Distressed Dream Apartment...If Only I Can Locate Owner

Distressed Dream Apartment...If Only I Can Locate Owner

Realtor · San Diego, CA · Member since 2015 · 30 posts · 10 votes

The other day I'm driving through a nice part of town (which I have driven hundreds of times) turn right and see this deserted 10-unit apartment which reminds me of all the stories on BiggerPockets of investors finding diamonds in the rough driving though town.

Is this it? 

A real estate investors dream?

I park my car, get out, and knock on the first door (obviously do not know any other better way to find out who owns this), no response.  Knock on the 2nd door, no response.  Takes me getting to the fifth door til somebody finally answers.

We get to talking and he says in the last 5 years only 2/10 units have been rented, and those two units pay only $500 which is drastically below market rent.  He then proceeds to show me his unit which I instantly notice the landlords are slumlords. (I am starting to get real estate excited...not sure if that is a term).

I ask him a few questions and he tells me the previous owners passed away almost a decade ago and the property passed to their heirs in which the property then quickly fell into dis-repair and people started moving out.  This whole time I am thinking of all of the opportunities to improve the property and fill all of the units!!

We exchange information and he gives me the owners name and #.

Fast forward a few weeks, me and real estate agent still can not get a hold of the owner and the reason I am hopping on here is to ask the community how best would you go about contacting the owners to buy this property.  

Code enforcement(disgusting living conditions), the city? Any and all ideas would be appreciated.

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Buy-and-Hold Rental Investor · Santa Fe, NM · Member since 2015 · 438 posts · 352 votes
9y

You have the names of the heirs or the probate attorney? Skip trace? I like www.tlo.com, but there are many. 

Have you consulted a probate attorney for advice? What do probate records show for the names and addresses of the heirs? 

Where is the property tax bill getting mailed? Are the taxes current? If so, someone at that address is getting the tax bill. 

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  • Investor · Charlotte, NC · Member since 2016 · 374 posts · 189 votes
    9y

    Research adverse possession. I am doing that to a SFH right now. Search the obituaries as well. If the owner is dead, I would consider just taking the property over.

  • Real Estate Agent · Bloomington, MN · Member since 2015 · 87 posts · 30 votes
    9y

    Tell your agent to put on their Sherlock Holmes cap and starting ringing doorbells. I recently tracked down a lot owner, for a client, by going to her apartment and ringing the doorbell. The intercom system was connected to her cell phone and I reached her at work.

    Also have the agent see how far behind they are on the property taxes. If they have an 80% vacancy rate I beat they aren't paying the taxes.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @Account Closed   not so easy in CA...  Let us know how you make out.. My brother is doing one in CA.. but its 5 acres next to his 5 acres.. owner died intestate etc..

    10 units in San Jose is worth a few million at least... so be unlikely that would play out.. but I like the thought process.

    @Account Closed   I would give Minh a PM he is an expert in San Jose multi and I bet he can help you

  • Lender · Elk Grove, CA · Member since 2016 · 190 posts · 94 votes
    9y

    Sent you a PM @Ryan Fisher

  • Buy-and-Hold Rental Investor · Santa Fe, NM · Member since 2015 · 438 posts · 352 votes
    9y

    You have the names of the heirs or the probate attorney? Skip trace? I like www.tlo.com, but there are many. 

    Have you consulted a probate attorney for advice? What do probate records show for the names and addresses of the heirs? 

    Where is the property tax bill getting mailed? Are the taxes current? If so, someone at that address is getting the tax bill. 

  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    9y

    Nice find!

    Surprised the most obvious/simple answer has not been posted yet, @Ryan Fisher:

    • Pull the property tax bill at the county property tax website. 
    • See if the property taxes are being paid.
    • Look at where that bill is mailed.
    • If taxes are being paid, and you know where that bill goes, you've got the address of someone that checks the mail that probably has an ownership interest in the building (IDK about you, but I don't like the idea of paying someone else's property tax bill...).
    • Send a letter.

    Your agent and/or lender can also pull a property profile that should give some insight into the chain of title etc.

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @Chris Mason   Marc C right above you mentioned it.

    skip tracing is probably needed.. private eye can do that or one line companies.

    I had lexus Nexus in my hard money shop I can find anyone with that bad boy

  • Investor · San Jose, CA · Member since 2012 · 2k+ posts · 3k+ votes
    9y

    @Jay Hinrichs,

    Thanks for the mention Jay. 

    @Ryan Fisher, nice find. My contacts can find almost anyone you want. If you don't have the ability to close the deal, send it over my way. We can work out a referral fee if we buy it. 

    Good luck.

  • Real Estate Agent · Sacramento/Placer ~ San Francisco Bay Area counties · Member since 2012 · 1k+ posts · 743 votes
    9y

    @Ryan Fisher

    If a probate file has started on decedent for interested real property you can check at Santa Clara county office at 191 N. 1st St. San Jose.

    Or you can pull the death certificate at 976 Lenzen Ave Ste 1000, San Jose 95126.

    Whomever filled it out would be your first contact person.

  • Realtor · San Diego, CA · Member since 2015 · 30 posts · 10 votes
    9y

    @Jay Hinrichs @Chris Mason  

    Pull the property tax bill...sounds almost to easy.  That will be my homework assignment tomorrow morning.

    Thank you for the advice I really appreciate both of you helping me.

  • Professional · Roseville, CA · Member since 2017 · 174 posts · 31 votes
    9y

    The tax bill for sure would be a good start. But sometimes they aren't super current. But If you went to the clerk recorders office and pull the file on those pages will be everyone who has owned that property or has a lien on it and who in herited it and when. You can start the skip trace but until you have the name of who owns it on paper you might be skip tracing a nephew who saw an opportunity to make a little extra cash after their relative pasted. Stranger things have happened.  Good luck

  • Austin, TX · Member since 2015 · 223 posts · 185 votes
    9y

    @Ryan Fisher my advice is to hire a skip tracer that can provide the phone number for the owner and any close relatives phone numbers that may be able to connect you with the owners of the property! Good luck!! 

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