All Forum Posts by: Derrick Alexis

@Kunal Mishra Hi Kunal, what areas were you interested in looking within Philly?

I’d be glad to send you over potential flips/ rentals if you’re jnterested

@Lygia Bernardes I, I see this post is old but just wanted to reach out and ask how your experience went with the Philadelphia market if you ever received any opportunities?

I’d be interested in sending you some potential flips here in the Philly

@Jamar Jones

Yes, they are essentially the same. Now I’m not too familiar with the lien sale seeing as Philadelphia doesn’t do those anymore but from my knowledge a “tax lien” sale isn’t the same.

Tax lien sales are basically a different way for investors to invest. Rather than bid for the possession of the property, tax lien sales let you purchase the actual tax debt that they owe.

For example, I owe $5K in back taxes, investor purchase the lien on the property for $5K and charges 10% interest (hypothetically) until it’s paid off. It’s a way to invest that has a guaranteed return because whether they sell or it’s sold off at the auction, all the back taxes as well as interests are due to he holder of the debt (investor who purchased the $5K debt).

Let me know if that’s clear enough.

@Jamar Jones

In my opinion, it makes no difference. It’s a situation to situation scenario. I’ve closed on deals that only have been past due for a year. Depends on amount, of it’s vacant, etc etc.

Hope this helps

@Quentin Brown

I would suggest depositing earnest money with the attorney handling the closing

@Andy Morris

Hey Andy, I’m a Philadelphia wholesaler and what I tend to do is take my “Agreement of Sale(AOS)” contract down to my local city hall and record the signed contract with the city; therefore blocking another sale of attempted behind my back.

I’d suggest looking up a way if any, to do this in your area.

@Jamar Jones

Yes Jamar, that total would be the outstanding balance that the owner is responsible for

@Jamar Jones

The tax sale lists is a really good list to attack because your chances of getting a “motivated” seller increase. Also, the tax sale lists aren’t owned by the bank, they’re properties with delinquent taxes. Bank owned may be at a mortgage foreclosure sale.

Hope that helps

Hey BP,

I have another lead I'm interested in pursuing but the back taxes are a bit extreme. I wanted to know if anyone has experience with the the city potentially making an individual who inherits a property responsible for only the principal? (i.e forgiving interest charges).

I've been told from some who have been in the game some time but those instances were in reference to cash purchases with accepting the sellers debt in return for a lower purchase price.

Any help would be great, thank you!

Hey BP,

I’m currently sending out another wave of marketing to potential leads I’m interested in personally. I wanted to get any feedback on anyone’s experience with SMS marketing tools like “ReachApp”? Any recommendations? Low budget if possible as I have small batches of leads I’m focused on

Thanks in advance,