A few years back, I did some work with the City of Tacoma. The pictures attached represented an extreme circumstance. In today's environment, a bulldozer would probably be a better option in this example, given the lack of absorption of newer inventory. In the one noted here, I paid $80,000 at auction, invested $80,000 for rehab over 45 days and sold it within 20 minutes on the Internet for $239,000. This was a drug house and condemned by the city. 8-10 people lived (using the term very loosely) there in more filth and squalor than anyone could imagine. All the utilities/water was shut off. One of the rooms was used as a toilet area. The floors had to be re-sheeted because they were urine soaked. The Tacoma HazMat unit spent a day clearing drug paraphernalia before rehab could begin.
Lenders like Countrywide, WAMU, Chase etc. aren't really in the lending business today as much as they are in the real estate/ property management business whether they know it or not; whether they like it or not. The failure to recognize this fact will only add to their losses as they cannibalize the market with wholesale dumping of more and more inventory that can't be absorbed but will continue to depress prices. This can otherwise be an incredible opportunity.
I have the experience to turn non-performing portfolios into value added income streams.
I also have a track record of syndicating and rehabbing multi-residential properties in Los Angeles. I owned and operated almost 300 units as part of an apartment house portfolio for more than 15 years. Currently, I own and operate an 11 acre industrial/distribution park in Everett WA and a portfolio of SFR rentals.