April 5, 2022
We bought this gutted property in the 9th Ward
Khalid reached out to us because wanted to sell his gutted house in as is condition. We buy houses in any condition so we were a good fit as a buyer. These are the type of houses we buy so we can fix them up and resell them or keep them as rentals. You can hear the story behind this house and see the condition on the video. You can also read the video transcript below.
We’re here at a property we’re closing on today in the Ninth Ward of Orleans parish, in the lower nine. This property is in a pretty bad condition. The seller actually reached out to us about a year ago, when we first started speaking to him. We couldn’t really come to a number that worked then, so he left only to come back later after realizing that we were probably the best buyer because we are reliable, and we close fast. And that was what we did. We closed it within two weeks.
The property is definitely not ready for a realtor. It’s gutted and open. And this is a major problem because the owner of such property could be liable if someone comes in and gets injured. The owner could get sued.
There’s quite a lot of termite activity. Termites have been eating a lot of this framing and that’s what happens in New Orleans when you leave a property vacant. The property starts going down in value the longer you keep them if they’re empty like this because termites move in, and they start to eat the property. Also, water might come in, and you start to get mold in the house. So basically, you either use it or lose it.
So, if you can keep maintaining a house, then that’s a good asset to keep. But if you’re just sitting on something like this, where you’re paying taxes, you’re probably paying insurance, and you’ve got to keep up with the grass to avoid getting code violations. In such a case, it may be better to just sell the house, and that’s what the owner here wanted to do.
So, we were able to do that and close the deal today. It’s a nice property, once it’s fixed. It’s going to take a fair bit of work but that’s okay, because that’s what we do. We buy properties in as is condition, then add value to it by rehabilitating it. That’s how we can make money. We can rehab properties cheaper than most normal people because it’s what we do. We’re efficient at it, and we know what we’re doing.
When we get a property like this, the seller gets paid in cash, we come in, fix it up, then sell it to a homeowner or turn it into a rental property.
These are the sort of properties we like buying, but they don’t have to be this bad. If your house is beautiful and ready to be sold to a homeowner, then you should properly use a realtor. It’s what I would recommend if you’ve got the time for it because it’s the best thing to do.
But if your house is damaged like this, then we are obviously a potential buyer.
Sometimes, the problem might be that you’ve got tenants in the house. And it could also be that it’s not well presented. It might not be terrible, but it may need a little bit of work so it’s just not really ready to be presented and shown to a homeowner. In such a case, we’re good buyers. We like rental properties, so we’re happy to keep tenants in place, and we can manage them. These are some of the reasons you could reach out to us.
If you want more information on selling your home and would like to know all the different options you have, you should check out our website homebuyerlouisiana.com. There’s a lot of information, articles, case studies etc. So, check it out or just give us a call, we’re happy to help. We will let you know what we think. We may not come to terms, and that’s fine by us because we are sincerely out to help you make the best decision. For instance, in this case, we didn’t come to terms originally. He came to us, and we gave him some advice, he thought about it, and he tried a few other options but ended up realizing that we were probably the best option for him, so he came back to us. And that’s fine. We’re happy to have those conversations. We don’t need to buy every single house and we in fact we can’t. So, we’re just happy to help talk about it, and if it works for us both then great. If it doesn’t, we’re just happy to give you some information that could help you make the right decision.
Thanks guys, have a good one.
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