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Updated almost 12 years ago,

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Dawn Anastasi
Pro Member
  • Rental Property Investor
  • Milwaukee, WI
4,343
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6,201
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Condo units

Dawn Anastasi
Pro Member
  • Rental Property Investor
  • Milwaukee, WI
Posted

I came across a 6-unit condo building in which 4 of the 6 units are vacant and of the remaining two, both occupants are moving within a month. One of the two is an owner, who is letting their unit go to foreclosure because they don't want to live there anymore, and the other is a tenant who is moving because the landlord is not fixing anything and the landlord isn't paying the property taxes which probably means they are going to let their unit go to foreclosure as well. Plus she doesn't want to be the only person living in a 6-unit building. The common areas are not maintained, and the one owner who's left believes that the HOA is defunct.

I don't want to buy this property or anything, but it's in Wauwatosa (a suburb of Milwaukee) and would think that someone might want to check this out. If/when I come across information like this, what type of group/individual would want a lead like this?

(It seems like I'm coming across more and more distressed sellers every day. Must mean I'm making more contacts.)