How do you make the decision to tear down or fix a home in this situation.
- You have plenty of vacant lots to fill already
- You are signed up with the cash program and are finding used homes to bring in
- Most of the homes in your park are older 70’s and 80’s homes.
Every now and then I get a tenant run off and leave me with an old home that is borderline tear down or rehab. I hate to tear it down being I already have 1/3 of the lots in the park empty. But I also hate to pump in $5,000 - $10,000 to rehab an old home when I can use that money towards buying a used 90’s home or newer that will qualify for the cash program.
So far I have chosen to tear down the few I have inherited. Is this the right choice?