Revitalization Question
Hi everybody,
I was out today scouting out uglies/junkers and ran across an area that had several homes that were boarded up. I talked with one of the neighbors who is a homeowner and asked questions about the homes and the neigborhood and she said that is was improving.
I was wondering if anybody was aware of any neighborhood revitalization grants or how I would go about taking several homes in a given neighborhood and either passing them on to rehabbers or something along those line. I still of course have to locate the various home owners and prequalify them, but was wondering what any of you have to say on the topic in the meantime.
any feedback would be greatly appreciated.
thanks 
Check with the community development department in the city these houses are located in. Federal regs. also require banks to set aside money called CRA-community redevelopment act. Many banks offer mortgages to buyers of these houses with relaxed standards.
Mr. Viewman,
Aha, you wish to begin a Revival of an Area. You wish to gather a few boarded up structures and turn them into the beginning of an attractive upward climbing neighborhood. White picket fences, little children on bikes. People mowing grass etc. etc.
Step One: You walk the neighborhood and find out why the board ups. Are they Forclosures or Red Tags for some code violation or sub standard construction.
Step Two: You explore the present titles and arrive at a price based on present condition of the properties and other property values in the area. You decide at that point if there is a profit in what you desire to do.
Step Three: You procede to offer and your calculation is. Price to purchase. Funds to fix up and market and hold.
Given the market price on fix up. The Big Question. Is There A Profit To Be Had?
If there is a profit. Carry on. Start your marketing the day you start on fix up. You flyer the neighborhood. Remember the best buyers are the friends of the existing residents.
Thats it, nothing fancy. You are correcting once again an existing fault within a community.
Interesting secondary effect. While doing this task you will be suprised at the other properties that will be presented to you. These are your secondary profits. Only exposed to you by virtue of the first intrustion into the area.
Cheers Lucius