with a contractor who has experience with the level of damage you’re looking at.

It may be an affordable fix and the seller may have already received money from the insurance company so you can likely negotiate on the sale price or even do a partial seller carry.

Try reaching out on your local REIA group for a good contractor to take a look at the property.

Would you buy a fire damaged property?

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