Baltimore homes for $1?

Question

This is wild. What are all your thoughts? https://www.wbaltv.com/article/baltimore-city-selling-vacant...

https://www.wbaltv.com/article/baltimore-city-selling-vacant...

Scott Mac · Answer

Some of these properties will probably be money pits for investors.

But if you are skilled in rehab and know what you're doing, some of them might be gems in the rough.

Jack Seiden · Answer

These are suckers bets in the vast majority of cases the cost to renovate exceeds the value of the property, that’s why no one wants them and the city has to sell them for $1

Chris Seveney · Answer

@Jack Seiden

^^^^^ this right here ^^^^^^^

Many of these properties are knockdowns and cost to rebuild or renovate is 2x the arv

Eric Gerakos · Answer

Those homes are money pits…..

Matthew Morrow · Answer

Alex, check the forums for agents in Baltimore here. Lots of strings attached on these properties.

Alex Malikin · Answer

I am interested to learn more about this opportunity and invest

But I am located far (Canada)

Can somebody share contact of person/company who might be able to assist with this ?

Thanks

Russell Brazil · Answer

They couldn't pay me to take those homes

Jonathan Greene · Answer

A lot of land banks have similar offers. I didn't look if this is really $1 and take it, but land banks are usually $1 but you have to have the proof of funds to do the rehab and the contractors in place to secure the properties. As noted above, these are usually geared away from investors if they are looking to increase affordable housing options, or focused on local investors who will then open them up for rent right away for the same reason.

Joe Norman · Answer

Mayor Schaefer did the same thing back in the 70s. This is primarily targeted towards owner occupants so I wouldn't get your hopes up as an investor.

Baltimore homes for $1?

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