Is This Property Worth Messing With????
I have located a property that is in a prime location and is appraised at 162k. I can buy the property super cheap at probabally 40-50k. Here's the problem: 1/3 of the house has sunk down about 2 inches and needs about 40k in foundation work. The inside needs about 20-30k to update everything. I don't have the knowledge and time to rehab this on my own so I want to wholesale it to another investor. Do you experienced wholesalers think any rehabbers would want a house with major structural problems?? There is still alot of profit to be made, but I'm concerned I will have trouble finding a buyer. What should I do????? [ Edited by pannet on Date 04/08/2004 ]
There is a guy in my area that is the go to investor for this type of problem.
He has all of the equipment and exsperience in doing this type of work which of course is the key.
I would imagine most areas would have at least one investor that specializes in foundation problems.
Get it under contract (of course it must be assignable) and try and find the right person.
Leave yourself a weasel clause or put down a nominal deposit that you dont mind risking if you are unsuccessful.
Best of Luck
JohnNH
Approach with caution. I look for property with structural problems. However, I expect to pick it up at a deep discount. This MIGHT take the profit out on an assignment. The other factor is that there might be a sight problem. All problems have solutions- but there is an issue of costs to be weighed. Where did you get the 40K estimate on the repair?