Fire and Water Damage : Major issue OR Major Opportunity?

[Jimmy S.]

Hello everyone,

When getting into a home that has fire and water damage, what have been your issues when it came to:

1. Evaluating the damage (for example, smoke burnt out some of the ceiling but don't know if floor joints for the upper floor are damaged without ripping down the drywall)
2. Types of costs and fixes for fire damages (inspections, certificates from structural engineers, electricians etc)
3. Resale Issues (buyer's offers may or may not being lower, disclosures)

Look forward to hearing your experiences and what outcomes came out in your investing in these type of rehab and resale jobs.