All Forum Posts by: Elvis Vasquez

I haven't had time to go through tax-deeds this weekend (went to go visit my parcel I just won in a tax-deed sale).

Your best bet is going with Avvo and posting 1-2 questions per post (you can do this for free) - this will give you a general legal idea of what occurs in the process that you can depend on (Avvo questions are answered by lawyers for free).

I ended up paying $200 for a consultation and had my lawyer go through FL's entire tax-deed process while taking notes to study up on.

What county are you planning on bidding in?
http://rowleylegal.com/real-estate/tax-deed-sales-... (this seems like they issue a Tax-deed and not a Quit claim deed - maybe the QCD you read was in relation to foreclosures? usually they have both tax-deeds and foreclosures in the same online system).

You could probably get some members locally to split the cost of a small tax-deed sale of land that way you learn the process and get hands on knowledge.

I'd imagine land goes for 500-3000?

EquityMax seems legit just expensive rates you can find better (see below BP thread). 

alot of "HMLs" are call-center scammers.

The legit ones usually charge 12% with 1-3% origination fees (I found 1  in Miami however they're interest-only loans with at max 3 year terms).

No HML should charge you up-front fees to process your application.

You can get 0% origination with the newer "personal" loan lenders (rates vary from 7-14%, you need a high credit score and verifiable income). 

See below thread.
https://www.biggerpockets.com/forums/50/topics/524...

I would personally go with the larger online lenders (SOFI/Earnest/Prosper/Upstart/Lightstream/etc....).

Any zoning experts here?

How exactly do you determine what your land is zoned for besides looking at the property tax-records and reviewing the city sites for each general zone?

Is there any online tool that provides a much more detailed view of what your zoning/land use means in Miami-dade county?
 
I spoke to a few lawyers and their recommendation was to get a zoning verification letter (which is around $240 with the city - takes about 20 days).

 People have been doing tax deeds for years. The Main issue is having enough captial to purchase and rehab (due diligiance from title and the physical property itself is required). 

Like i said post on avvo for free if you really want to go for it consult with a lawyer (you can also visit universities and have a law professor teach you the process).

1. Title examination skills

2. Ability to estimate rehabs

3. General contractor that you can trust

4. Captial to pull it off

5. Social skills to negotiate liens - sometimes going in person in front of a enforcement board is better than appearing with a lawyer... not always but sometimes they feel sorry.

If you want me to walk you through the process of examining titles and the checklist I've built up over time we can skype/discord.

I'll review Idaho's tax-deed laws this weekend - in the mean time post your questions on Avvo as well (you'll have to do one question per post however but you can't beat free lawyer advice).

Weird your state issues QCDs... and not a Tax-deed.

You will have to learn to title examine on your own... do not go with title companies per property unless you have a massive bankroll (granted if you see a property that you know you'll win, you also physically visited it, go ahead and order a title search).

You may be looking in the wrong states (there exists 1 state out of the entire USA that issues title insurance for tax-deed sales and also has extremely pro landlord laws).

Wayne will probably roll in this thread.

You're asking the right questions! I think you're ready to purchase a tax-deed the major down-fall is that too many foreign investors and small capital groups come in and buy the best properties near or above market value....

There's a bunch of posts on tax-deeds its just you have to spend sometime  learning how to title examine (this is a key skill you will have to learn).

1/2) These properties are being "foreclosed" by the local government - in general its state specific for instance in FL it is true they can be redeemed until the second before sale however after you're pretty much done for (however if its a valuable property and any of the previous owners in the chain of title have a bit of cash to throw around you'll be forced to defend yourself in court which can be pretty expensive). There's a "rare" case of the property owner declaring bankruptcy before the day of the sale... you can lose your entire bid amount that way... that's atleast what a lawyer stated in a consultation.

3) you call the IRS lien department they can fax you a paper document stating if there is a lien or not its best to have this - unsure about the 120 days start date but we can safely assume it starts once the sale occurs or the date its switched legally in the clerk systems.

4) State specific - FL the mortgage is wiped out and all liens (excluding municipality liens)

5) No they're giving you a "tax-deed" - see my recently purchased tax-deed below (it may look a bit different after the county officially enters it in their systems which happens around 10 days afterward in FL).

6) it depends on how your state does their tax-deeds if it has an online system you can literally see the mailings that have occurred and you'll know if the proper procedures were taken.

I've seen it in person you did a great job.

You don't need a secured credit card.

Discover IT

Capital One

Chase Freedom/Unlimited

These 3 CCs will reported to all 3 crediting bureaus (call your local credit union and see what they offer and who they report to - you need all 3 agencies), offer 0% interest (assuming you pay your min balance) for 1-2 years, and required no cash down to sign up for.

Keep your total utilization rate from  3-5% (preferably 3 if you want to hit 800+). Within your first year you should be at 700-720, 2nd 740-780, 3rd year you'll be 800+.

If I was in your situation I'd try to goto school honestly... get a decent degree that will pay.


If you're sociable you can work as a server in a major city nearby and pull in 2k-3k a month.

 Its a pain to find out the full process... havent met anyone in person who's done it. 

What is the reccomended amount of cash reserves required outside your closing costs and deposit?

How do we search up the zoning laws to determine what we can and can't do on our land? (example below)

I can pull the Zoning code site - http://www.miamidade.gov/zoning/district-iu-c-industrial-conditional.asp however this doesn't explain exactly what can and can't be done (its very generic)

LAND USE AND RESTRICTIONS

• Community Development District:

  NONE

• Community Redevelopment Area:

  NONE

• Empowerment Zone:

  NONE

• Enterprise Zone:

  NONE

• Urban Development:

  OUTSIDE URBAN DEVELOPMENT BOUNDARY

• Zoning Code:

  IU-C - INDUSTRIAL DISTRICT, CONDITIONAL

• Existing Land Use:

  802 - VACANT, PROTECTED, PRIVATELY-OWNED. PROPOSED AND DESIGNATED EEL SITES UNTIL ACQUIRED, OR PROTECTED UNDER ANY OTHER CONSERVATION OR ENVIRONMENTAL MECHANISM.

• Government Agencies and Community Services