Do we buy distressed properties?
This is actually one of the main types of properties bought by Effortless Home Buyers.
A distressed property is usually not fit to be listed on the market. Basically abandoned properties, those that need huge rehab work, lots of damage, or simply unlivable.
To find out more about this, you can visit our website at: https://www.effortlesshomebuyers.com/
Fernando O. Angelucci is Founder and President of Titan Wealth Group. He also leads the firm’s finance and acquisitions departments. Fernando Angelucci and Steven Wear founded Titan Wealth Group in 2015, and under his leadership, the firm’s revenue has grown over 100% year over year. Today,
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https://www.TheStorageStud.com
https://titanwealthgroup.com/
Listen to our Podcast:
https://thestoragestud.podbean.com/e/effortless-home-buyers-do-you-buy-distressed-properties/
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Do we buy Distressed Properties? And this is actually one of the main types of properties that we buy. The reason for that is usually these types of properties are unfit to be listed on the open market. What is a Distressed Properties? Well, it can mean a range of things. We have purchased properties that were on fire and then were put out by the local fire department, so now not only does the property have fire damage, but it also has water. damage is not livable. We buy vacant properties that have been abandoned. We'll buy properties that need a full gut rehab. We have to put 150 200, 300, $400,000 in the property to bring it up to the condition needs to be in for a homeowner to live in it. Some other examples of distressed properties that we have worked on are properties that are not up to code.
For example, maybe the electrical is from 1950 and poses a fire hazard. If you were to try to sell this type of property on the MLS, the inspector for the buyer would catch that immediately and would either ask you to replace all the electrical, which could cost anywhere between 20 to $25,000 per floor or they'll just cancel the contract and walk away. So code enforcement's another issue. Properties that have multiple liens on them, properties that are underwater say you owe 150,000 on a property, but for whatever reason, now it's only worth a hundred thousand. These are some of the cases that we help people through. We have solutions for all types of Distressed Properties. So we do buy Distressed Properties, it is the main type of property that we purchase.
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