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Updated over 4 years ago on . Most recent reply

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Alex Martin
  • Freeland, MI
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50
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Suggestions on difficult acquisition

Alex Martin
  • Freeland, MI
Posted

So I've got a lot going on with this one so stick with me. I heard of a great investment property that got condemned. I went and inspected the now mostly vacation building and was pretty impressed with it's condition especially considering its new status as condemned. Obviously the owners were having some type of issues going on so I decided I was going to make an offer to take the property off their hands and bring it back up to code. 

I start doing some digging and the backstory on this property is that the owners did not wish to pay the maintenance guys any more so they all quit. Once it got condemned they also quit paying management whose since disappeared and unreachable. I've heard that the owners live out of the country, any contact info for the apartment goes back to the buildings office. I tracked down the registered person for the llc which was a law office which hasn't heard from the owners in years. There's a single construction lien on the property, no mortgage and the property taxes are behind. Any suggestions of how one would find the owners to get an offer or if there is another way to purchase or take over this property?

Most Popular Reply

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Aaron K.
  • Specialist
  • Riverside, CA
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Aaron K.
  • Specialist
  • Riverside, CA
Replied

Flag on the play.

Before you go making offers you need to find out why it was condemned, you really don't want to buy yourself a Love Canal situation or something.  I'd follow up with whoever is responsible for condemning it before proceeding.

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