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Forum
-> Household Management
-> Finances
amother
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Wed, Oct 02 2013, 9:46 pm
If you had the option of buying a condemned house for really cheap, as an investment. fixing it up and then renting it out to make income. would you do it?
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Fabulous
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Wed, Oct 02 2013, 9:48 pm
it really depends on WHY it was condemned.
Unless you have a really really good evaluator and it is a really really good deal, I doubt it.
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mummiedearest
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Wed, Oct 02 2013, 9:49 pm
that depends on the cost of fixing it up, the cost of the house, the time and effort involved, and what the average rent for similar size houses are in the area. oh, and also property tax paid over the course of the time taken to renovate it.
it might be worth it to sell, btw.
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octopus
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Wed, Oct 02 2013, 10:32 pm
why was it condemned? structural faults are not easily fixed.
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Dolly Welsh
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Wed, Oct 02 2013, 11:17 pm
An engineering report will tell you what you are buying besides land, a tax bill, and an insurance bill including liability coverage.
And a demolition job, and a dumpster, and carting bills. Do you know a builder? That would be helpful. There are codes to meet.
It it probable it is priced at its exact value, which means it is no cheaper than anything else ever is. Things usually cost exactly what they are worth.
Your labor is no cheaper than anybody else's, if you were going to do work yourself. It may even be more expensive.
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Cookies n Cream
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Thu, Oct 03 2013, 8:01 am
I was under the impression that nothing can be done with condemned properties (rented out etc...) Am I wrong?
There's a condemned apartment building in my neighborhood that's sitting empty nrcause nothing may be done with it for a specific amount of time.
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doublemama
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Thu, Oct 03 2013, 8:42 am
Non no no no no no don't do it! Many years ago hubs and I thought this was a great idea and bought houses, fixed them up and rented them. They were a nightmare! Houses that have been sitting empty usually have massive plumbing and structural problems esp if they were empty over the winter. Mice had moved in, even when houses were only empty a few months, had chewed wires and left messes every where. Also when you buy a condemned house the attics and basements are usually stuffed with junk and you are responsible for any liens on the property. Unless you can find a really nice house that was just condemned and the people just left don't do it!
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doublemama
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Thu, Oct 03 2013, 8:45 am
One more tidbit to mull over.......when houses are condemned because the utilities are turned off people will sometimes still live there and attempt to use the plumbing, if you know what I mean. Yeah, ran into that little gem first hand.
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amother
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Thu, Oct 03 2013, 9:28 am
We bought a condemned house. But it was to live in. We loved the property and neighborhood. The house just happened to be there. It was condemned for a reason and we knew we were going to have to tear it down. We ended up being able to use the foundation and most of the beams holding up the first floor. Everything else including walls , framing etc... gutted. There were people who had looked at the house with the intention of "fixing it up" and flipping it. Any expert anyone brought in told them it wasn't worth it. The house had plumbing problems, structural problems, you name it. Even a local builder had thought about it but soon realized it wouldn't be a moneymaker. For us, we weren't trying to make money. We got the house we wanted in the neighborhood we wanted and definitely saved some money since the property was a "very good deal". The process was a huge headache and had we been doing it to make money would have lost a lot due to the amount of time we put into it (we did a lot of the 'unskilled' labor ourselves). But it's our house and it was a labor of love.
For an investment- I would stay far far far away from a condemned house.
Anon because I've just completely outed myself :-)
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