what to do, when you've bit off more than you can chew?

4 Replies

I'm reaching out to the BP community on this one. I work in the downtown Cincinnati, OH area. I believe I've came across a opportunity. I'm just not sure what to do about it or really how to go about it. A bit of background on myself. I'm currently pursuing my real estate license and very new to the wholesaling game. By new, i mean I've been canvasing my local area trying to generate leads outside of my 9-5 and am still trying to close my first deal, new. That said all advise and guidance is greatly Appreciated. 

The property

the property i'm looking at is 16 stories, its on the national historical registry, the current owner is tax delinquent and out of state. Its been on the market for the last 3 years. (dug up all this with a quick google search) and it was last purchased for $1.45 million. 

Given the property is tax delinquent, and has been sitting for a few years at this point i feel would give the owner proper motivation to sell. What is the best way to deal with a tax delinquent property?  How do i start pulling numbers to analyse the property to see if its actually worth my time to pursue?

@Brandon Farley
Is the property occupied or vacant?
What is the zoning?
Do you have contacts that could purchase this property ?

When you get into commercial properties if this size, they are typically owned by a who’s who of tight knit developers in the area.

My recommendation is move on and do not waste more time on it. If the building is not stabilized there is a reason why and a reason why taxes are not being paid

Chris seveney the building is currently vacant. Not 100% on the zoning. But i do agree with you. I think im gonna bow out of this one and move on to other leads. Thanks for taking the time to reach out and give me your insight. It means a lot.

@Brandon Farley its still on the market for a reason, either he is not motivated enough or there is to much wrong with it

@sean Carroll  i had a feeling their was major problems with it. But i felt i may have landed on a opportunity.  I was just not sure how to go about it. Thanks for the .02 cents.

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