Home Buying & Selling How I Found My Latest Deal by Investigating a Distressed Property

How I Found My Latest Deal by Investigating a Distressed Property

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One day I had time to kill between appointments. As always, I used this time to drive around the neighborhood looking for vacant or needy properties. While driving, I noticed a house that looked quite strange compared to other houses. As I passed by, I noticed vines growing on the roof through the gutters on the sides of the house.

Not only that, the vegetation everywhere was completely overgrown. It was so terrible that I could hardly find the front door of this property. It was also painted bright red (or at least at some point before it was partially stripped by the weather). The grass must have been knee-high, and many trees were completely overgrown. Some trees near the property now had limbs that were placed on the roof, and the view was torn from the granules on the roof. The fence seen from the front was dilapidated and scattered on the other side of the garden without boards.

A dilapidated house reclaimed by nature

As far as I know, this house was able to exacerbate this because it was behind a dead end block with only a few other houses. There were no posts of code violations. This was surprising given that there were many potential violations in the house. Needless to say, this was the house I was interested in.

Related: Driving for the Dollar Bible: Finding Distressed Property and Marketing

As I approached, I saw several vans parked near the property, and several people left the house and walked towards them. As I approached, I realized that it was animal management.

I pulled up and went out to talk to them. After all, they pulled out a family of raccoons who claimed to have lived in the attic and some boxes of stray cats who claimed to own the rest of their property. I wanted to know more, so I quickly launched Dallas CAD on my smartphone to see who owns the property, but unfortunately there were no dice. It just reported the “current owner”, which wasn’t good for me.

Do a real estate detective

In an attempt to find more clues, I approached one of the animal management employees and asked if they knew what had happened to the land. They were pretty ignorant and seemed as confused as I was. After the crew left, I went a little more to check around the property and noticed that the backdoor was completely out of the hinges (maybe that’s how all these animals get inside). ). Anyway, I decided to go ahead and take a peek inside (don’t do this at home, kids).

The appearance is very scary, and in the case of the house where wild animals used to live, the interior was in pretty good condition, considering everything. In most cases, basic cosmetics such as paint and flooring were needed to remove the odor and hide some of the damage. This was a very nice neighborhood. It was not an area that was being transitioned or was hijacked by a rental property. To give you an idea, it had an ARV of about $ 230,000, and it seemed strange to me that such a house could be let go to this extent in this neighborhood.

After leaving, I decided to make a final ditch effort to find the owner’s contact information, so I started knocking on the doors of a few neighbors in the area. The first few weren’t at home, but at the last one someone answered. The neighbor was an older woman, who was actually a good friend of the owner of the property. She told me what happened to the house, and whether she got tired of it just sitting that way, especially because they were thinking of putting their house on the market right away. started. She looked up Rolodex and was able to come up with her phone number. I thanked her for my time and returned to her car.

Related: Rehab Note: Five Big Issues Distressed Properties Hiding (and How to Detect They)

Find the owner

Expecting the numbers to be up to date, I returned to the car and called. To my surprise, the owner’s daughter answered the phone. After all, her mother now lived in a living support facility, but they had previously agreed that it was time to sell. She asked me if I could make an offer over the phone. I was a little nervous to do it on the spot, especially since I haven’t met yet, but I quickly ran through my head and found the stadium area needed for this deal to make sense. .. I put my number out there and then silence. I waited for a few seconds and felt much longer than that. She said my offer was the best they had ever received (apparently some of the other investors had already seen the house). At this point she was ready to clean up her house and she asked me when it was a good time to meet and sign the contract.

Fast forward a few weeks later: I signed a contract and planned to close the house within a week.

When was the last time to track down a dilapidated home owner rewarded for you?

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