All Forum Posts by: Didi Siani

The 20% penalty is consider to be an income. It's all depends if you purchase under individual name or company since those entity subject to tax in different ways.  Please talk to a local CPA.

In addition regarding the 2nd question if you can re-sale the tax deed certificate. 
After purchasing the tax deed the county record the tax deed under the original purchaser  name given at the time of the sale. 
The county will NOT change the name of the purchaser after the document been recorded.
You can always draw an "in house" agreement but it's will not be at legally enforceable as the recorded document. I actually a big believer in Judicial creativity.   you may record the "in house" agreement YOURSELF make it more enforceable.

I'm curious to know the outcome! Let me know if you have a definite conclusion.   

Melvin. I been purchased properties in the auction for the past 5 years. 
Since auction it's a judicial process it's important to be well familiar with the municipal laws.
TITLE SEARCH for any property is a must. 
In Tax deed some of the liens NOT wiped out - HOA, IRS.

The 1st step before even thinking real estate acquisition at the auction is to talk to a lawyer and read the statue. 

Best of luck! Let me know how it's goes for you

Hello.
 Didi of Optima Real Estate here.
I am a real estate investor and licensed broker in Florida specialize in Auction.
I currently own 10 properties located in Clayton and Dekalb county and planing to build a portfolio of over 50 properties for flip and rental within 1 year.  
Although I am a broker in FL i'm not planing to become licensed in GA and that's why I'm looking for a local agent that can help with the following:

- Rent / Sale Optima properties in Dekalb & Clayton county
- Pre-auction CMA and BPO.
because I am doing over 50 CMA every month I like an agent that willing to provide mls login so I can preform the value for potential purchases myself.
- Locate single family houses "for sale" under market value to generate rent income.

Any recommendation for local investors agent will be appreciated. 
Thank you!

I don't think anything in real estate is "wrong" or "right". It's all depends on opportunity & obstacles with case by case. 

I understand your friend - Time is money! 
Seems like all the people that posts the notes above not a fan of "thinking outside the box" and doing their transaction by the book. I'm all about doing calculated decisions. 

If there's hard money loan on the property the cost per day can exceed $200.
This is $6,000 a month! this amount might be equal to the total remodeling cost that seller wiling to risk in the transaction will fall through. 

I'm definitely not against it and there are projects I start the remodeling on a property before official ownership been convey. 
Staring construction before obtaining ownership is a risk but if seller aware of the list of risk bellow and be able to eliminate those - Ye, why not.  

Here're the risks:
- Risk to buyer: Closing agent found out title not clean - transaction canceled. Seller will loose the construction money he/she put into the property.  
- Risk to buyer: HOA balance is high and seller can not afford it (planing to rent the property in order to pay - transaction canceled. seller loose construction money
- Risk to buyer: if finance and loan can't close or property didn't get appraised. 
- Risk to seller: contractor injure & will sue owner on record
- Risk to seller: Contractor cause an error with plumbing or electric - can be costly to  seller since until the deed not signed - property still belong to seller and buyer can just loose escrow. 

Hope my opinion helped. 

Hello.

I'm in the amazing "flipping" business - our volume is about 70 properties a year - all in Palm beach County, Florida.
We usually hold the property for only 3 months before selling.
I like to get in contact with an "investors friendly" insurance company that will secure my properties while their under my ownership.

Any insurance company / insurance broker that can help?
Please share phone number / email. 

Thanks, Didi of DNA Real Estate LLC

With a lot of Multi-family there are AGAINT CODE constructions and additions without permit - Be aware of codes & zone.

 This is Detroit prices :) and for my opinion is NOT too good to be true.
Profit about 12%
It's will take you 8 years to payoff your investment.

I would recommend you to proceed with the purchase ONLY if you planing to hold it as an income producing property. 

@Ned Carey 

 Ye, I bid on mortgages. For me title search is the No 1 priority.
Last thing I want is to buy is 2nd mortgage Oh... and I need to pay the HOA , IRS , CITY or mechanical liens too.

Maybe I should go tax deed lien. 
Investment without title search doses sound like a dream :) 
Driving all over, checking out properties without starring at public records - good life !

@David Sicherman I purchased from PBC plenty of title searches :) You might know who I am. Always ordering rush ;)

Hello.

I'm doing about 70 title searches manually by digging in the public records before submitting my bid at the Palm beach county auction.
I need to know mortgages & any recorded liens.

I'm looking to get more efficient and have technology  on my side.

Anyone know about title search machine? 
Any info will be appreciated :)

I'm not a big beliver in reimburse later.

The contractor always want the easy way so he might buy expensive stuff.

I buy ALL MATERIALS.

I create a shopping cart with light fixtures, tiles, vanities, wood floors ect and the contractor going to pick it up from home depot. 

Any additional materials he may go to home depot and do a phone sale.

In a flip this little things can add up to be a huge expense. I would recommend you to be on top if it.