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Updated about 5 years ago,

User Stats

58
Posts
11
Votes
Colin Spivey
  • Rental Property Investor
  • Nashville, TN
11
Votes |
58
Posts

Buying an abandoned property

Colin Spivey
  • Rental Property Investor
  • Nashville, TN
Posted

I am not looking to flip this house, but I feel that BRRRR'ing a property is pretty similar. I have an abandoned property that has been abandoned and vacant for at least 5 years. It has central heat and air, has a metal roof, an unfinished basement that gives the opportunity to add lots of value to the home or even convert it into a duplex, etc. but it has been obviously squatted in, the carpet is ruined, there are no appliances, bath tubs/showers, toilets, etc. in the house, will need some drywall work, and one room will have to be treated for mold. It is owned by a property management company and I have thought of contacting them to see if they are willing to sell since it is only sitting there and has been for a while, but I need to find a ballpark figure of my rehab costs (as of right now I am thing $60,000). How would I go about a more internal inspection of the water and electricity is turned off? What other things do I need to pay close attention to in an abandoned house? Has anyone been through a rehab of a property similar to this one? Thank you in advance for your response

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