Cornelius Milligen
03-11-2007, 01:02 PM
Sue, we conducted a demonstration of similar project a few years ago. We purchased distressed properties or acquired them on a contract for deed. We provided some skills and basic supervision to low income workers who had sufficient ability to do the rehabilitation work.
*
Typically we could rehabilitate a home (even one that was burned out) in 90 days. We stripped the old drywall and wiring, added a skylight or two, expanded the kitchens, added a bedroom, rehabed the bathroom, put on a porch and cleaned the place up.* Sometime we moved the old floor heater outside to become a package heating and AC unit.
*
We usually were able to sell the homes in about 4 hours of putting them on the market.* If we had the resources we could have rented them as well.* We made at least $10,000 per unit after we paid for all the material and labor.
*
We are now working with the Mens' Christian Job Corps to put together a similar program for transitional inmates and rehab clients.* They are currently building up skill levels by conducting a building demolition and salvage operation in Alabama.* Our program will likely begin in Huntsville, Indianapolis and Louisville.
*
Our basic evaluation of a property's potential is conducted by a volunteer appraiser who considers the value of the property in its present condition and after rehabilitation.* We then have our contractor estimate the cost of the rehabilitation.* If the cost of the work can be justified by the increase in value we can tackle it.
*
Regards,
*
Cornelius A. Van Milligen
Kentucky Enrichment Inc
www.kentuckyenrichment.com (http://www.kentuckyenrichment.com)
GO, Inc
dba Growing Opportunities
cavm@aol.com (cavm@aol.com)
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Subject: Foreclosure program
From: Sue Southon <ssouthon@earthlink.net>
Date: Sun, 25 Feb 2007 19:59:06 -0500 (GMT-05:00)
X-Message-Number: 1
I am working with a non profit that has been approached by Fannie Mae to take some of their foreclosed properties to renovate and re-sell.*
The non profit is analyzing this opportunity as a chance to generate income to support their neighborhood revitalization efforts.
Is anyone out there doing a similar program.* We are trying to get an idea of staffing, property evaluation, and re-sale issues.
Thanks,
Sue Southon
Sue Southon
Strategic Planning Services
1885 Wingate Road
Bloomfield Hills, MI 48302
ssouthon@earthlink.net
cell: 248-895-4411
office: 248-851-2918
fax: 248-851-1638
AOL now offers free email to everyone. Find out more about what's free from AOL at AOL.com (http://www.aol.com?ncid=AOLAOF00020000000339).
This post transferred from the cdb-l mailing list
*
Typically we could rehabilitate a home (even one that was burned out) in 90 days. We stripped the old drywall and wiring, added a skylight or two, expanded the kitchens, added a bedroom, rehabed the bathroom, put on a porch and cleaned the place up.* Sometime we moved the old floor heater outside to become a package heating and AC unit.
*
We usually were able to sell the homes in about 4 hours of putting them on the market.* If we had the resources we could have rented them as well.* We made at least $10,000 per unit after we paid for all the material and labor.
*
We are now working with the Mens' Christian Job Corps to put together a similar program for transitional inmates and rehab clients.* They are currently building up skill levels by conducting a building demolition and salvage operation in Alabama.* Our program will likely begin in Huntsville, Indianapolis and Louisville.
*
Our basic evaluation of a property's potential is conducted by a volunteer appraiser who considers the value of the property in its present condition and after rehabilitation.* We then have our contractor estimate the cost of the rehabilitation.* If the cost of the work can be justified by the increase in value we can tackle it.
*
Regards,
*
Cornelius A. Van Milligen
Kentucky Enrichment Inc
www.kentuckyenrichment.com (http://www.kentuckyenrichment.com)
GO, Inc
dba Growing Opportunities
cavm@aol.com (cavm@aol.com)
-------------------------------------------------------------------------------------------------------------------
Subject: Foreclosure program
From: Sue Southon <ssouthon@earthlink.net>
Date: Sun, 25 Feb 2007 19:59:06 -0500 (GMT-05:00)
X-Message-Number: 1
I am working with a non profit that has been approached by Fannie Mae to take some of their foreclosed properties to renovate and re-sell.*
The non profit is analyzing this opportunity as a chance to generate income to support their neighborhood revitalization efforts.
Is anyone out there doing a similar program.* We are trying to get an idea of staffing, property evaluation, and re-sale issues.
Thanks,
Sue Southon
Sue Southon
Strategic Planning Services
1885 Wingate Road
Bloomfield Hills, MI 48302
ssouthon@earthlink.net
cell: 248-895-4411
office: 248-851-2918
fax: 248-851-1638
AOL now offers free email to everyone. Find out more about what's free from AOL at AOL.com (http://www.aol.com?ncid=AOLAOF00020000000339).
This post transferred from the cdb-l mailing list