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Updated almost 5 years ago on . Most recent reply

User Stats

17
Posts
7
Votes
Joshua Vanderzanden
  • Rental Property Investor
  • Bolingbrook, IL
7
Votes |
17
Posts

203k loan for a BRRRR with fire damage and roof worth it?

Joshua Vanderzanden
  • Rental Property Investor
  • Bolingbrook, IL
Posted

Hey everyone, while looking for a deal I came across a property that is a 3 unit 9 bedroom 6 bathroom with a 3 car garage. There was a fire in the first floor unit and went all the way to the roof with a hole in it. The fire was in the back of the building. I still have not been able to go into the building, I was only able a walk around myself. While looking at the building, I was asking neighbors and found out from one that the fire happened from squatters in the kitchen.

They are asking 130,000...the next door building sold for 350,000. Which was the same building updated but they turned the dining room into an extra bedroom making all the units 4 bedroom 2 bathroom. Rent for them is 1600-1700 each.

Am I wasting my time with this? 

Please help

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