I just got off the phone with a lady I thought owned a house I have been eyeballing for months. Just got the nerve to call at her work because I couldn't find personal #. Turns out I was the fourth person to call about the house, second person today! It's been vacant for atleast 8 or 9 months.
Found out (before I called her) she bought the house in 2005 for $88,710.00, taxes are 1558.00 annual. According to the county website it is not in foreclosure. Also checked foreclosurealert.com and realtytrac.
The house is a little rundown but seems very livible from the outside. It's on one of the nicest streets in town. Homes on the street are $100,000+ just by looking (haven't done comps).
She told me the house had 20" of water in the basement when she was there last! there was "very black" mold growing everywhere, and she was told she should just tear it down. She said the bank had it but I can't see how. Also, I was the fourth person to contact her about the house, second person today! There is a spring under the house (supposedly) causing the water, but the homes on either side and all up and down the street are very nice. It's definitly the ugly house in the nice neighborhood. She said I (meaning me) certainly don't want it and that it isn't worth $10,000.
I told her I was an investor and I could call back with any questions.
What do you all think? I would love some feed back. Haven't done my first deal yet!
Sunset Real Estate Investments Inc.