Seattle Area, WA · Member since 2014 · 44 posts · 2 votes
So I went biking (not driving) for dollars over the weekend and stumbled across a handful of abandoned/distressed properties. Come to find out after researching that 75% of them are owned by the same person. Whats going on here!? They are still paying taxes so why are they empty? Why aren't they making any repairs. How can they afford to own this many properties and just let them sit around and rot?
I am definitely going to contact them asap but wanted to ask if anyone out there has run into a similar situation. Wanna be as prepared as possible and try to figure out as much as I can.
Seattle Area, WA · Member since 2014 · 44 posts · 2 votes
11y
I checked the tax records on all of them and they are still paying. Is it possible the city hasn't updated their records?
I have driven past these properties for years and nothing has changed. Only recently became interested in wholesaling so now they all stick out like a sore thumb.
Real Estate Investor · Saint Petersburg, FL · Member since 2013 · 1k+ posts · 951 votes
11y
Check public records for foreclosure cases, people that aren't paying their mortgages are generally the ones that don't mind letting them sit and rot. The lender will pay the property taxes.
Investor · Lafayette/Baton Rouge, LA · Member since 2013 · 1k+ posts · 915 votes
11y
Well @André Palmer we can guess all day long at what's going on. If it were in my neck of the woods, I would say, "here's an owner who's waiting to hear from me." I would try to find out if the properties are on any code violation lists before contacting the property owner. That's an additional motivating factor. If the person doesn't need the money to rent the properties, they probably don't need the expense of keeping the grass cut and paying the insurance and taxes either.
There are endless possibilities of what could be going on. Contact the owner(s) and find out. Hope it works for you.
Investor · Portland, OR · Member since 2011 · 132 posts · 41 votes
11y
My guess is that they're waiting on appreciation. We have several commercial owners here in my area that are keeping old buildings empty on purpose, waiting on a developer to purchase.