Charles NoonanPresident, Landbank University · Real Estate Developer & Instructor

WHAT TO AVOID IN BUYING PROPERTIES?

13 Jun 2024 · 1 min

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0:54

Speaker Charles Noonan warns buyers of distressed/land-bank houses that a primary pitfall is a cut water line and that these properties typically require a full gut renovation (walls removed). He also gives a practical vendor recommendation: Signature Dumpster for demolition debris (quoted price: $300 for a 30-yard dumpster) and cautions against using contractors'/classified dumpster options that charge by weight.

Chapters

What is the biggest pitfall for buying these types of properties? I would say the biggest pitfall could be the water line being cut. So you already know what you're getting. We know we're not getting a property that could that's livable. We know we're getting a property that has to have work done. Typically it's going to be a gut renovation. I've never not done a land bank house and have not done a gut renovation. So we know we got to be prepared to tear all the walls out. And I gave you guys the dumpster company use signature dumpster $300 for a 30 yard dumpster. They'll drop it off your demo guys will fill it up, they'll take it away. They won't charge you for the takeaway and they won't charge you for the weight. Other other dumpster companies like if you went to Craigslist or whatever or if you use your contractor's dumpster, they will charge you for the weight of dumping. Do not do it.