All Forum Posts by: Ryan Adams

Thanks Brent.  Probably I am offering way too little to have any chance.  I appreciate the advice everyone!

I thought it was arv x .7 - repairs....  That gave me 122-25.  I thought the highest offer (by the 70% rule) would be 97.

Does anyone really follow the 70% rule?  It seems like most use a different metric, such as, I want 30 profit or I wont do it.  That presents a whole different equation, and I'm thinking that would make more deals happen.

One is reo with mold in the basement- listed for about 7 months.  The other seems to be an absentee landlord with frozen pipes and moderate water damage, listed for about 3 months.

Thanks for the advice.

I have been trying to pick up a property for a fix and flip locally but am having a difficult time.  I've put in a few offers but they are just languishing.  I'm looking at properties with arv ~175, asking price ~135 needing about 25 in repairs.  My initial offer was 80 cash, as is with inspection, fast closing.  I'm not even getting a reply.  While that might be a tad low, I wanted to have some room to move up when they countered.  If I offered 95, I'd be pretty much spent and couldn't negotiate.

This is still my first deal so I wanted to make sure I had a buffer for when I inevitably miss something.

They didn't give me the list I expected, but I understand a list will be in the newspaper this week. I didn't spot for the expensive, up to date list. This means that I will perform due diligence on some liens that won't make it to the auction. 

In regards to due diligence, I plan to look up properties on the assessors website to see if this is the first missed payment, what approx value the property is, and trying to ensure I don't bid on something worthless that won't redeem. 

Is there anything else I need to look at in regards to due diligence here? Again, my goal is to secure a better return on investment, say >5%. Knowing that illinois charges the penalty every 6 months, I think a 2% bid is the lowest I'd want but anything over that would be great. 

The gal at the assessors office also said that the 104 is rolled into the lien. I'm gonna give it a shot. I looked at rams and the average is 2% but in illinois, you get that every 6 months so I think it could be alright.

I saw that I'd have to pay the $104 but couldn't find whether that got repaid or not. I called the treasurer and they told me that the $250 list wasn't much different than the list you get for registering. Thanks for the replies. I didn't catch all of that when I read through the statute, I'm going to have another look at it. 

I'm in Illinois and the annual tax lien sale is coming in the county I live in.  I've read Loftis' book and all the forum posts I could find that specifically talked about tax liens (and at least most of your blog posts Jerry K).  I am not trying to foreclose on property.  I am really only trying to get a better return on my money than my stock portfolio.  I plan to invest around 10k for my maiden voyage.  I've watched the videos on how to bid.  I haven't registered with the county yet but will do that very soon, and they should give me the list of parcels.  When I get the list, I plan to try to go through it and decide which parcels I would like to bid on.

So I'd like to ask, what am I overlooking?

What are typical first timer mistakes?

What do I need to know that I don't know?  How to ask more specific questions :) ?

Thanks in advance

I don't know why it posted twice.