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Updated over 12 years ago,
Does 20k in city and county taxes owed kill my deal?
Hello all,
I have just recently contacted the owner of the property that has been abandoned at the end of my street. My goal is to perform an assignment of contract and wholesale the property. Because of the condition I haven't been inside to see how much it may cost to rehab, but i do know that 11k is owed for city taxes and 8800 is owed for county taxes. The county taxes have to be paid by sept 14th. The 4 comparables I have found show that the houses arv is around 70k, and i'm still determined to do the deal. So my question is, from the prospective of an investor, is there just to much baggage? Or could I actually forge the contract for around 13k to pay of the county taxes so the property won't go through the tax sale. Would this deal still be attractive to an investor, even with the 11k owed in city taxes?
Any help is appreciated thanks