I may have found a deal. Help?

Question

So essentially there are these dilapidated houses in a neighborhood i know very well. They are both owner-occupied as far as I know. I was wondering what my steps from there would be.

Thank you

Jay Orlauski · Answer

Hi Myles - I think one of the first steps would be to determine your strategy for these homes and what your overall plan is. Are you going to wholesale or develop them? Start with what makes the most sense for that area - will these be rentals or fix and flips? If rentals , confirm the average rent for the area - if flips - then find get a local agent to help you run some comps so that you can determine your after repair value. Then if the numbers make sense - run them again. Be sure to line up your money or your buyers depending on your strategy. Account for unexpected expenses as there is always something unanticipated that rears its ugly head -be prepared for it. Maybe even talk to some other local investors if this is your first deal just to help you get an idea of where you need to be on the numbers. You can also post up some of the numbers here for others to help you analyse the deal. Good luck ! keep us up to date on your progress.

J. Martin · Answer

Go to the county and get the owner's name of record from property taxes, and mailing address (or ask title company for property profile). Send them a letter or knock on their door. Or if a bank. Get ahold of their special assets department, get ahold of someone, and send in an offer.

Good luck!