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Updated over 11 years ago,
My current situation , tracked owner of vacant house down knocked on door and he pretty much wants nothing to do with the house
Ok this particular house in Memphis tn is 3/1 with little over 1100sq.ft, its in a very good area with goods schools school bus comes directly to street which I see as a plus the house needs about in my conservative opinion 15k the ARV is 45k there are back taxes owed from '09 to current 2013 which combined city and county totals roughly 5400 if fixed up and rented can get 700mth the last sale was in 2003 for undisclosed amount. The owner which I looked up and found his home address the other day and decided to go knock on his door and see what happens. He was not mad at all but surprised to say the least I ask him if he wanted to sell his property he said he doesn't want anything to do with it basicly that it can go to tax sale I told him it was not scheduled for sale as of now and that I would bring him copy of tax papers showing his balance and no tax sale. I need advice on how to get a contract on this one. Should I offer him $$ to just quitclaim me the property or should I offer up nice earnest money to get contract that way I can wholesale it if my investor wants it only asking because the guy seems irritated about the house from face to face discussion on selling it. Also I would keep this as a rental if I could not wholesale it buying all cash cash flow around 1.2% being in the property 30k including 5k reserves I think a buy and hold investor would like this property if I can get it under contract ...Any thoughts or suggestions?