Dealing With Local Governments
All,
I have this older property under contract. It has been placarded by the city as unfit for for occupation. As a result, I cant get in to turn the utilities back on to do my due diligence.
I have been working with them for two weeks now just to get to a point where I can actually do an inspection and it has been such a nightmare.
For those who have done these rehabs before, is it worth dealing with the city on this deal? There is plenty of margin in the property (purchase price is about 40% of FMV) but I WILL NOT close unless I know for sure what the city needs to remove their placard.
Unfortunately, getting them to tell me why the property is uninhabitable and what needs to be repaired so I can get realistic estimates is proving quite difficult. Any one had this sort of experience before? Ideas? Should I cut and run? Or stick with it to make a profit?
Thanks.
JS.
P.S. This is my first potential rehab.
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