Posted by Bob in NJ on March 15, 2010 at 19:20:45:
In Reply to: chance to buy houses but no money posted by William L on March 15, 2010 at 12:22:20:
My first question is why didn't the Church go to a local realtor to sell these properties?
In my 30 plus years of investing in real estate, I have come accross 3 deals like this. In every case these properties were owned by the local church. In evey case these properties were in dire need of repairs and had lots of code violations. In every case the local authorities turned a blind eye. That is, they alllowed the church to get away without making repairs and without bringing the properties up to code.
When I approached the local authorities (in private}they told me if I purchase the properties, I would be required to make all the repairs and to bring the properties up to code. In every case the church was not willing to discount the properties to copensate for the cost to make repairs or to bring the properties up to code.
My only advise is to have a licensed structural engineer go through all the properties and write up a report. Then assertain the cost of those repairs and the cost to bring the codes up to par. Check the rent rolls then deceide what price you want to pay. My quess is the church will balk at your offer.
Good Luck
- Re: chance to buy houses but no money WilliamL 23:28:46 03/15/10 (0)