Ok, I have been talking to a property owner for about a month now, he really wants sell, and has been making arrangements to move and put the property under contract to me for wholesale. The numbers are decent, not rockstar but enough that everyone is happy and I can sell the house to a rehabber.
Today I happened to be driving past the property in question and I see a red, a blue and a yellow, papers on the front door. The city has condemned the property, a no entrance warning, and a decree from the fire marshall. WTF!
Tried calling the owner, no answer 3 days now. So I start looking up numbers to call about all this and notice a link with the property address under a meth lab reporting website. But it is from back in 2012.
So my question is, do I even want to mess with this deal at this point? I know there are reporting issues and remediation issues with the whole meth lab deal, and I am not sure how a rehabber will feel about a property with these possible issues. Here is the report.
Check the local legal records and see if it's condemned then walk away
because you need to tear down to take a meth lab into a regular rental
Haven't you seen the beginning of breaking bad?
Time to move on. Too much baggage and you indicate it was just a fair deal before this anyway.
Why associate with such a potential headache? What would a rehabber think about you bringing them a potential meth house? There are a lot more deals out there so I would walk away.
You are all echoing the same thoughts I had. I guess I just needed confirmation that I wasnt being overly picky, or being to nonchalant about it either.
I am going to bookmark this meth lab reporting site as part of my elimination checking.
Free eBook from BiggerPockets!
- 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
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!