Found 2 Vacants in nice area...now what

General Real Estate Investing
1

Ok, I found two houses that appear to be vacant. The lawns have been cut, but I’ve walked by the houses twice, once last month and now this month and nothing changed. They just have that unlived in look. One house has this sticker on the front window saying “Gas in use, please do not light any matches, candles etc…” The other home I can see a hanging plant pot in a window with no plant in it. There is just no signs of life in these two houses. So, going on the assumption they are vacant this is what I plan on doing (let me know if I’m missing something)

  • Look up the tax records for these houses to get the owners information
  • Take the names and get mortgage, deed information
  • Talk to some neighbors to see what if they know anything
  • Get Comps (but how to comp it if I dont know Bed Baths?)

After I do the above I’ll try and contact the owners by mail and/or phone. Sound like a plan?

After checking the tax records and public documents i have found out the following.

House #1

Is split up into two lots, one has a house on it and the other does not. The last sold in 1999 for $1. The owner doesn’t have any other property in the area but there is a “Jr” with the same name who owns two properties.

House #2

The owner has a different address then the house. The deed showed a transfer from the owner to 3 individuals back in 2002.

What are your thoughts?

2

Scott,
What is your motivation in finding these vacant houses? Are you looking to buy them? What is your plan for doing this?

Are you looking to rent one? What is the value of these properties, rental values and purchase values?

You can estimate rental values by the newspaper and calling on other houses in the neighborhood. For sales value, again call on comparable listed homes, check with a Realtor, check the internet and newspaper for a ballpark figure.

Now what do you want to do with the information? We don’t have enough specific information yet to give you ideas. Let us know…
Thanks,
Furnishedowner

3

Oh yea, forgot that info.

I’d plan on wholesaling them to a rehabber as this area is not a rental type town. From my research the percentage of rentals is below 5% of homes. From the size of the house and the block it is on, I would say they both are 3 bedroom, 1 to 2 bath places. So my rough guess estimate on price would be $425 to $440. But we all know rough guesses are worthless so I need to get comps. And to get comps I’d like to confirm the beds and baths in the house. The neighbors should know if I can find a neighbor with a similar house.