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Building "Destroyed" for Copper Pipe

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Rehab Reversal

Here was a nice, solid six-flat in a troubled area. The owner emptied the building so he could do a major rehab.

I didn't realize that copper is so valuable. The neighborhood druggies removed all the exposed copper, and even ripped open a wall to retrieve some more. Six boilers were separated from their copper pipes.

The moral of this story? Keep some tenants in your building while you rehab the first couple units. Fill the rehabbed units, then move ahead with more rehabbing. Empty buildings attract varmints!

I like to begin on the uppermost floor, and work my way down. This keeps the noise and dust beneath the units that have already been rehabbed.

This property ended up going for $210,000 in a short sale.

 

 

 

Copyright 2007-2008 Mel Metts Publishing
www.melmetts.com
Last modified: February 13, 2008