Usually, when you see a condemned home, the thought of investing in that property never crossed your mind. After all, there are issues with that property, so why bother burdening yourself with all those liabilities and unknown problems when you can go find a nice clean property to invest in, right?
This is where you need to change your thinking. Instead of seeing only the negative, think of the positive side of buying a condemned home. The biggest advantage is price. Owners of condemned homes are in that position for a good reason and are unable to rectify it. Therefore, they are willing to sell the property for any good offer they come across, in order to settle their debts and other commitments. Although this may seem like a blood-sucking maneuver, it is the business world and that is how things work.
However, you cannot be wasting your time driving all over your area looking for condemned homes. The smart thing to do here is to go to your local Condemnation Department and obtain a list of the condemned houses in your area. Once you do this, send out a postcard to all these addresses expressing your interest in buying the property. If they reply positively, go ahead and examine the property. This way you will not be wasting your time knocking on doors.
However, before you decide on a property you must clarify crucial details about it. Find out the existing violations and liens with regard to the property. These will help you judge the offer you will make to the owners. You should also find out if the Condemnation Department is willing to come to a settlement on the liens. They often agree to such a settlement, if the new owner certifies that all violations can be rectified within a certain period.
As you can see, buying and renovating a condemned property can be a very profitable business. If you are interested in this venture, do more research on the subject or contact a professional before you engage in any transactions.