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Updated over 7 years ago, 07/07/2017
Vacant, $49k in back taxes owed.. Subject-to?
Hello fellow BP members!
My name is Anthony, I'm new around here.
I've enjoyed reading a lot of the articles and the podcasts are amazing!
I currently own a Triplex property in Cleveland, and I'm looking for another property to purchase. There is a house on a nice street that has been vacant for a few years, so I looked it up and found out the owners owe $49k in back property taxes. I'm not sure if they've kept up with the mortgage, because it's not in pre-foreclosure as far as I can tell.
Seems like it has potential to be a subject-to deal.. I've never done a subject-to, however I'm familiar with the process.
Has anybody purchased a property with that much owed in taxes? I'm sure the county will negotiate in the amount owed, as something is always better than nothing. Who would be responsible for paying the back taxes owed?
Basically I'm not exactly sure where to start on this, or if its even a feasible deal for a new investor like myself.
If it makes sense financially then most likely I'll send a letter to the owners and see if they're interested in being relieved of their burden. If I end up getting the property I'd like to hold and lease it, or potentially do a lease option..
I'll be sure to do my homework and have a through title search in case there are other liens on it as well.
This would be my second property so any and all advice is greatly appreciated!!
Thanks in advance!
Anthony