All Forum Posts by: Bradley Thye

@Candice Hill, they are very backlogged right now. The average volume of price requests used to be 1,200 to 1,500 a month. They could handle that. There might be a person or two in line ahead of you, with each person adding approximately 30 days to the delay. Now, the wholesalers are requesting quotes on hundreds of properties at a time. Then the next day, they request quotes on the same ones. Then they do it again for a 3rd day. That puts them #1, #2 and #3 in line. That gives them a total of around 90 days to try to flip their price quote to somebody else to buy the property. If they can't do that, they just let the quotes expire without buying.

90 days is just one wholesaler. There are a bunch of them. You might be #54 in line for a price quote, which means it will be 4.5 years before you get one. Today, their request volume is averaging 23,000 requests per month. They don't have a prayer of getting to all of those. They aren't selling any more properties than before, so they can't justify the budget expense of hiring more people. They are working on a solution of some type. We just don't know yet what it is. Be patient. Sorry.

Denise (or anyone else familiar with Alabama)

Hypothetically speaking - If a property has been delinquent for ten plus years, is it safe to assume that there is a greater likelihood I would be first in line in terms of potential bidder? If its been delinquent, and the state has owned it for ten plus years, I imagine there may not be a whole lot of action on it in terms of other bidders, which in turn...makes a potential turnaround time for a quote much shorter.

Or do all requests just get lumped into one big bucket and they will "get to it when they get to it"?

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Denise,

Parcelfair provides all the information I have been looking for for a long time...problem is, I need this property data for Georgia.

Question - do you know of any similar sites that offer up-to-date tax deed information and search criteria (overlaid on GIS mapping) for Georgia or Florida?

Originally posted by @Denise Evans:

@Cody Mina, the state-owned lists are on the Alabama Department of Revenue website, at https://revenue.alabama.gov/property-tax/taxes-administered/tax-delinquent-property-and-land-sales/

You search by county. Jefferson County properties appear in two places, at #1 for Jefferson/Birmingham and at #68 for Jefferson-Bessemer.

https://parcelfair.com/ is a subscription service for $30 per month per county that is an overlay over the GIS maps. The parcels are color coded depending on things like "on the state inventory" or "on the list for this year's auction" and "went through prior auction and investor owned" and similar things. Not those exact words, but those types of properties.

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The market value displays as 65K but does not reflect a recent additional structure that is worth around 20K alone so I figure if I had if appraised it would be around 80ish.

I appreciate your thoughts and input... Thought it may be a stupid idea of putting all the cash down but your suggestions reaffirm that it actually may be the best option.

For anyone else new to the game - I've had success finding these diamonds in the rough - used commercial buildings under 100k and getting phenomenal tenant ROI with them.

Bought one for $57k last year and have a great tenant in there for 1,600 a month. No where in America could you get that type of monthly rent on a residental house that only costs you 57K

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I did it for a similar property with a very similar price thru Ameris Bank. I'm not familiar enough with commercial lending in general to know if that's uncommon or not

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Current situation - Getting a great deal on a small commercial property (approximately 3K sq ft warehouse) - getting it at an excellent price at $53K and expecting at least $1.4K per month rental income from it (variable being it could take up to six months to find a tenant.)

I have two options:

1. Get a loan, which means I would pay 25% out of pocket + $2.5 - 3K for the appraisal - $16K out of pocket (+ approximately $200 per month interest)

2. Pay the whole thing off with cash up front and eliminate appraisal fee altogether - $53K out of pocket

Given it's such a low price, it sounds like a decent choice to go ahead and pay cash so I am not paying the appraisal fee or any monthly loan interest, does it not? Am I smoking crack? If anyone thinks that is a bad approach, please share your thoughts.

Based off the info provided, which option would you choose? New guy here, so please take it easy on me - not asking for legal or financial guidance, just seeking general input on what others would do given the above numbers

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All Forum Posts by: Bradley Thye

Bradley Thye has started 1 posts and replied 5 times.

Post: Wait Time on Request From State

Post: How to buy over the counter tax deeds

Post: Opinions wanted - Should I pay with cash?

Post: Opinions wanted - Should I pay with cash?

Post: Opinions wanted - Should I pay with cash?