All Forum Posts by: Ran Fridman

Hello BP Community, I wanted to ask quick question about tax lines & tax deeds what are downsides beside bad property or land choice  or overbidding ?

1. Are income tax or other liens are superior than property tax liens ?

2. If person file bankruptcy what happens with his Tax liens & deeds ?

3. How is profit from tax liens are taxed ?

4. What if  profit % I make from tax liens I reinvest back to tax liens do I still need to pay income tax?

5. What other downside of tax liens and tax deeds I should be aware of ?

Thank you for your knowledge and help and will wait for your kind reply,

Ran Fridman

Hey Brandon, thanks a lot for detail reply, yes I put by mistake.

Thank you again,

Ran

Hello BP community, I'm based in Chicago, Cook country I have deal that is not on MLS owner have clear title and apartment is paid off, I check owner properties tax was not paid for 2015.

I think ether he forgot or have financial situation, title is under his name. I want to offer him owner finance where I will pay off the property tax due and make down payment and set up monthly payments.

What are usually good terms for down payment and % for owner financing. Where I can get owner financing contract and purchase contract ?

In this situation I don't need real estate agent right ? What lawyers or title companies I should use to secure this transaction will go smoothly and what they fees are more or less so I can put everything in BRRRR calculator, we plan to rehab this apartment and then rent out to students for our Chinese investors clients.

Thank you in advance and will wait for your kind reply,

Ran Fridman 

Hello BP members, something to share:

I started to use Getaround car sharing for business and my clients from China, I'm very happy with their services they are similar to zipcar or enterprise car share but cheaper, more convenient and you can find car almost in any locations you use you mobile photo to choose the car you like, open car with your phone and close it after you done with your phone as well, they gave me this code to share with friends and family for free rides  

https://www.getaround.com/invite/10210214203933109

Enjoy free ride,

Ran Fridman

Hello BP community, I'm based in Chicago, Cook country I have deal that is not on MLS owner have clear title and apartment is paid off, I check owner properties tax was not paid for 2015.

I think ether he forgot or have financial situation, title is under his name. I want to offer him owner finance where I will pay off the property tax due and make down payment and set up monthly payments.

What are usually good terms for down payment and % for owner financing. Where I can get owner financing contract and purchase contract ? 

In this situation I don't need real estate agent right ? What lawyers or title companies I should use to secure this transaction will go smoothly and what they fees are more or less so I can put everything in BRRRR calculator, we plan to rehab this apartment and then rent out to students for our Chinese investors clients. 

Thank you in advance and will wait for your kind reply, 

Ran Fridman 

Thank you guys for quick reply and your advice.

Thank you guys for quick reply and you advice.

Thank you Michael for reply and advice. 

Thank you so much guys for detail reply, what happens after redemption period for tax liens or tax deeds finished and the owner doesn't pay back property tax, tax liens or tax deeds are going to county auction right ?

If this property has still outstanding loan / mortgage, will bank or mortgage company will try to buy those tax liens or tax deeds back on the same auction I will be ?

If finally I buy tax liens or tax deeds at the auction the next step is process to foreclose and transferred property under my name ? What happens with outstanding mortgage balance ?

Thank you so much again for your help and quick reply,

Ran 

Hello BP community members, I have several questions that I can't find answers

1. Can Tax Liens, Tax Deeds & Redeemable Deeds be bought before auction ?

Example: I know property near my home, that I'm interested to buy that owners already one year didn't pay tax, how I can buy their tax liens before it will go to public auction ?

2. What are the web sites that I can search Tax Liens, Tax Deeds & Redeemable Deeds by zip code or address ?

3. We recently moved to Chicago after living 9 years in China, most of our investors that like to invest to Tax Liens, Tax Deeds & Redeemable Deeds are Chinese, how foreigner or foreigner company can buy or take part on auctions for Tax Liens, Tax Deeds & Redeemable Deeds, do they need to register USA company and have USA EIN number (also known as "Federal Tax Identification Number" or they can open representative office of their foreigner company here in USA ?

Thank you so much and will wait for your kind reply,

Ran Fridman