Possible Oppurtunities
A older lady in my city owns around 40 properties. She runs them very poorly and has aquired over $1,200,000 in fines over the last 10 years. Now the city is forcing her to pay the fines. She said she would have to sell them all to pay and sure enought there was an add in the paper today. Over 36 places for sale, 4 families, 3 families, duplexes and single families. The womans daughters are selling them all. The daughters live in NY and we are in WI. I am thinking they are going to want to sell quick . They will probably want to be cashed out as well since they have to pay the fines. It would be nice to pick up a rehab out of this. Anyone have any other ideas of what I could do?
You could negotiate with the owner and get a greal deal on all of the properties and then wholesale them to the biggest rehaber in town.
Try to have your end buyer already set up.
Just an option.
You could also try to negotiate with the city to get the fines lowered (maybe cut in half) if you have them a check by a certain date.
What kind of resources do you have at your disposal? i.e...cash,credit,collateral,partners,hard money lenders or conventional financing options. That to me is the starting point or frame of reference that would dictate your next move. I am just starting also but you have what I wish I had and that is, deals (CONTINGENT ON ENCUMBRANCES ON TITLE...order of subordination and such)...there are a number of options from there but I would start with answers to those first questions....exciting huh?..good luck!