Have you ever abandoned a property after spending $$$$$?

Question

Recently while searching for available tax delinquent properties I found 3 that were previously rehabbed then for reasons unknown to me.....abandoned. I'm talking about rehabbed to the point of being move in ready.

Has anyone here ever abandoned a property after 80-90% of the rehab has already been done?

The only reason I could think of would be because of the location (D-area) and reality kicked in that they would not get fair market value rent.

Joel Owens · Answer

Wow sounds like a real crap hole of an area.

It could be someone bought it and then had other projects going and put it on the back burner. Even if they sold it for a loss it sounds like it's better than holding. The taxes, liability from transients going in and out of the property, and code violations from the city or county would be substantial.

That investor might as well donate it back to the county or city and take a tax write off. At least then the city or county might wrote off all the violations and fees adding up.

Anastasia Jordan · Answer

Unoccupied for several years per neighbors, grass taller than 5 feet, home unsecured, taxes not paid, evidence of livingroom being used by homeless bum or prostitues (empty vienne sausage cans, condom wrappers).

Peter Vekselman · Answer

@Anastasia Jordan just because the property is empty does not mean it is abandoned.

What makes you say it has been abandoned?