- Rental Property Investor
- Indianapolis, IN
- Votes |
BRRRR Property Comes with a Boat!
Hello BP Community!
I recently purchased my first BRRRR property at a Sheriff's sale! Directly after purchasing I drove to the property and notified the former owner of the sale (being sensitive to their personal situation). Upon speaking to them it was abundantly clear there was no plan to leave the property anytime soon. Thinking of what would motivate me to leave, I offered them $1,000 to be out within two weeks (contingent upon a walkthrough of the property at the end of two weeks). That two weeks ended yesterday, so I brought my $1,000, and my eviction paperwork that I had filed on day 1 in the event the incentive didn't work, and prepared myself for my first rehab.
While the physical condition of the property hadn't been noticeably changed, there was stuff everywhere. Like, episode of hoarders everywhere. We are talking dumpster worth of garbage, pots, pans, furniture, brand new unopened tools, unopened amazon boxes, multiple lawn mowers, five weed wackers and a customer bowling ball. Since the value of the stuff they were leaving behind seemed to be worth more than the cost of a dumpster and a day of elbow grease to clean it up, I gave the former owner the agreed upon $1,000. He was thrilled to have enough cash for a security deposit on a rental. I was happy because he was out. Win-win.
However, there's one item he left behind that I'm not sure how to handle. A boat! Like, tow to a lake, fill with gas and party all day, boat. I asked him for the title, which he said may be buried somewhere under the piles and piles of garbage, but that I was unlikely to find it. He agreed to give it to me since he now had no place to store it.
What do I do? Apply for a lost title? Fix it up and sail around the world? Become a pirate?