The home X the street from me has been vacant for a month due to the cops flushing out the dealers. The home actually looks to be in decent shape, and from what a neighbor told me, the owner ( who didn't live there at the time of the bust) is in Jail. Seems this could be a candidate for foreclosure? Would be worth investigating since it's 200' from my front door. Any advice? and is there a flipper in Albuquerque that might want to do a partner deal if it pans out?
You need to start with the owner first. Don't assume that it's in foreclosure. Search the tax records to determine who owns the house then contact the owner via mail, phone call or a visit to the jail and offer to buy it. Most jail systems will allow you to search their inmate population to determine where someone is housed.
If there is more than one owner I'd contact each one.
Yes, chase this down, this could be a gold mine. Find out how to contact the owner, somebody has to know where he is. If he is in jal, then he has no way to pay the mortgage. you could be stepping into a big pile of equity with a seller who doesnt have a lot of options. A few hundred bucks could be all you need to take this house, but you will never know until you track down and contact the owner. In general, you cant just visit prisoners, buy you can write letters to them. Send the guy a letter and ask to take over his house/debt. All of this is with the assumption that the value exceeds debt and there is a profit to be had here.
Move forward and see if this is a deal or a dud
To your success
Thanks Guys. The neighbor next door to this house is a buddy, and he told me the Gal (not guy) just got released, and was there yesterday with an insurance adjuster for the robbery that precipitated the visit from the cops a month ago. Until I can find the owner, all I know is the utilities had been shut off for months while the dealers lived there, so I think they owe more than back taxes.
It's a big house lots of sq. ft. and it's brick (in good shape) I'm gona try to get ahold of the owner today.
There is always the possibility that the property can be seized by the authorities and will be auctioned off by them because of the drug connection. And if he was a successful drug dealer he really doesn't have any money problems if he has any brains. If he was small potatoes and the property isn't seized maybe a deal can be done, but I don't know what was done there, any meth lab violations? Authorities do not like to seize meth properties but if they do there is a potential buy there.
Even drug dealers want top price and most likely will list it with an agent, or counter at a closer to market price even though it is "tainted". I would investigate everything and take a shot but I have had better luck with homes owned by someone that killed someone else and feared a wrongful death lawsuit that would take the house and they most likely would get nothing then drug properties.
Good advice. Don't know what the "drug du jour" was, only know the cops flushed them out. Definitely not hanging my hat on this one, but it's worth investigating
As others have said, start with the owner. There may be no need to wait for it to get foreclosed on (if it even will).
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