Why Properties with Problems Dont Scare Me

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Personally, I like properties with problems that scare off most conventional real estate investors. Generally, these are properties with correctable problems that appear to be complicated and usually require some sort of specialized knowledge in order to be solved. However, in most cases, it is the common mispercep-tion of how difficult the problem is to solve than the actual problem itself that scares off most conventional real estate investors. For example, I specialize in buying real estate options on small, vacant, condemned commercial properties that are structurally sound but in dire need of an industrial-strength cleaning. Most conventional investors are instantly turned off by this type of property simply because of outward appearance, which generally looks far worse than its actual physical condition. They cannot see beyond the filth and grime that can be easily washed off with a pressure washer and the smelly garbage and accumulation of junk that can be inexpensively hauled away. However, what scares most conventional investors more than the sight and smell of a condemned property is the very thought of having to deal with the local governmental bureaucracy in order to bring the property into compliance with the building code so that a certificate of occupancy can be issued to the owner. The fact is I have never had a problem with any government agency regarding the turnaround of a condemned property because, before I ever buy an option on a condemned property, I first meet with the local code enforcement inspection supervisor who is responsible for the area where the property is located. I do this to go over the code violation inspection citations to find out the bare minimum that needs to be done in order to bring the property into compliance. This way, I know exactly what needs to be done and have a ballpark idea of the cost to do it. And once I put a condemned property under option, I get it into compliance within 30 days or less. I get along well with code enforcement officials because I always act in a professional manner and make their jobs easy by not giving them a hard time.

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