Possible Treasure Next Door?

13 Replies

Hello BP nation!  There is a house next door to my house that is abandoned in Pasadena TX.  There were contractors that were working on this house for a little while last year but no one has been working on the house for about 6 months now. How would I go about finding the owner of this house to see if he would possibly be open to sell this house?  And how would I know if it's a good deal for me to pursue?  I would either look to either rent or flip this property.  Any comments or advise is welcome.  Thank you!!

your town's Tax Assessor's office would be a good place to start since someone's paying tax on that property.

thank you @Yvon N.  I will do that.  Just a random question.  Do you do any business in Houston or Texas?

I will try that as well.  Thank you @Sohrab Khosravi .  I will let you know if I need your help. Do you do business in Houston?

@Sohrab Khosravi

Awesome!  I'm looking to flip houses to build capital.  My goal is to buy and hold rental properties.  What kind of investments do you do?  

Pasadena is in Harris County so you can easily find the information you need at the HCAD record search website http://www.hcad.org/records/

It will give you the owner's name and address as well as all the info you need about the property.

@Fred Heller

Thank you!  I will do that and send the individual a letter to see what he plans to do with this house. It's in pretty bad shape.  So bad that my parents think it would be a better idea to buy it but to clear it out for its land.  Would that be a wise thing to do?  No answer would be a disrespect.  I would just like to know your opinions. Thank you. 

@Daniel Fierros

The answer to your question would be answered by what is going on in the neighborhood. Are there a lot of new construction homes in the area? If so, then it might be a good idea to tear down and rebuild. If not, then the answer would probably be no.

Keep in mind that the price will be determined mostly by what's on the market in the surrounding area. If the home is not consistent with the neighboring houses, then you're not likely to get the price you need to make it worthwhile.

Good luck!

Hi @Daniel Fierros

It's all depend on the market how much will it take to rehab and if you can not find any new homes around, maybe is not a good idea to just keep it for the land.

Most of the time building for ground will cost you more that rehab and in a lot of market it doesn't make sense.

Good luck!

Hi @Daniel Fierros -- Josh here from Atlanta. I am a newer investor, so please take my advice lightly.

As you are trying to contact the owner, consider running the numbers a few different ways, as an educational exercise.

1) Blade / Rebuild
Make a few calls to get an estimate for blading the current house, and then do the same for a new construction that would fit well with the neighborhood comps.

2) Rehab Cost
If you have a friend that is a contractor, buy her / him a nice lunch and go tour the property together. A contractor's rehab estimate will give you a good sense of whether or not the property is a viable investment.

3) Rental vs. Flip
Knowing nothing about your neighborhood, it is possible that you could rehab the property to rent-ready condition and turn it into a cash machine. Or, a retail flip may be the way to go. It all comes down to the numbers and the neighborhood, so calculate it both ways to see which would end up being a better situation for you.

Once you have the numbers laid out, post them on BP to get some feedback from seasoned investors. The perspective you will gain from the experienced members of this community is gold.

I wish you all the best in you new venture. Cheers!

thanks @Sohrab Khosravi and @Joshua Feit .  I think a rehab then rental would maybe be the way to go but I will look into my options with this place. @Sohrab Khosravi , wud you know any good contractors in the Pasadena area (or in the vicinity) that would come look at the house?  You can inbox me if you wish.  Thx

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