Updated about 8 years ago on . Most recent reply
Potential huge wholesale - HELP!
I'm driving out of town today for work and I see what looks to be a huge vacant apartment complex. I drive around the property, and after realizing how big it was, thought maybe it was an old assisted living facility or hotel.
Regardless, the address wasn't visible, so I called the realtor across the street who said it used to be an old hospital.
I was referred to a lady in the redevelopment dept in city hall who gave me the owners contact info and a brief history: vacant since 2008, property consists of 12 parcels that were acquired for 300k in 2013. The hospital itself consists of 2 parcels. She also mentioned she thought she heard about possible tax sale 3-4 months ago but never heard about it again.
I called and the owner wouldn't give an asking price, just that they have 2 realtors eager to list it but they want to sell now. Have taxes owed. They have the 2 hospital parcels available + 8 additional parcels which happen to be surrounding parking lots. I said I might be willing to put it under contract as long as they gave me 90 days to cash them out. She said to send in an offer...
...ha NOW WHAT?!
Most Popular Reply
Daniel,
Um.. send them an offer with outs for Financing, Phase 1 ESA and Building inspection. Watch for underground storage tanks for heating fuel and asbestos. What was on the site prior to the hospital.
Value is highest and best use minus cost to get there (Including knocking down building, environmental etc.)
Hire a few good professionals.
That's just the bare bones 50,000 foot view.
Good Luck!
Jim