Did I buy a house or a car?

1 Reply

Ok... so I closed on a duplex sight unseen in February.  The owner had a primary residence outside the city but lived in one unit during the week.  The other unit was rented to a long term tenant on a month to month basis.  Every time we tried to view the 2nd unit the tenant was never there or there was some other excuse.  The owner assured us that the tenant was a model tenant so we closed on the property (though we had to drill the locks in order to get an appraisal because the tenant stood the appraiser up 3 times).  Once we finally got in, we discovered that the long term resident wasn't actually living in the unit and that it was trashed.  After purchase we let the tenant know that we weren't going to extend his lease and gave him the option to move into another one of my properties which he declined.  

The property has a 2 car garage.  We didn't pay attention to it at all during the purchase or rehab.  I was informed by project manager the other day that there is a nice car in the garage.  By nice, I mean good condition.  Probably mid-1980s sedan.  I still need to run the VIN to ensure it isn't stolen.  Not sure if theres a title.  But... is this car mine now?  I have no idea if it would have belonged to the owner, the tenant or someone else.  Nobody has inquired about it.

Look for the registration and find the last owner . get them to get you a title . Or you will have to file a lien on the car for storage to get a title .  depends on the car if its worth the time . alot of 1980's cars arent worth much 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • 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.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here