One description of this SFR says "Property is occupied by transients, drive only, please don't go by yourself it can be dangerous"
Um, okay, so maybe I can see why this is the only fixer in the area that is not listed as "Back-Up Offers Only".... but, if someone buys this place I would assume the new owner can go in with police and clear the place out, no?
Or is the big deal breaker the fact that a prospective buyer can't get in and see how trashed the place is without fear of getting shot so never mind?
Um, what if I just took a few bigger, uglier (okay maybe legally armed) guys with me to "tour" the place and walked through anyway... could I be arrested?
My analysis says that this place could be a nice first time flip provided that the repairs don't go too far past the $30k mark. It doesn't appear that there are many if any other transient occupied homes in the area. Although it does seem like several of the SFR's nearby have been converted to multifamily.
Thoughts?... Opinions?.... Warnings?
You'll likely have to go through due process to get a judgment against them for California's equivalent of forcible detainer . I don't think the authorities will help you clear out the property just because you have the deed.
You're dealing with folks who have nothing to lose. As a first investment, I would pass. Greener pastures exist elsewhere.
@Mike M. hhmmm... okay... I see the "may be more trouble than it's worth" side for sure...
I think I am influenced by some of the "flipping inventory is almost nil in SoCal" warnings so I worry that the "greener pastures" have dried up here already. I am glaringly aware that there are some places I should not venture as a first timer... this is probably one of those places.
I've had a few situations with squaters. The most recent was last month. I bought a property that had a comfortable shed two people were living in and storing personal belongings. I literally parked with my headlights shining on the door a few mornings at 5AM. They got the picture. I also posted a sign that said remove your items tonight and I will not throw anything away.
Alot of times when squarters see a new owner and that they are going to be bothered they will move on. Squarters are opportunities to find a good deal because other investors won't want to deal with the week of headache.
I'm going to guess that it is bank owned, and if so then a cash for keys offer would have been made and then obviously declined. So as @Cal C. pointed out, read that link.
@Karen Capps I understand inventory is tight. Most anything worthwhile on the MLS has too much competition. Greener pastures exist off-market. Hard to find, and you've got to talk to a lot of folks, but they are out there.
Best of luck.
@Cal C. Thanks I will read this later today... I'm not sure what the comment about my thread title proving I am in California means. Should I be hiding the fact that I am looking in California? My profile shows I choose California as my base....please help me understand the "lesson" in your statement.
@Frank Romine I was kinda thinking along those lines. It seems that the owner is absentee and the neighborhood may be of the "it's none of my business" attitude. I kinda think the only one who will have interest in cleaning up this site is an investor. In my opinion, the larger percentage of this neighborhood appears to be decently kept... this one and one on the next block about a mile away has also been "let go".
@Steve Babiak actually it is a short sale.... the taxes are current and it's a sole owner. He paid $235k for the place 9 years ago... sadly now it looks like he can't even get $35k for it.
Yes I will be reading that link when I get home late tonight.
@Mike M. I do know I am in for a lot of digging to find a deal... I can be tenacious. Thanks for the "luck" wishes. :-)
No your title implied squatters. Biggest problem for them is CA; thus I knew where you were very likely posting from.
@Cal C. ...OIC
Yup, California has it's problems. There are many who would love to see the backside of this state (hubby included). I'm a true SoCal native and I really don't cherish the thought of moving out of this part of the country but that won't stop me from investing anywhere in the country I can make it work.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.