Abandoned properties yes or no?

Question

Has anyone had experience in trying to acquire an abandoned property? There is a place near me that I’ve been watching over the last five years. It’s an amazing location, double block with albeit a beautiful run down house that looks like they may have encountered financial problems/heritage permit problems.

I’m thinking about dropping a letter in the mail box with a super low ball offer that will hopefully give me an idea of the owner ever swings past or not.

Love to hear if anyone has had any success

Red Johnston · Answer

@Robin Brown That's my philosophy, the worst thing they can do is say no! But you definitely learn a lot along the way. GOOD LUCK!

Robin Brown · Answer

Yeah I figured it's all about learning. And I could get a killer bit of land in one of our top suburbs, but an absolute bogus house that costs me millions to fix anyway, Or it actually isn't that bad and I end up with just positives. Am happy to negotiate on price but you never know how good a deal you could get unless you start ridiculous. And if they say no then it doesn't matter. I guess what I am learning is that unless you actually ask you'll never know. So why not take a chance.

Robin Brown · Answer

Oooo great to know. I did try find out who owned the title a little while back so I’ll dig up those records. I mean I doubt I’ll get a property that it was looked after would be near 2mil for 500k but hey I’ll start there and see what happens

Ned Carey · Answer

@Robin Brown you will learn a lot in the process even if the deal doesn't go through.

There are two main issues with finding owners. They are somewhat separate issues

• Finding out who owns the property
• Locating and finding how to contact them

The second one is by far the harder of the two.

Anthoney Hanks · Answer

@Robin Brown, Abandoned properties can be a hot or miss depending on what condition they are in. Do as much research as possible! Best of luck to you!

Ned Carey · Answer

@Robin Brown welcome to BP

yes this is a common strategies and one of my favorites.  It can take some detective work to find the owners though. but this is where some of the best deals come from.

Abandoned properties yes or no?

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