Wasilla bare land quiet title

[Joel Florian]

Investment Info:

Other fix & flip investment.

Purchase price: $25,000
Cash invested: $25,000
Sale price: $45,000

Purchased bare land at a tax deed auction. Held for a year and I paid $3000 for an attorney to secure quiet title. Buyer called unsolicited and asked if I would be open to selling. We agreed on the price and wrote the warranty deed without any realtor. I was familiar with the title agent from all the mortgage notes I had invested in.

What made you interested in investing in this type of deal?

Still interested in possible bargains in the Tax Deed auctions -- learned from my first experience buying and selling.

How did you find this deal and how did you negotiate it?

Found it on the list and placed a silent bid. I really wanted to buy it because the land was within a block from my home and my in-laws. I thought I might build a house for my daughter on it. I was $10,000 higher than the other two bidders.

How did you finance this deal?

Cash from savings

How did you add value to the deal?

Obtained Quiet title -- In Alaska, the tax deed sales are not recognized as a clear title by the title companies.

What was the outcome?

Sold it for cash and immediately invested the proceeds into a mortgage note

Lessons learned? Challenges?

Being eager to buy can be costly. Buying vacant land in a mature, B-class subdivision can be profitable since other people will be familiar with the area and may want to build close to family & friends.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My lawyer, Patricia Hefferan was very helpful in getting the quiet title for the property.

[Account Closed]

@Joel Florian looks like this was a great deal that didn’t take too much work from you, well done!