After visiting my brother, who lives in a good neighborhood in a very good school district, I found that there's a rental property across the street that's been a nuisance. Including, but not limited to, a recent bust at the property for heroin trafficking by the renters. I have friends on the police force who say they're going to start putting pressure on the owner due to the 3-4 year history of issues and the recent bust on the property.
According to neighbors (and my brother), the house has gone off and on the market over the span of the last few years. According to those same sources, the listing price just doesn't seem to be in line with the real value of the property. There are very few upgrades in the house with the exception of a few things like wood floors. The exterior lacks curb appeal and any semblance of flowerbeds. From the information gathered and the sight of the property, they may be renting in order to wait out the market (maybe upside down?). Houses in this area do well, if they're updated and have curb appeal.
I've done some preliminary searches for the owner and believe I've found them. Given this situation, how would some of you vets in the business handle this? What would you do? How would you proceed and why? Although I have no numbers yet, it seems like a possible opportunity.
Originally posted by @Tim E.:
Although I have no numbers yet, it seems like a possible opportunity.
It is no more an "opportunity" than the house next to it or any other house within a 100 miles. It is a lead and nothing else.
Contact the owner, make an offer that works for you. It sounds like he is not a motivated seller and nothing you can do will make him motivated. Keep in touch in case some day he does become motivated.
Ned Carey, Crab Properties LLC | http://baltimorerealestateinvestingblog.com/
I would do what Ned proposed. Don't spend too much time analyzing it beforehand. Wait to do that once you know there is some degree of interest from the seller.
Thanks @Ned Carey. That was my initial thought as well. I'm hoping that the city/county putting some pressure on them might be a tipping point, considering it was a fairy large heroin bust. The folks running this rental seem to be fairly detached and don't seem to be putting in the requisite time/effort to really succeed. Although, that may simply be perception.
I appreciate the input.
@Erik Hitzelberger Agreed. I'm hoping the ongoing issues start mounting enough pressure for me to squeeze my way in. Appreciate the input.
Anyone putting pressure on the owner does not mean you will be the one that gets a good deal. Make the home owner a cash offer and see what he says.
@Tim E. ,
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