All Forum Posts by: David Battle

@Brent Paul I actually went to my bank yesterday to see what loans they could offer me. They won't loan on any property that has damaged unless it was something like a property that only needed painting or new carpet. I don't plan on living in the property so the FHA loan wouldn't work either for me. How did you come across that deal with the city?

@Steven J. I'm not sure about the line of credit or loan. I'm actually looking at the loans available through my bank right now. I'm trying to see if they offer an investment loan. I would be a first time home buyer but I didn't plan on living in the house so I wouldn't want to use that loan just yet. I heard a 203k loan was good but I'm not sure if it requires you to occupy the property like the FHA loan does. I'm trying to avoid hard money unless it's absolutely required because their rates + points is way to high.

For instance this one:

Interest Rate:

15% - 18%

Points:

5.5% - 6.5%

Max Loan Term:

5 months

I still want to focus on this niche so if I can find a way to get it done I will.

When surveying your land you think you might want to purchase how do you analyze to decide whether it's a good investment? Have a little money saved up that I'm willing to risk if I could make it an educated risk.

@Brent Paul I've read the how to guides under Learn but it doesn't quite give me the info I need. It's all generalization. I've also been listening to the podcasts. Each person has done it a different way. Some methods make sense and some don't. What method did you find works best for you so that you can put the minimum amount of money down?

@Steven J. you were able to wholesale the land deals in that short amount of time? Could you tell me how? I'd really like to focus on this niche as they seem to be the most motivated if contacted at the right time.

Hey Guys,

I'm looking to purchase my first rental property. I was wondering if you guys could tell me what's the best way to go about obtaining it as far as getting a loan, finding the property, etc? I was looking at purchasing a foreclosure property I saw but wanted some advice before making the jump to ensure it's a good investment. Do you guys have a bank or lender you would recommend?

@Steven J. you can go to your tax collector website usually to find it or you can contact them.  http://retipster.com/delinquent-tax-list/

@Steven J. I actually read Seth's post as well after I had already started pursuing the list. I was going to focus on purchasing land as well but even with that you would still need money to buy it since you can't wholesale it either

@Steven J. as a new investor with limited funds I'm not sure I'd be able to focus on this niche. I guess I should find a different option.

@Steven J. I've looked at the site it says that they sell the certificates for delinquent properties every year so I'm not sure that it can get more than 2 years behind without someone purchasing the lien on the property. I could be misinterpreting the info wrong. I'm not sure how I could use this as my plan was to purchase properties before they were sold. This is what the site says

"Tax Certificates

Real estate taxes become delinquent April 1st each year. A list of all real property with delinquent taxes is advertised once a week for three consecutive weeks in a local newspaper during the month of May after which a Tax Certificate Sale will be conducted on the internet.

A tax certificate represents a lien on real property and earns interest at a maximum rate of 18% per year. The cost to purchase a certificate is listed beside each parcel in the delinquent advertisement and includes gross tax, interest, advertising cost and the cost of the tax certificate sale.

On the advertised day and time no later than June 1st, the Tax Collector auctions and sells a tax certificate on each delinquent parcel. Since the taxes on some parcels will have been paid prior to sale, those paid parcels that appeared in the newspaper advertisement will be skipped. Bidding begins at 18% and the certificate is sold to the person bidding the LOWEST annual interest rate.

Tax certificates that are not bid on at the tax sale are “struck to the county” at an interest rate of 18%. These certificates can be purchased from the county for their current redemption amount. At the time of the sale, a certificate will not be sold against property that: a) is known to be included in a litigation or bankruptcy process b) is homesteaded with taxes due in the amount of $100.00 or less, or c) tax deferral application has been approved.

All certificates are sold on a first come, first served basis."

Hey Guys, 

I was able to receive a tax delinquent list and I'm trying to sort through the information. The accounts have certificates on them with interest rates. Can I do anything with this list? If you have any info on what I should look for in this list please let me know. The list contains about 18,000 records so I need filter through it to decide which ones I should mail. 

Thanks In Advance