Vacant Properties Questions - Posted by Eric P. Martin

Posted by Ronald * Starr on June 28, 2001 at 23:33:23:

Eric P. Martin------------------

Gee, aren’t you the eager one. Go get them vacants, guy!

  1. No way to tell. Just start going after them. When you find out the answer to the question, post it here for us to learn.

  2. Why would you be estimating repairs at this stage? You need to find a willing seller. After that you can worry about value, repair cost, condition, etc. Even whether you will want to buy it at all. Even if the owner is willing to sell, you may not want to buy the property. Especially at the price the seller is willing to take.

  3. This is an individual decision and may depend upon your own experience. The easiest to do is mail, second easiest is to telephone, hardest is to knock on the owner’s door. The response rate is in reverse order. Fewest from letters or cards, intermediate from phone, most from personal contact.

  4. This varies from county to county. Ask at the assessor’s office if they have “property characteristics, such as the square footage, when built, and the bedroom and bath count.” If they don’t have it, check title companies’ customer service department (at least here in CA it works). There may be some propriatary database such as DataQuick or First American Real Estate Solutions (southern california, check 800 directory). If you can get into the Multiple listing service, there may be an old listing there with the information. However, this will not be avaiable for a very high percentage of vacant houses.

A vacant house is bringing in no money to the owner. You can offer the owner money. Go Get 'Em, Guy!

Good InvestingRon Starr****

Vacant Properties Questions - Posted by Eric P. Martin

Posted by Eric P. Martin on June 28, 2001 at 14:01:33:

This week I went down to the county assessor’s office to look up the owner. Unfortunately, it was in foreclosure and Ronald * Star recommended that I pass on looking for the owner and wait for the auction. Now that I’ve got an understanding of how to do this, I figure I would multiply my efforts and try to locate as many vacant properties this weekend.

I’m trying to really get a grasp for the concept of this business so excuse my not knowing the answers to some of these simple questions.

Questions.

1)Will the majority of vacant properties be in foreclosure?

2)If the house is vacant, and you can’t go in the property, If you are trying to estimate the repairs that will be needed do you assume that everything will be needed as Steve Cook suggested?

  1. Once I find the owner’s address, should I then send a letter and wait for a call or should I try to find telephone number and call?

  2. What about finding out the square footage of the house. Where would I get this info from… The owner once I located him, or is it on any of the documents at the assessor’s office?

These answers will help me greatly.

Thanks in advance,

Eric