All Forum Posts by: Elvis Vasquez

It's just FL.... multi-families are ridiculously overpriced.

This thread has really good responses.

National Title and Abstract Company is my preferred title company.

They handle the majority of title searches in Miami-Dade county and are extremely professional.

woah.. def checking this out later tonight.

What state is it in?

in FL and Louisiana you pretty much have to wait until the auction starts before you can bid.

Make sure you complete your due diligence (liens,title chain review, easements,etc...) and visit/inspect the property in person tax-deeds require alot of foresight.

 

extremely impressive... deals like this do not come easy at all (even with cash).

 
Wouldn't a simple Folio search show the square footage?

We have small sections of land being sold in Miami between 500k+ houses however no one usually bids on them since the property appraiser would show you a small section plus the square-footage.
 

Unless you're a millionaire and don't mind losing a significant portion of ROI... those investments companies are "ok".

I personally wouldn't trust them with that much capital (I've spoken to an owner of one of those companies before and he could not generate a straight answer of his firm's average ROI over the years - they also had really poor property management of the few hundred houses/lots they've owned).

 
The title search will show most liens (except Federal IRS Liens, they don't always bring it up - you have to contact the IRS and fax in your property info),  I purchased land that had no liens and a simple title chain (which minimizes the chance of a previous owner trying to sue in court).

In Miami there is no guaranteed lien settlement... in Broward i believe its around 10-15% of the total lien amount but in Miami its never a guarantee - say for instance you purchased a property with 50k+ in liens - you'd have to present yourself in front of the Miami code enforcement board and make your case (if its a smaller amount you can usually get by with just meeting an inspector).

I've heard of people walking away with 0-$3000 max in lien settlements (both personal friends and BP members) but I've never done it myself.

You will need to understand how to analyze titles and liens (may even need to negotiate in front of a enforcement board depending on the total lien amount).  

Tax-deeds FYI have a title report you can view for free - Its done by the National Title Abstract Company (you'll find it on the listings).

Your biggest liens will usually be municipality liens (code enforcement, housing standards ,various local agencies,etc..).


To learn how to examine titles you'll probably have to learn it on your own - I can give you the general steps and checklist that I've built up from the past year of examining titles (I'm still learning since no one wants to teach me without working for them full-time lol).

https://www.alta.org/media/pdf/CH01.pdf (ALTA has a great sample .PDF to grounded yourself in title terminology)

https://www.biggerpockets.com/forums/642/topics/57... (relevant thread)

 
I purchased some land in homestead, took about 1-2 weeks for my tax-deed title to arrive with no difficulties encountered.

Any recommendations?