I found a handful of boarded up, vacant homes around my neighborhood. I’m right, smack in the middle of Hollywood, CA so the ARV is close to, and over $1 Million.
What do I do now? Someone suggested mailing them a purchase contract via mail… doesn’t sound right to me.
What steps do I take now?
Find who owns the property and send them a letter telling them you’re interested in the property and go from there.
Thanks.
Also, someone told me that as a wholesaler I should focus on cheaper markets… do you think the $1 Million plus market is a slippery slope?
I also live in L.A as well, if they are all together boarded up I wonder if it is some kind of development they are planning possibly?
If you are starting out as it sounds like you are , I don’t know i’d focus on this price range…also prices haven’t really followed much yet so you could find yourself in trouble if there is a considerable drop by the time you try to sell. There’s not many people that can buy a $1mill property, there are many more that can buy a $100,000 property.
Write down the address, go to the property tax office and look to see who the owner is. I then send a postcard to the owner. I like postcards because they are less expensive and you don’t need to get them to open the envelope. If they are all boarded up, the city may have done that to protect the public. If the seller responds to you, then you can do more investigation as to why they are boarded up. I wholesaled a home that the city boarded up and was getting ready to mark for demolition. It took a little more time to close because we had to go through the city’s red tape to get things cleared. Fortunately, I didn’t have to do the work, the title company did everything. I love it when other people do the work and I still get paid.
P.S. Send more than one postcard/letter. I send at least 7, it’s proven that most people don’t respond until the 7th contact.