All Forum Posts by: Fred Rivers

Hey @John Underwood. I found out in Orangeburg County that there is an assignment tax sale on Monday, February 4th. I plan to attend. What is an assignment tax sale and how does it differ from the tax sale held in October, November, and/or December? Thanks in advance for your response.

@John Underwood

Hi @John Underwood. I'm a newbie from Orangeburg, SC.I would like to purchase tax liens in Orangeburg County. Since I missed the auction held last month on December 3rd would like to look at the over-the-counter tax liens. What is the name of the list and where do I go to get this list in my county? I appreciate and info or advice. Thanks in advance.

@Brandon Hall @Scott Vance I viewed the transaction from the perspective that the property was worth $50,000 and my parents gifted me $42,340 and a loan of $7,660. From a tax perspective, can this transaction be viewed both as a gift of $42,340 and a loan of $7,660? 

I definitely plan to consult a CPA about this transaction. I just wanted to do some research before meeting with him. Thanks.

@Scott Vance

@Brandon Hall Thanks.

I was gifted a house from my parents worth $50,000. I agreed to pay them $500 per month up to $7,660 to cover the money that they had tied up in the property for previous improvements. I rented the property for $600 per month. As agreed, I paid them $500 per month for a total of $6,000 for the year. Is my payment of $500 per month to my parents from rental income of $600 per month a loan, partnership distribution, some other expense, or not an expense at all?

I'm trying to implement the same strategy. How do typically structure your deals? How much down payment do charge? A real example would be great. Thanks in advance for sharing.