Put this under “wholesaling” as I’m not sure where else to put it.
Found an abandoned 12 unit in an area we want to be in. Found the owner who lives in a house nearby. 12unit is listed on the CAD as being owned by “CADENCE BANK UNLIMTED MARTIAL DEDUCTION” (I assume that is a typo on the cad and it should be “Marital Deduction”) and then also the owners name. But with the bank’s address.
I was able to find the owner via her other property where she lives and she called me back. Nice older lady. But for some reason is not interested in selling the property yet. Even though she’s just paying the taxes on it and making no money there.
The area is not appreciating particularly fast—so it’s not like it’s going to be worth 3x as much if she waits another 10yrs. Plus she shared with me that she really wants to “sell up and move to [nicer area here in Houston].”
Anyone here have experience with this kind of trust (pretty sure an Unlimited Marital deduction is a trust, right?) and maybe have some insight as to how or why she wouldn’t be anxious to get rid of this drain on her resources?
Just trying to understand how it might be working in some way that she doesn’t feel the drain? (Maybe the trust includes other assets that absorb the cost of the taxes?)
Great find..we had one like that years ago. Big beautiful home that was left in disrepair for 15 odd years & the divorced spouses would not sell PERIOD. We tried every angle, even found their kids (son would mow the lawns etc to avoid code enforcement issues), but until both spouses died the kids were at a loss how to unload it.
At the time we were fortunate to pick up an old home a block away after a small kitchen fire. We found that gem by knocking on neighbors doors inquiring about the other. We got ours for $109k & we still own it. Comps for that abandoned home now run $800k+ so I often wonder what happened to it.
Don't give up...& Good luck...