Michigan Real Estate Blog

www.apartmentwealthmachine.com and Lance Edwards Present Apartment Investment Tips and Apartment Investing Tips with Today’s Topic Using A Broker For Commercial Properties. For More Information On Topics Like This Go To: www.apartmentwealthmachine.com

Real Estate Hidden Treasures in Fire Damaged Properties…

To find the best treasures in life, you have to look at what other passed by and have thought was too much work. The more damages, the higher the profits.

For the real estate investor, the art is to buy very low, fix up and sell higher to make a profit. To buy low, there is generally a problem with the property. Most properties have visible damages along with aged and worn items that are typical.

With properties that have sustained fire damage, most all investors shy away from due to all the many unknowns. With so many investors that are not interested, that means that the competition is mush less.

For properties that have suffered light damage, there is the usual cleanup of debris and replacement of visible damaged items such as broken windows. In talking with the seller and or the insurance or fireman, they can generally tell you what caused the fire. Many are electrical, which usually means the property has to be rewired.

The other two variables include estimating the actual areas that have suffered burn damage and put together an estimate to remove and replace the pieces. Other damages are water related and the cost to remove, deodorize and replace. The last and most worrisome to most is getting rid of the odor. 

Actually, getting the odor neutralized is easier than you think. There are many great chemicals available to kill the smell. Just a matter of exposing all the areas to remove, replace and treat. Typically the chemical is diluted with water and applied with a tank sprayer. 

With the removal of the smoke filled items, usually carpeting, furniture, insulations and fabric material, chemical applications, new items and paint, the property will regain an aroma of a new home.

Do make sure that you fully disclose that the property had fire damage and that all items were professionally repaired and corrected and the property was inspected by all required agencies. For more detailed information on this and other profitable creative real estate tips, please visit my website. Thank you…

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