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Holding Down the Block, the Right Way

Updated: Jul 7, 2021

Investment and abandoned houses, will these two work?

How can an abandoned house be a great deal for investment? Investors, flippers, and wholesalers consider an abandoned house an opportunity to grow business. Yes, you read it right. Why is this so? Since most of the houses were abandoned due to some reasons --- financial, foreclosure, or legal reasons; therefore, they will need renovation and most likely be run down. Like an open window, this is where investors will come into the picture as they will be buying and/or selling the property at prices substantially lower than the market price. And whether you start with one abandoned house, it will still set the stage for growing a block.

What to consider in buying an abandoned house?

It is not typically the "Property for Sale" nor the "Just Listed" property you all are thinking of. In buying an abandoned house, there are a few important things you would need to consider. Since you venture into abandoned houses, you better invest in doing your research as well.

  1. Look for an abandoned house

  2. Track down the property owner

  3. Inspect and make an offer

Look for an abandoned house

Abandoned houses can be categorized into two types: distressed and off-market. To narrow down your search, you must know the difference between the two.

Distressed Properties - these are the properties abandoned by the owner due to financial issues; therefore, they tend to look shabby since zero maintenance is made. Thus, being sold below the market value.

Off-market Properties - these are the properties that are not listed on the windows of fancy real estate listing platforms since the owner wants to save on commission or they just want to market them on their own to keep them away from everyone's attention.

Additionally, you can find abandoned properties with the help of the local government and banks since most of these properties are subject to foreclosures, bankruptcy, etc., to name a few.

Track down the property owner

Typically, partnering with your county's tax assessor or just by simply going through their website is the best way for you to find out who owns the property.

Inspect and make an offer

Inspect. Inspect. Inspect. These are the three things you must take into consideration before making an offer. Yes, you are rooting for a more cost-effective purchase; however, ignorance can cost you more as well. Abandoned houses will require repair as they will have some minimal to major structural damage such as plumbing, wiring, and foundation issues; thus, digging deeper into the property will help you save and still earn a profit at the same time.

Well, these are just some tips that might help you maximize opportunities with abandoned houses. And with all these being said, venturing in abandoned houses is perfect for investors; however, it will still be up to you on how you will maximize your investing strategy. Be cautious as you might end up spending more and receive less.

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