Any luck purchasing 10k "Condemned" & "Burn Out" Homes?

[Michael Lirones]

Any luck purchasing 10k "Condemned" & "Burn Out" Homes? I have an opportunity to do so in Southwestern Michigan (not Detroit)...90 minutes from Chicago and 5 minutes to the beaches of Lake Michigan. High rental demand (Section 8 too). Advice?

[Natalie Allie]

Hey Michael, I am in the Detroit area and work with investors for PM services and renos. I would suggest you hire an inspector as well as have a general contractor go out to the property. You may also need a fire remediation specialist to assess the damage. There are some programs through local government systems where you may be able to receive a tax abatement or grant here in Michigan in an effort to help beautify a neighborhood. Southwestern Michigan offers plenty of charm and is a destination place but would definitely make sure your ROI makes sense based on your long- and short-term goals with the property. There are plenty of investment opportunities in the Detroit area as well which have the potential to offer immediate value, so I would weigh your options with care. Let me know if you would like to connect! -Natalie