Could someone else's greed be my OPPORTUNITY??? Possible 1st deal? Need Help!!

So her I am creating my first blog documenting on my journey to taking action since purchasing the Rockbottom Blueprint. I took a drive thursday like I always do after work to see properties in the area. I usually stick to the main roads but I missed a turn I wanted to make. But because it was a huge highway, I felt that trying to make a u-turn might prove to be dangerous and risky, so I made a left down a street but there was a car behind me and so I turned into the entrance to a strip center. But the car followed me in there also. So I pulled off to the side and the car behind me went on their way and I turned around to head back out to where I came from. But I stood momentarily and ended up making a right turn down that road towards a residential neighborhood. I drove around taking note of a propertie in the area, found one that was listed with century 21, stopped and took note, then kept driving around. I made a left and and then another left. I drove down and looked at various houses til I came to a dead end. I made a u-turn and drove slowly back to where I came from and there it was...a house, possibly THE house.

The house I am talking about had weeds growing in the driveway, in front of the property and the lawn looked like it once had a forest and was cut so that it wouldn't look like such an eyesore. I took a closer look and saw that the house was vacant--all windows and entrances were boarded up. I was able to walk to the back and the there was a huge deck, a basketball court and a pool and jacuzzi in the back. The house was boarded up by the town for violations. I called the town on friday to see if I could get any information but got very little and as always never got anyone on the phone. I left a message and got a call back in which I was referred to another number to get information about the owner of the property. I figured something must have happened and someone had to have call the town for the house to be boarded up. So I call this lawyer that I found and asked him to recommend a title company that he uses and he gave me a name of one in Westchester that he works with (I love networking!). I called the VP and asked her to find out for me what chapter 73 meant as stated on the sign from the town as the reason why the house was boarded up. Still waiting for her to email me back.

I decided to go back to the house to investigate some more. I found the next door neighbor and asked him how long the house has been boarded up. He told me about a year, then he said "It's such a shame!!" So, on cue, I asked what happened. he told me that HE had to call the town to have the house boarded up because the kids in the neighborhood was going in there and vandalizing the property. The pool was also opened at the time and he was afraid of his own kids going back there and possibly falling into the in-ground pool. Then he opened up and told me that he knew the owner because they were friends and they went to school together and bought their homes through foreclosure about 12yrs ago. He called him a greedy bastard because he is a builder and a contractor and he did all the work in the house, but the owner never paid him the $65,000 of work that he did. The neighbor also added that the house is a legal 2 family!! As far as the owner, he is a broker who apparently, according to the neighbor, drew up false documents and withdrew about $800,000 out of the house and abandonded the property, bought another property and heard that he is about to lose that too. (Don't know if this story is true but if so--can we say Karma?) He also offered to do some of the rehab for me on the house! Did I mention that I love networking? Well, have not made any offers yet as I am trying to find out more about the status of the owner and the violations on the house. The neighbor offered to get me inside the house to do a preliminary inspection!! I smell an opportunity of a first deal, whoo hoo.

I am wondering though, will I be able to find a cash investor in time to fund the deal?

I am thinking of buying the house and holding it for renatal or lease option. Is that a safe idea? Espeially since the taxes will probably be doubled for the 2 fam status (now that the town is involved)? I am hoping to negotiate something with the town.

I really do hope I will be able to clear title of the house as would like to rehab it and make it more energy efficient (green is in) and as I look for more deals, I can pull a equity line of credit to leverage more deals if needed.

Need help!! Any suggestions DG family?

On the Path!!
Anissa S.