Condemned Property
I am looking at several properties for rehab projects. Some of the prospects have been condemned by the city. What is required to find out the city info on this? Which department? Is there a process that I will have to go throught to remove this status?
Thanks for any info,
Dan
Building dep
you need to get a certificate of occupancy or a bulldoser
Is the certificate after making whatever repairs to make the propertly livable? Are these typically not worth the time, hence the bulldozer?
Thanks for the info.
Hi Detroit,
More and more cities are doing thier own
rehabbing.... any properties that are not worth it...they typically will sell to the public. I have had several investors contact me about inspecting "possible rehabs".....
I tell them to get the city to "give" them the property free....then get a bulldozer.
Good Luck.
Try looking into the average neighborhoods.....then find the "eye sores"...go from there.
What is worth it, You say My speicailty is single family rehab flip or L.O. Much less of a project , I finish the rehab in 4 wks. own it around 90 days and profet 15 -35K at least. There is bigger money in bigger stuff or holding for 8% a year in rent or Lo.
I looked at new construction On a 360K house that takes a year to complete with all the inpections regulations hold ups and certificate of occupancey I could make 20K Yea! That might be ok if I could track build 5 or ten a year. What happens to the economy in 12 mo? who knows I have seen it drop . Anyone remember the late 80's? New constuction builders consider me an d"flipping " a loser . Who says ? Whats your nitch?
Thank you two for the advice. I haven't started my first project yet and didn't want to bite off more than I can chew to begin with. I will just filter these out for the time being until a get a couple of normal (if there is anything that is normal in this arena) first.
I'll keep you posted when I get my first job done!!
Best bet is to contact the city and ask. Here in Dayton, OH the city will inspect the property and tell you what needs repaired. The first rehab I did was boarded up by the city. I paid 13k for it. I kept it as a rental. I refied it at 80/20 and put 8K in my pocket and still have 20% equity in it and $150 month positive cash flow.