This 7 bedroom sprawling property has been vacant for YEARS and through research at our City Hall, found that it is owned by a foreign government. Well, me being the not-so-shy type, promptly called up the Consulate of that government and asked what was up with that house. (There was a fire in it a few years back and it’s been vacant ever since).
My feeling is that if they wanted the property, they would have rehabbed it and not left it for dead. Believe it or not, I convinced the Consulate General to ride up to the property with me where I will make my offer on December 30th. No one else seems to have had the idea of contacting the government, except me. The ARV is about $900,000 to $1.3 million. Believe it or not, I am going to ask them to just DEED me the property and I will pay the $200,000 in back taxes for them and any other expenses that have been incurred during the vacancy.
If that doesn’t work (darn it) I will make a lowball monetary offer. The entire inside needs to be cleaned out and gutted. I’m a relatively new investor. Any advice on how to finance this deal if I get it? I wanna LIVE in this baby! Although it would make a profitable flip! ;D