Digging for Gold – Investing in Condemned Properties
To some people, broken windows, dilapidated roofs or collapsing porches mean trouble. People like Kenny Rushing, a Tampa, Florida-based real estate investor, see dollar signs. "More than 60 percent of the houses I have bought in Tampa were condemned properties," says Rushing. "I have yet to lose money on those." How Properties get Condemned Local authorities condemn buildings for a variety of reasons. In some cases, the government wants to build something in its place and will condemn the property as part of an eminent domain proceeding. Or, it could be a construction, maintenance, or pest issue that makes the structure unusable for its original purpose. In some cases, the repair or maintenance needed is relatively straightforward, but the owner does not always have the resources or know-how to make the repairs or renovations. In these cases, the owner is almost always a motivated seller. Selling the property may help the owner get a