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Updated over 5 years ago on . Most recent reply

User Stats

10
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3
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Raquel Blue
3
Votes |
10
Posts

Potential Good investment but Fire Damage

Raquel Blue
Posted

So I found what I think could be a potential good investment. I think I could get it for a low cost, but by the sounds of the description there may be extensive fire damage. No pictures just says "Fire damage, needs rebuild".

If I went for this house it would be my first purchase that I would attempt to rehab and turn into a rental property. Does anyone have any experience with fire damage? Would you recommend a first time investor take it on? I wanted to look for things that didn't need too much rehab, but I like the look of this house and neighborhood and the numbers look pretty good if I do it right. However, I'm scared of what I might see. This isn't a foreclosure so I could contact the lister and get a tour to see how bad the damage really is. If it's huge I estimated it would need 100k in repairs. The exterior doesn't look like it was damaged by the fire much if at all, but that's only by pictures.

What could I expect from a rehab like this? What should I look out for?

Thanks!

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