What's up with this?????? - Posted by Mike Ward

Real Estate Investing Real Estate Gurus
#1

Posted by Mike on December 08, 2000 at 23:53:55:

Bill,

Thanks for the info. I am glad to see that something can be done. Have you ever dealt with any of these cases? And, if so, tell me what happened and how you structured the deal. Hopefuly, my friend that is a Housing and Code inspector will help me. I do have his number and he has my number and he said he would. He says that there are nice houses in good areas that are knocked down, sometimes just because the windows are knocked out and have not been boarded up.
If I can find the owners this may be a super opportunity to flip for some money without ever putting any money down, I love those kind. Well, again, thanks for the info and if you have had any experience with these tell me about it and suggest some things I could do with these.

Thanks a bunch,

Mike

#2

What’s up with this??? - Posted by Mike Ward

Posted by Mike Ward on December 08, 2000 at 18:39:50:

Hey,

If anybody knows any thing about this, help me out. I made a call to a guy who had a property that was for sale for $20k or best offer. When I went by to look at it, it was not in good shape to say the least. Vandals had got a hold of it. BUT, while I was there someone with the city came by and ask if I owned the house. He says that they are about to knock it down, next week. The guy says they try to contact people who own properties like this and some that are in good shape, but abandoned, and if they can’t get in touch with the owners they knock them down. I got this guys number and he said he would contact me on decent houses in good areas, which he said was every day or so.
QUESTION!!! Can I get or take possesion of these houses by finding the owners myself or what???
Please if this is natural let me know how they can knock down properties that may be bank owned or someone elses property. Can I benefit from this and if so, how?

Thanks a million,

Mike

#3

Re: City dozes house! - Posted by BillW

Posted by BillW on December 08, 2000 at 21:46:36:

Mike, Yes, this is an opportunity for you, but you will have to move FAST on these. The key is to get the city to hold off. Usually, you will be dealing with a condemned building as far as the city is concerned. In these cases they often send the letters and notifications to the property owners last address as contained on the tax records. Most times it is the address of the subject property. The info is sometimes outdated or wrong. Your ability in finding the current owner and getting a deal is the key.(Sometimes it’s as simple as the entry clerk transposing a couple numbers in an address or name.) Once you locate the owner, get a contract and go straight to the city. Have a stop put on the demolition order. Then get with building and zoning, find out what they require to remove the condemned notice and do it. Then you can continue with your deal in a more normal matter. Don’t commit any money until you have the demo order halted and talk to B&Z about what is required. Sometimes, a lawyer is required. it’s usually worth it. Perhaps, if you have the right lawyer or the right ear at the city, you can get them to stall the demo while you look for the owner- a good track record here helps. Remember, the city doesn’t really want to pay for demo and have a vacant lot that is not contributing to the tax rolls. They want you to own a nice, valuable tax paying property.
Good luck…BillW