investing in abandoned houses?????

Question

Hey BP,

So today I was out driving for dollars again (its kinda becoming a thing lol) and came across an old abandoned house in a neighborhood that I used to hang out in. Its definitely abandoned, it clearly doesn't look like anyone has lived there in years. And I know the neighborhood......its empty.  This spawned an idea, this could be my first flip if I could fix it up. It still has a pretty solid roof, though it could use bit of repairing, and the foundation of the house itself seems sturdy. It would take quite some time to make it livable, but I think it could really make some money if I get it fixed. However, Im sure there's a deed to it somewhere, but I have no idea how to get to the owners. I honestly don't know if they're even still alive. This house has been abandoned since I was in middle school. What should I do first to try to do something with this property???

Jonathan Thrasher · Answer

Thanks @Jake Thomas.    Seems like the Banks would want to get rid of properties like that as soon as possible?    As someone who's property value could be hurt by abandoned houses in my neighborhood I would love to see it fixed up and lived in

Jake Thomas · Answer

Look up the address on the county website. If the owner is still a person and not a bank try to search out there number or go knock on there door. You sometimes have to be a little creative to find there current address or phone number.

@Jonathan Thrasher once the property is owned by a bank there is nothing you can do other than wait for it to be listed as an REO property on the MLS. It's not uncommon for banks to hold onto houses for up to 5 years maybe more. The last HUD house I sold was vacant for 3.5 years before it finally sold.

Jonathan Thrasher · Answer

Typically the abandoned properties are bank owned and sometimes its very hard to track down someone that knows anything about the property.  There is a house down the street from me that has been abandoned since I moved here almost 3 years ago.  There are signs on the door with phone numbers to a management company which i've called and they don't manage it anymore.  I've checked public records and called the bank that's listed as the owner a couple of times but nobody has any information.  They tell me to check on their site for list of foreclosures for sale and it's not listed every time I check.  Someone, somewhere HAS to know something about it.  Very frustrating.

Devante Williams · Answer

@Mike Makkar

Lol no,  only the house is abandoned.  I probably should've specified.  Would you expect me to get a pretty cheap price for a property like this??

Mike Makkar · Answer

@Devante Williams, You can always find the owners from the county records search and track them down through a white pages search.

But did you say that the neighborhood is empty too? What? Is this a ghost town? One abandoned property is ok. But I wouldn't do a flip in an abandoned neighborhood

Good luck!