All Forum Posts by: Claudia Garay

As a landlord of a SFH and a renter of an apt in a big city I am shocked at this post. Doing this creates additional problems and gives what already seems like someone with nothing to lose incentive to destroy your unit. My advice would be looking into other revenue-generating options to diversify risk. I do not think anyone who actually owns their properties would agree to doing this; think about the possible repercussions - damage to your property, going to jail for auto theft, and lastly pissing people off who will take months to evict depending on what state you live in. I sincerely hope you continue to reevaluate the necessity of fighting fire with gasoline. Doesn't seem wise to me. You could instead put a lien on the tenants social which is damaging enough. Good luck.

Hello -

I am looking to purchase a home that has been gutted after Superstorm Sandy on the east coast in a sleepy shore town with great access to major cities nearby. The home is listed by Fannie Mae as a Homepath property. Neither the listing agent nor Fannie Mae can tell me whether or not the home has to be raised or just need to be leveled, even though the home next door was supposedly condemned and will need to be knocked down. This home is on the edge of a huge redevelopment project that is slated to happen within the next five years that I assume will increase property values. My questions are the following:

The house is $60k, and being advertised as a house, not land. How much would it cost to elevate a 1,300 sq ft home 5-6 feet?

Who can tell me whether or not the house needs to be knocked down? Who determines that, FEMA?

Are there loans available that would finance the cost of knocking down and rebuilding?

Who is responsible to knock down the home? The town? The previous mortgager? I cannot get information from anyone -- it might be Wells Fargo but when I try their 877 # nothing rings - just silence. 

What is the best resource to determine the status of the redevelopment project? I've tried reaching out to the investor and town, but have yet to receive any information. 

Thanks in advance - kinda green on this. This town is ripe for a rediscovery and I want to be a part of that! 

Claudia