Reston, VA · Member since 2017 · 67 posts · 68 votes
Yes, I know it's considered trespassing and illegal and that's why I would like to ask the community a few questions.
1. Can I try and get ahold of the current tenants phone numbers and give them a call? Ask if I could stop by and see the property?
2. If I were to go up to a property, is there any legal way I can make them a proposition? Like hey, for $20 I would like to see the quality of your home?
3. If I did #2, could that effect me closing on an auction if someone found out? Could I get in serious legal trouble?
I have not done any of the above, I figured I get some feedback before doing anything stupid. I also know no one here is a lawyer and I accept that reality.
Yes, I know it's considered trespassing and illegal and that's why I would like to ask the community a few questions.
1. Can I try and get ahold of the current tenants phone numbers and give them a call? Ask if I could stop by and see the property?
2. If I were to go up to a property, is there any legal way I can make them a proposition? Like hey, for $20 I would like to see the quality of your home?
3. If I did #2, could that effect me closing on an auction if someone found out? Could I get in serious legal trouble?
I have not done any of the above, I figured I get some feedback before doing anything stupid. I also know no one here is a lawyer and I accept that reality.
Thanks!
This sounds like a great way to get punched in the face............multiple times.
Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
7y
We wrote one of ours a letter describing the pending foreclosure but in all fairness the guy had a business (commercial) operating in the property. He appreciated the heads up & after that he paid us all future rents. The rents alone would have kept the mortgage in the black. We already knew the property was in great shape.
Never had to bother with a Residential occupancy YET!!. Nevertheless it's a tough one depending on who is occupying.
Rental Property Investor · Philadelphia, PA · Member since 2016 · 41 posts · 14 votes
7y
Not enough context here. Have you won the auction, and is the property under contract? I was talking to my RE attorney a few days ago, and they had a client who came to an occupied REO he had under contract to walk around it. He did not have any contact with the tenant. However, the next day, the law office was notified that the bank is terminating the contract. It was very difficult to get the earnest money back.
On a separate note, are you sure that it in fact is occupied? If it's an REO auction, it is common for the bank to list the property as occupied, since it was occupied when the bak took possession of the property. It may not necessarily be occupied months later, when the lender is auctioning the property.
I don't have anything under contract, I was looking at properties on auction.com and huzbu.com. I noticed they were listed as tenant occupied and they would have a single picture of the outside at best. It's obviously pretty risky to bid on a property where you cannot see in the inside and I don't want to buy something when I have no idea what I am getting into.
Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
7y
@Alexander Ball if you can't get in its the 'proverbial pig in a poke'...& can get very expensive.
The several we have done in the distant past were in fact empty & I had a couple of maintenance guys that did get in to review the damages. We low balled & won on 2 that were a disaster but still flipped them for double after we cleaned them up a bit.
Had another with a kitchen full of rotting food, we got in through an 'opened' back door. They took the fridge but forgot all the frozen, perishable foods. That was a gut wrenching experience. We got it for $12,500 did nothing to it & sold it to a neighbor (for her mother), $25k ($3k down held the note @ 10% for 15 years). She just sold it for $39k.
Had another foreclosure with roof leak mold in the rear laundry room so tenants were in the process of packing & let us in. We talked to the bank in Texas as we walked the property & got it for a verbal $21k. Did nothing to it, Flipped it to investor friend & we held the note $25k @ 12% 25 years. He paid us off after 12 years & restored it to its former glory. He then immediately bought another foreclosure we grabbed & we hold the note.
Good luck it's a great exercise in patience & wisdom...
Yes, I know it's considered trespassing and illegal and that's why I would like to ask the community a few questions.
1. Can I try and get ahold of the current tenants phone numbers and give them a call? Ask if I could stop by and see the property?
2. If I were to go up to a property, is there any legal way I can make them a proposition? Like hey, for $20 I would like to see the quality of your home?
3. If I did #2, could that effect me closing on an auction if someone found out? Could I get in serious legal trouble?
I have not done any of the above, I figured I get some feedback before doing anything stupid. I also know no one here is a lawyer and I accept that reality.
Thanks!
This sounds like a great way to get punched in the face............multiple times.
Real Estate Agent · Merritt Island, FL · Member since 2017 · 974 posts · 1k+ votes
7y
@Alexander Ball - Not in agreement with the trespassing part. If you're there for a legitimate reason, that's not trespassing....otherwise no one could ever show up at a house. Question I have for you: where is this home located?
If it's in Reston, it's not that difficult to guess what level of work needs to be done. Reston homes fit in categories and you can almost always tell simply by looking at them....there are the late-60s through the 70s style, the 80s was different, then the 90s, then 2000s. That's the advantage of being in a planned community. To a lesser extent you can see the same in Herndon and Sterling.
I don't have enough to purchase it, but at some point I will be able to purchase properties like this one.
I feel your pain! I'm from Arlington and purchased in Reston mainly because prices were high. Now Reston is also high. You're looking at Hagerspatch which is an entirely different ballgame. Prices are much, much more conducive to investing, however homes are much older and many are frame. There's no way to guess the interior condition of a home like that. Have you joined WREIA or any other investment groups?
Rental Property Investor · Orlando, FL · Member since 2015 · 353 posts · 269 votes
7y
@Alexander Ball we bought a property on Hubzu once and you should be able to have an inspection period. If you see anything you don’t like during the inspection, you should be able to get out with only the sunk cost of the inspection. Sometimes you can even tell the inspector to cut it short if you notice something right away and they’ll discount some of the costs.