Abandoned house owned by dissolved investment company. Deal?

7 Replies

Hello BP fam,

So driving for dollars yielded a very cool distressed house that looks promising. Tax assessor shows it's owned by what seems to be an REI company based off their name. I've had trouble finding any info on said company and I'm guessing they don't exist anymore. The taxes are two years past due.

After browsing some BP forums, it seems like the house has to be offered publicly at either bank or tax auction. Is this the case? Do I have any chance of putting an off market offer on it?

Also, how can I find more info on the company?

Thanks much!

Hi @Hunter Adams ,

In Washington State, I can go to the Department of Revenue website and use the "business lookup tool". When I punch in a company name, it gives me a tab for "Governing People". If you click that, it reveals all the members of the company.

Here's the link to the Washington DOR so you can see what I mean. Business Lookup is towards the bottom of the page:

https://secure.dor.wa.gov/gteunauth/_/#1

Your state might have something like this, or it might not. After finding the members of the company, I would use a tool such as Been Verified to find out their addresses and phone numbers.

Alternatively, the better/easier way is probably to just get out of the car on the knock on the doors of some of the neighbors. Neighbors usually know what's going on next to them and they would be happy to share details with someone who could remediate a problem property in their neighborhood.

@Geordy Rostad Thanks Geordy. This is why I love BP.

I checked the business searches for CA, AZ, NV, TX, FL and DE. The closest I can find is a business with a similar (non-abbreviated) name registered in DE. That company does business near LA so I'm thinking it's them. I will call today.

Next time I'm in that neighborhood I will do some door knocking. You're absolutely right about picking the neighbors' brain.

@Hunter Adams You can definitely make an offer as a pre tax sale deal. Have the owner sign a quit claim deed and then pay them for doing it. Pay off the taxes and you will own the house. Make sure you know what you have to put into it where you can get some of that info from the neighbors. You want to keep it in your pocket until you are able to take possession so keep some of the details to yourself. Keep us posted as to how it turns out. Good luck!

I’m guessing you have no idea what mortgages or other debts are attached to the property?  I’d look at that before spending a lot of time tracking the owner’s down.

@Josh Carr

Good info. It's a fine line keeping it in my pocket. I called the company whose property I think it is. The secretary said she would check to see if it's their property, but they never called back. If it's not the same REI company, I imagine they could snake my lead once they see the taxes are past due. It's pretty dog eat dog out here in California.

@Wayne Brooks

I don't know any of that info. My state's website charges per inquiry. It's not much money but I figured I'd see if I could track down the owner before I do an in-depth title search. I'm learning as I go on this goose chase. Even if this is fruitless, it's a fun way to learn how to research. Aside from a title company, is there a way to make at least preliminary title search less tedious, since there are so many different types of liens that could be filed from all sorts of entities?