Newbie Needs Advise On Possible Deal
I need to get some advise on a possible deal I am trying to structure. The scenario is I was doing a driveby's and came across a vacant beater that had boarded up windows and tall grass. I took the address down and did some research and found the house has been vacant since Early 2001. The woman who used to own it who was never married passed away and the house was in probate. I followed it through probate and found there were no heirs. The executrix was not doing her duties and was releived of her duties. The probate case was closed but I am unable to find out more about the property. I checked public records on it and found that it was purchased back in 1977 for $38,000. then she had a second mortgage on it in1991 for $26,316. And finally there is a mechanics lien on the house for $3000. from a roofing company. I checked tax rolls and there are $7385 in back taxes. The house is in pretty good conditionf rom the outside. It is extremely ugly but has a new roof , siding that needs a spray down, and a few other good qualities. The houses in this are that are comparable go for $80-$90K. I was able to find the attorney who worked the case through probate and get her phone number but am not sure what strategy to go on this one. I want to get it and wholesale it to some one else, but am not sure how to go about doing this. any help from seasoned investors or anyone with some input wouuld be appreciated.
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