All Forum Posts by: Dona Miller

Thank you, I will do that.

Help! I'm a newbie at investing, but not unaware of what it takes. I've taken webinars, attended workshops and read a multitude of books about Real Estate Investing. However, I live on $795 a month disability, and while I have a good eye for deals, no one seems to take me seriously. And, sadly, within the last 2 years, 4 properties which I saw as being potentially lucrative investments, did end up as profitable deals - for another investor.

Well, here I am. I've just found another diamond in the rough. It's coming up at a tax deed auction. I have performed what due diligence I can. Combing through the tax assessment files, finding the chain of ownership, determining what municipal liens might be attached and scouring Statutes relating to tax foreclosure laws in my state/county (did I mention that I am quite adept at research). It still looks like an excellent investment. One that could even be wholesaled or flipped without much effort; as the value lies in the land, rather than in the manufactured home which is located upon it.

But I need a mentor, a professional. I would need to get a hard money loan, a private loan, or POF to even contemplate attending the auction, I'm not sure whether I must submit the minimum bid if there is no competitive bidders, or whether - should I acquire the property if I would still need to file an action to quiet title in order to sell the property (even if the title report came back clean). I would even be willing to take a modest finder's fee on this property if someone were interested in investing in it and could walk me through the process. At its current minimum bid price, I can see someone easily making 80k (or more) off the property, with only 30-35k initial investment: the county requires only 20% down + fees, then carries 5 year contract, costs associated with municipal liens which are the only liens not released as a consequence of the tax foreclosure (state law), clean up costs for the property itself, costs related to the sale of the property including any action to quiet title, and costs associated with having to hold the property 3 months in case such action has to happen prior to selling said property.

If someone were willing to offer me 10k for both a finders fee and to acquire all of the research and documentation I've obtained thus far, saving a lot of work (especially as the sale is coming up within a few weeks). That much money would change my life, allow me to possibly attend one of those courses where "for an additional amount of money" they help set up your LLC and give you access to their stream of lenders, etc. Most of all, having a mentor I that can walk through the process with would be priceless. I already have the motivation, this would give me confidence. Also, I am not afraid of hard work; and, as stated above, am excellent at research... so, who knows? My mentor for this deal might just find their dream apprentice for future deals.

Are YOU willing to take a chance....

Sincerely,

Dona C Miller - Future RE Investor

What I mean by "easy and quick" is that no one would be purchasing it for the value of the manufactured home on it. They would be interested in the land/acreage. So rather than a costly remodel, all that would be needed is some intensive clean up and some yard work. Both of which, I as a general handyman am very familiar with, and have laborers to help with.

 So the turnaround to get it back up on the market would be minimal, especially if I could find a buyer to wholesale it to. On this first deal, I am willing to make a smaller profit, and learn, so that I could continue investing.

Hi Ryan, Thank you so much for your response to my post. In this particular case, the sale has been postpones, so there is plenty of time to run a preliminary title report through a title company. If it comes up clean, would a hard money lender be willing to consider it then; also, if it's clean, would I still have to file a quiet title action to acquire title insurance before selling it?

I appreciate your time and expertise as I really have no clue about these, but from all of the research I've done thus far, it looks like a good property to invest in and do an easy quick flip that could really give me some start up cash as an investor.

I have been researching a property to be sold at an upcoming tax foreclosure sale. Unlike many of the properties I see listed, this one looks like a good opportunity for me to purchase and turn quickly for a profit (I'm a "newbie, so this would be my first investment/deal). I have performed due diligence - to the extent I am able. It looks as though it has a clear chain of title, one owner deceased, the other most likely deceased as well - plus in Oregon previous owner rights are terminated at the sale; no outstanding liens other than taxes, access available, water rights intact (on an existing well). A manufactured home sits on the property but the purchase and subsequent sale would be based solely on the land value. I am so new at this, however, I need a mentor. I don't know about hard money loans in instances such as this, or if I will need to quiet the title in order to resell. I've done some comparables and it really looks good (a gem within the counties otherwise not-so-desirable offerings. Can anyone help, or tell me how I might prepare to take advantage of this? Please? 

This sounds precisely like the type of investment I've been trying to find. I am a newbie at investing and want to invest both as an owner/occupant; with the potential of a positive cash flow from 2-4 other units. I have construction/maintenance experience as well as some limited marketing and rental experience, so I believe a small multifamily unit would be a perfect fit for me as a beginning investor.

I like to work on property, and just finished installing large-format tile in the laundry room and kitchen at my mother's rental - so am not at all daunted by a multi-fixer (to a point). Not familiar with the lingo "reserve" or the loan calculations. Could you please let me know where I can learn more about this type of investment?  Thank you Dona