Rehabbing Burnt Units
I am a newbie in real estate investments and recently fell in love with the rehabbing part of real estate. I came across two properties in a nice neighborhood in Maryland that are vacant because of the misfortunate events fire destruction. I am trying to get the insight from any investors that have ventured towards rehabbing burnt properties and how much should be set aside for renovations. Also I am trying to get a feel for your experience and if they were profittable or do you see yourself doing it again?
Please any information will be gladly appreciated because it will get me in the right direction.
how bad is the fire damage? Is it just smoke damage or half of the house is missing?
Marketing cost on the condo units?
how long are they sitting? what are the avg no. of DOM?
a condo conversion is not very easy for a 1st investment.
Have you checked out all the planning, building, and state requirements?
I agree with cj above. find a simpler, less complicated
deal. It just less risky.