All Forum Posts by: Bryce Davis

 Yeh, that is just a disclaimer, doesn't really mean much. 

I was under the impression that if you buy a property at a tax sale the only liens that survive are the government liens. These would be IRS, Dept of Revenue, etc.. All mortgages, HOA, 2nd lien holders, would be wiped.

I was just on the phone with the tax collector office of SC about a unrelated topic and they mentioned that anything attached to the property would be to responsibility of the winning bidder. Is that true or did the lady have no clue what she was talking about?

 May I ask what your experience has been with liens at the State level. The employment security commission, dept of employment and workforce, and the dept of revenue for the state?

Anyone have any input. Could really use some advice. 

There is a huge parcel of land 110 acre 650K comp pacre parcel going up for auction due to taxes.

I pulled the records and discovered the parcel has about 300k in IRS liens and 2k in state liens. I know the IRS has a certain time frame (I think 90 days) to procure the property. If they do they will pay me the money I paid at the tax sale. It is just land therefore no improvements would be made. It seems like there is no down side. Am I missing anything?

Also the taxes owed is only around 1k due to agricultural zoning. Is there a way to bid up the property to 10k even if there is no other bidders?

I love owning large parcels of land but noticed that they hardly ever owe a lot of back taxes even if they are years behind.

The problem is most wholesalers come to the table with nothing but their crappy contract. They call it driving for dollars. 

I actually thought about wholesaling but I am a 20 year investor. I have considered buying properties cash then selling them to an investor for 30 - 40% below comps. Why that percentage? Because as a fellow investor I know that if I am not making at least 30% I am not interested. I also know that by dealing with all the crap and buying cash the investors job is easy. All they have to do is sign on the dotted line. 

Ive never done a partition suit. From reading information on it. It seems like the courts decide the amount that each party should receive after sale. Do you have any idea what the courts base thier decision on. 

My fear is the courts will know i received ownership through taxes therefore only been the owner for a year. Yet the original owners have been there twenty plus. However they could view it that i own 3/4 and they only own half. 

This deal has the potential to be hundreds of thousands after all the paperwork and headaches. 

I have a lawyer on retainer. But you have to figure that into your profit loss statement.

I seems like it could back fire with a home owner though. If I own 3 of the 4 lots they could technically still live there and I would be responsible for the taxes of my 3 lots. They would only have to pay 1. 

The only I could force a sale is to get a lawyer to perform a partition law suit. 

If my thought process is incorrect please let me know. 

What happens if someone has segmented their land so that the houses and land run through multiple parcels. 

They have a house on land and they have turned 1 acre into 4 separate parcels. I am guessing they did this to try and avoid someone bidding on their lots at the tax sale. Four of the lots are going up for auction. One of them is not.

What happens if I bought all 3 of the parcels except for the one that was paid. Would I own 3/4 of the house? 

Never dealt with a situation like this.