There's a house in my neighborhood that was bought in Dec. 2015. They started renovating it, but it is taking years. This is not some complex project, it's a 1300 sq ft bungalow. Every now and then someone will go over there and do something, but this is going on 3+ years.

Does the owner just not care, laundering money, or what?

Does no one live there normally?

He needs you to buy him out. If you don't let me know.

Nobody has lived there since it was sold in 2015.

501 Enid St., Houston 77009

Owner(s):
QUEST IRA INC
FBO MARTY A MCHENRY IRA 1157221
FBO JAN E MCHENRY IRA 1157121
HAMMERHEAD INVESTMENTS LLC
1227 MORNING MIST CT
SUGAR LAND TX 77498-5628 <----house address, not business

The project has been in almost complete stage for a year. I don't know why they don't just finish it.

If you talk to him, I'm looking to buy in that area. Would be interested to know if he's willing to separate from it now. I'll complete it on my own.

It needs to livable at closing just a heads up for financing

IrishTxAggie said:

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If you talk to him, I'm looking to buy in that area. Would be interested to know if he's willing to separate from it now. I'll complete it on my own.

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I rarely see anyone and when I do it's a worker. I'll let them know though. You should know that they raised it before renovating, but it did flood (barely) during Harvey. Should have raised it 1 ft more.

SteveBott said:

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It needs to livable at closing just a heads up for financing

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Define livable... If need be, I have access to private financing, but it's not an option I put at the top of my list or one I really want to go to, but can for the right deal.

I'm standard residential mortgage. Usually better then private but I don't know your situation

If it's not "livable" I would go the private route to finish it out and then go conventional. I don't want the "private financing" to hold the loan longer than necessary. It would be more of a bridge. If it's livable, I would go conventional right away and then finish it out myself.

It's definitely livable. You can drive by and see.

Livable is a government term in that you could move in day of closing. But this is somewhat quirky in my world. A broken lock is not livable i.e. Not secure. A broken window is not secure. But no carpet? Fine.

I would need a personal inspection to know for sure

Gotcha. Putting the buggy in front of the horse here, but good to know if the opportunity exists.

My contact info is in my profile.

Back to the OP I agree with others they are not professional flippers and doing a one off. Flippers get it on the market in 3-6 months unless they are rooks doing a DIY which may be the case.

We have sat on properties that long before. A few times we've stumbled onto a deal and bought knowing that it would be over a year before we could start work. We bought one and it sat for at least 2 years while we worked on others in line ahead of it. We do most of the work ourselves and it took 9+ months to finish that one once we got to it. So, not out of the realm of possibility that they paid cash & are completing projects as they have available funds.

We bought one in November '17 and just started working on it at the end of '18. Hope to be finished by July. It's the last one in the pipeline. Started buying rentals in 2015 & ready for a break!

90% chance the owner is 60+, there's no loan, and this is a piddle project. In my experience these are tough sellers. They rarely want to sell and when they do, they think it's made of gold. The "ill just leave it to my kids" owner. Keep it to yourself, send them a couple letters but don't get your hopes up.

CS78 said:

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90% chance the owner is 60+, there's no loan, and this is a piddle project. In my experience these are tough sellers. They rarely want to sell and when they do, they think it's made of gold. The "ill just leave it to my kids" owner. Keep it to yourself, send them a couple letters but don't get your hopes up.

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This