All Forum Posts by: Paul Amegatcher

As stated above you need to order a title search. It will save you all the research that you are doing. If the liens are released or paid in full then just have the previous owners deed the house to you via quit claim deed.  You may need a quiet title action as well but it may not be necessary if the bank already released their liens on the property.  Check out the blog I wrote on how to purchase zombie foreclosures:

https://www.biggerpockets.com/forums/41/topics/465...

 Sorry for the late response. One advantage of buying the property from a tax foreclosure auction is that you will receive the deed free and clear without having to do the quiet title action. It also saves you the hassle of trying to locate the owner. The main disadvantage of the tax foreclosure auction is that you will be competing with other investors for the property.  If the liens against the previous owner are insignificant then I would prefer to purchase the property from the owner and not have to deal with competition. If the liens are excessive then the tax foreclosure auction will be the best route as it wipes out other junior liens. Each property will have to be assessed individually to see what way or strategy works best. 

smithville is a main street in that area but it is not the dividing line. Both sides of smithville are in the Dayton schools. That area is called Hearthstone and has some best owner occupied properties in Dayton. That area and Belmont are very well liked by local investors for flips and rentals.

1615 Nelson is actually priced about $10k lower than what comps are selling for in that area of the Dayton market. That is a solid area and rents can be pushed to $800. I'm not familiar with the Middletown market so i will not offer an opinion. Overall if you are buying turnkey then I think they left you some equity if you need to exit. 

I use the 2% rule for Properties within Dayton city limits. If it rents for $700 then I want to be all in for $35k. Based on the area I would push for an all in purchase plus renovations of $40k. Also your rents seem a little low.

Paul

 Your 2 bedroom can be raised to $650-750. The one bedroom can be raised between $550-$625.

Another way to buy it is to skip trace the property owners using a skip tracing site. That will get you info such as phone number and current address. Skip genie has a pretty good site. Once you contact the owner you can negotiate and buy the property directly from the owner and take the title the old fashion way. 

 @Darrin Carey is the Admin for that group. They are pretty good about approving people.

There is a Dayton Real Estate Investors group on Facebook. That has all this information. Plus it's a great place to network with other Investors.

 That area is not a B class. That's a C class property. Fully renovated properties tend to rent fast and for good rents. PM if you need more info about the area.