Are you an agent who specializes in tear down properties?

Asked by Mplsbuyer7, Minneapolis, MN Mon Mar 21, 2011

My family and I have a builder and have our plans, we have missed out on a few good tear down opportunities in Linden Hills and South Minneapolis. If you're an agent interested in helping us find a tear down property, please let me know. I'm especially interested in agents who can show us properties not on the MLS. Looking to move quickly, purchase quickly, financing secured and set for CTP loan, builder and plans set, please contact me if interested and post why you might be the best fit. Thank you.

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P Cory Peter…, Agent, Minneapolis, MN
Mon May 2, 2011
It certainly sounds like you have your ducks in a row. As a ready, willing and able buyer, why hasn't anyone approached you with the mentality of a listing. Reverse prospecting and other options will not get you the results you want. I have worked with a number of builders to find workable lots to build custom and spec homes. I am confident I can turn up opportunities for you in short order. You do want someone who does not have any conflicts of interest with what does get turned up. What I'm saying is, you don't want someone who may be fishing for multiple prospects and you may not be first option with what becomes available. Contact me if you want further explanation.
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Scott Hulen, , 64068
Sun Apr 24, 2011
We do this but not in your area, we are in the Kansas City market. But I will give you our tips and things we look for to achieve the goal. In our area if we find a large lot we can go to the city and ask for an administrative lot split and subdivide the property into 2-4 regular buildable lots and retain the old home or tear it down. Contact the city and check out the condemned list. Look for homes which are in good condition and sit on a double lot then sell the home and keep the one empty lot to build on. If there is no for sale sign, contact the owner and ask if they are interested in selling the extra lot, never hurts to ask. Hope this helps Scott
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Lori, Home Owner, Minneapolis, MN
Sun Apr 24, 2011
I am not an agent but I have two homes (one is very small and was used as rental property but now is used for storage) and then the home I live in. I am either needing to invest in upgrading my home and tearing the other down and perhaps, building a garage, or selling and someone could tear down both and build on this extra large south minneapolis lot. The homes must be sold toether. I am one house off of minnehaha creek, off of 54th and Xerxes. Great neighborhood. I have been here for 20 years and have raised my two sons in this house. One is leaving for college in August and the other graduates next year. I am looking to get into a townhome.
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Eric Redling…, Agent, Maple Grove, MN
Wed Mar 30, 2011
I'm always getting investor packages that include a few house in the metro are tear downs. Unfortunately anything in target area is always at a premium. I've seen some real dogs in that area in the last few weeks that would be best served by a backhoe and sledgehammer. Many have been on and off the market for years now and a ripe for the picking. The downfall with buying a package is that you have to buy them all. The investor won't let you cherry pick, but if you do buy the whole package (typically 6-10 properties) you can sell off the rest and make a tidy profit providing you don't mind the time it takes to sell off the rest.
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Nate Gerard, Agent, Stillwater, MN
Mon Mar 28, 2011
I'm not sure you'll find someone who specializes in tear downs. With that said, many agents who work with investors could help.

Since you want non-MLS opportunities you'll need someone who has connections in your target area. Someone who is driving around frequently and will notice what's going on with the property in their area.

Michael is right about your agent being able to send out an email within the office and I would include Keller Williams in that group too. Take a look at the offices for each Real Estate company in the South Minneapolis area. They'll each have someone who concentrates on your target area.

Good Luck!
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Michael Emery, , Minneapolis, MN
Mon Mar 21, 2011
If you work with an agent for one of the larger companies (Edina, Burnet or Remax) they have the ability to send out emails to other agents in their company with 'buyer needs'. Additionally they have access to homes that are anticipated to be on the market in the near future. This is the best way for you to find a home before it hits the MLS. As you have discovered, buildable lots are scarce in the more popular parts of town.
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