Hey guys! First-time poster here, as I was directed to this site by reddit's /r/property management subforum for a recent posting I submitted.
As the posting states, just won a bid through auction on a foreclosed property I was hoping to turn around and put up for rent within the next month or so. The closing date is in 30 days from now but I've already submitted by earnest deposit (~$4000).
Be it that this was a whole new experience for me, as I have purchased properties through conventional means in the past (real estate agent, inspector, etc.) - I was quite excited about the new endeavor, considering how great of a price I was paying for what seemed to be a pretty stellar rowhome in Philadelphia. A previous property management company had posted a video on YouTube circa 2018 showcasing - what seemed to be - a fully renovated home, so I figured how bad could things have gotten that a fresh coat of paint can't fix, right?
Well, to repeat myself, and as the posting states, I think I bought a crack house. As I approached the home this evening to scope it out after work - from across the street mind you - the door quickly swung open and I was (un)warmly welcomed by a woman who was seemingly under the influence of either crack or meth, as her vibe felt strongly fueled by paranoia, exacerbation, and a very short attention span. From the sound of things, there seemed to be multiple people within the property, or at least very least another woman and a man, whom I witnessed walk into the home within the first few moments of me arriving to the location.
The contract of the sales agreement stated that I am not to approach the homeowners until the closing of the property. I would like to stress the point that my intention was NOT to approach the current tenant/squatter/crack-house manager whatsoever; all I wanted to do was get a feel of the neighborhood on foot and just admire what I thought was a savvy investment decision.
So at this point in time, what I'm coming to the Bigger Pockets community for, is any guideline that I can follow, or stories of similar experiences and how you got through them. What can I do to make the best of this situation? Your advice and input would be GREATLY appreciated. I just want to prepare myself as best as possible here. I'm starting things off by calling the local police department to retrieve any information that I can get on the property and its potential tenant/squatter/crack-house manager. Should I just cut my losses and move on? Is it worth it to reach out to a real-estate attorney for guidance?
Any guidance would be greatly appreciated!
