While out driving for dollars I found a house which appeared to r vacant. I got out to get a closer look and there were "Stop Work" notices in the windows of the house. Looked up the owners and they are real estate investors. Would it be a smart move to try to buy the property from them or a waste of time? All advice is welcomed and appreciated. Thanks!
I have no experience... so take it how you see fit... but in my estimation there is probably no deal. However, maybe you can get in touch with the mm and potentially add them to your cash buyers list.
anyone can toss around the investor label.... doesn't mean they don't have motivation to sell. Maybe they are running out of funds, cash-flow problems, who knows what... You already spent the time to look them up, might as well make an offer.
Why would it be a waste of time? I would think the majority of real estate investors have very few properties/expertise and don't do their due diligence when buying properties. They may have underestimated repair costs or aren't very good landlords and sick of having to deal with this property. My initial perspective even without knowing them is this is a great opportunity to get a great deal and take this problem off their hands. I doubt they want to deal with it anymore and simply didn't know what they got themselves into when they tried to buy an investment property. I could be wrong but find out what their situation is and then work to solve that problem while throwing a number out there to them that works for both parties involved.
@Eric Crump it's never a waste of time to pursue a vacant property. The question is should you be prioritizing it over other leads you have, if you have them. If that is your only lead at the moment, by all means try and contact them asap. However, if you have 50 other leads I would tend to give priority to the private individuals that own vacant properties.
Does this property have delinquent taxes or any other indicator of distress? Do the investors own it in a legal entity such as a LLC or corp? If so, is the entity still valid? These types of things would help me get a bit more excited about it.
So to sum up my answer, I would pursue at some point, but it may be one of my lower priorities if had other leads.
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