All Forum Posts by: Don McAlpine
Don McAlpine has started 1 posts and replied 36 times.
Post: Statutory Right of Redemption Question
- Posts 36
- Votes 33
Many of the things you can do during the redemption period are spelled out in the state statures of where the property is located. I would be hesitant to put any money into a property during a redemption period as you would put your capital at risk if the property is redeemed or the sale is successfully challenged.
Once the redemption period passes and the county issues the deed directly to you it would be safer to begin any renovations. To get top dollar for a renovated property you're going to have to clear the title as it would be very difficult, if not impossible, to find a title company that will write a policy for title insurance on a property coming from a tax sale.
Post: Biggest Misconceptions Uneducated Note Investors Have
- Posts 36
- Votes 33
Quote from @Ned Carey:
Wow some of the first list is pretty basic, to not understand.
Sadly a lot of people enter various real estate investing fields without a clue of the risks.
"This dude on Instagram said it's the easiest way to get rich..."
Post: Should I buy Tax Liens Certificates under my name?
- Posts 36
- Votes 33
The overwhelming majority of tax liens are ultimately redeemed, so buying in your name in search of anonymity down the road shouldn't be an issue. If you do ultimately foreclose on the property then you could transfer the deed to your LLC at that point.
Quote from @Lessie Boyd:
@Ashish D. I will do that. Do you what county these auctions are being held in?
You can find a list of upcoming FL lien and deed auctions on Property Onion (just add a .com) and many of the lien sales are held on Lien Hub.
The L.A. auction usually has thousands of properties up for bid, a significant number of which are vacant lots. You'll often find good value in the lots and you'll have fewer issues selling them.
Post: For tax deed investing.what apps do I need to get organized?
- Posts 36
- Votes 33
The answers to your questions depend on your strategy in acquiring properties at tax sales. Are you going to rehab and hold them? Rehab and sell them? Sell them as is?
You need basic spreadsheet skills to conduct research, but might want more advanced skills to do analysis. If you're going to sell the properties with or without rehab you'll want to have a robust CRM to manage your distressed homeowner/buyer/attorney/vendor lists.
The advice from Bruce is solid...start slowly and you'll figure out exactly what you need as you proceed.
Post: Selling a Tax Deed Property in Upstate New York
- Posts 36
- Votes 33
Quote from @Jack Schwartz:
Hello Don and Arthur,
I recently had a deal fall through in Sullivan County; NY due to a challenging rule that many buyers are not aware of. Although it was a great deal, my attorney advised against closing without title insurance and a quit claim deed.
After learning about the 2 options, "quiet title" action or "title certification" through Tax Title Services,
I realized there are ways to ensure clear title. It may be time-consuming, but if you do your research and confirm there are no challenges, you can proceed confidently. Just make sure to dot your i's and cross your t's to avoid any future issues.
Best, Jacob
Thanks Jacob. I'd be curious to know what the "challenging rule" is that held up your sale? In my case, the QTA or Tax Title Services wouldn't work and so we're looking for an alternative like John suggested above.
Post: Selling a Tax Deed Property in Upstate New York
- Posts 36
- Votes 33
Quote from @John Underwood:
Quote from @Don McAlpine:
Quote from @John Underwood:
Try and get a Quit Claim deed from the previous owners. Pay them a little for their time.
This will save you the expense and time of a Quiet Title.
Thanks John. We discussed this, but weren't sure if that would be acceptable to the title company. Have you done this?
Thanks John, I greatly appriciate your input.
Post: Selling a Tax Deed Property in Upstate New York
- Posts 36
- Votes 33
Quote from @Bruce Lynn:
You might check a couple of things. Was the previous owner a LLC? If so is the LLC still in existence? If not maybe they can't challenge the sale?
Is the former owner still alive, any probate, any heirs? If none and you can prove it to title, maybe they will issue before the two years.
The previous owner is still alive and was residing in the house. This is good info, however...thanks for responding.
Post: Selling a Tax Deed Property in Upstate New York
- Posts 36
- Votes 33
Quote from @John Underwood:
Try and get a Quit Claim deed from the previous owners. Pay them a little for their time.
This will save you the expense and time of a Quiet Title.
Thanks John. We discussed this, but weren't sure if that would be acceptable to the title company. Have you done this?