Mesquite, TX · Member since 2013 · 6 posts · 3 votes
Ok.. I'm am new to this and I want to get my feet wet ASAP. I have done a lot of research and watching videos and listening to podcasts. Anyways, there is a vacant house next to my brother's house that's been vacant for years. All boarded up and maybe condemned. It has foundation problems and who knows what on the inside. Comps would put arc around 70k to 90k at best so even a demo and build new wouldn't make sense. Anyways my question is should I meet with the owner just to start getting used to talking to people even though I have no intent to even make an offer?
I would say yes, the more you go through the more you will learn. You never know, you could run the numbers and perhaps wholesale it to someone at your local REIA, or someone on Bigger Pockets. Perhaps you will find out that the owner has other properties that they are looking to unload. There are all sorts of possibilities out there.
I don't like doing things just for the sake of doing things. I would recommend looking at the house, but do so with the purpose of learning something. You could 1) estimate the repairs, 2) attempt to persuade the seller of the home's value, 3) call a foundation repair contractor and have him show you what to look for, 4) etc. Whatever it is, be deliberate about the learning process.