All Forum Posts by: Bryan Miles

Beware from whom you buy tax deeds from.

Let me first preference this by saying, I know very little about the purchase and sell of tax sale properties.

We recently contracted a property to purchase from an owner who had not paid his property taxes this past year. I went to our tax collectors office and the most helpful lady explained to me what needed to be done for the owner to redeem, so, we could purchase the property. The taxes were purchased for the amount owed, by an investor and after contacting the investor she mentioned she sold the taxes to another individual. I contacted that  individual who paid to the original investor the amount of taxes owed, plus a premium of $1,800. 

So, now the lady at the tax collectors office said, the owner of the property is only responsible for the amount of taxes owed plus interest. The individual who paid the $2,500 ( $700+ in taxes, plus $1,800 premium) to the original investor, it seems to me that person will lose $1,800. 

Also, that same day we found out about taxes were owed, we showed up at the house we are purchasing and the utilities have been turned on and someone had been cleaning the house. I wonder if the original investor who purchased the taxes told the one who paid the premium that she know owned a house for $2,500. 

One more thing. I noticed on BP Marketplace the investor who originally purchased the taxes has another property for sale one street over. 

Should we all make sure we are doing our due diligence?

Peter,

I will certainly give you feedback.

Bryan

Hey Peter,

I ask to be on every wholesalers list I run across, so, if I am not on yours will you please add my email address to your buyer's list. Let me second John Anderson's comment. Most of the wholesale deals that cross my desk are overpriced or it is an area or house I have no interest in. 

Again, please add me to your buyer's list if I am not on it.

Thanks,

Bryan

Would prefer to sell 2 properties together. Both are 3 bedroom/1 bath houses. One is located in East Lake and the other in the western area of Birmingham. Both have vinyl siding, ch&a and they need work. We are asking $24,500 for both. 

The west end house is located at 233 E Ann Drive, 35211. 

More pictures are available. 

Tyrone,

What is the address and what are you asking for the house?

Bryan

Hey Jai,

I am in total agreement with Curt and John. Now, if you are looking towards the Forestdale/Adamsville areas of Jefferson County or actually north of the city limits of Birmingham, there certainly are good B neighborhoods. You are not going to purchase turnkey in the 50's in these areas.

I am a big proponent of finding good houses in the low to mid 50's. The cash flow should be better, however, you are probably getting an older house built in the 1930's to 40's. 

Bryan

Located in an area of East Lake with relatively well kept houses. The living, dining and kitchen area is open and roomy.  Alley access with a driveway.

Hey Patricia,

We love Alabaster. I would agree with John in regards to rental amounts. Try to be in no more than 80% ARV. Also, there should be appreciation value in the area.

Bryan

Eric,

I would be curious what block the house is located in. Also, is it on the north side or south side. Some of these areas are pretty rough, however there are areas we like buying in. Have you been to see what you are buying? 

Let me know if I can ever help.

Bryan

Hey Terra,

Short answer-Yes. More than likely, you will have to go before the Probate Judge. It is not a big deal, however the judge needs to be able to justify the reason you are buying the house below market value.

Let me know if you have questions.

Bryan