Fire Damaged Houses Potential

My thoughts on Fire Damaged Houses:

Question from a student —

Hey Mitch,

Another fire house (1/2 house burnt inside) came across my desk as a potential lead. I was curious if you always pull permits or try to complete work and sell the house prior to permits being pulled for these houses?

I am tempted to purchase it and get a crew in it right away as I have a realtor who’s got some individuals with a down payment but bruised credit.

My Response —

I think the house is already on record at the city. If the fire dept was called out, it would be a mistake not to pull permits and go by the book.. 

Is the electric RED TAGGED or METER REMOVED? You’ll pop up on the radar when you try to turn on the utilities.

If you’ve done work before you pulled permits, this is where your troubles begin.

The most dangerous part is the electrical. The tremendous heat from the fire melts the plastic/rubber protective coatings on the wires inside the walls.

I always use licensed people for fixing major electrical issues.

Let’s face it, a mistake in the electrical department can be devastating and even tragic.

If someone gets hurt or dies it’s going to be very bad news for those involved in bootlegging the electrical job.

–Mitch

Free Education Summit-Sign up Now!  REInvestorSummit.com 

Get my book and Owner Finance 101