All Forum Posts by: David Franza

 Thanks Deborah

Thanks Ken, found out someone in the neighborhood has designs on the property via an adverse possesion.

A client of ours had delinquent taxes and the property was scheduled for a Tax Deed Sale.  Looking up the taxes due we found that the taxes were paid by a third party, not the owner.  The property does not have a mortage, who would pay the taxes?  The Tax Certificate holder?  Please let me know.  Thank you

This is a reintrodcution as I was on the site many years ago.  I am sure to be on here more often to learn the ever changing landscape of the real estate market.  Also I hope to engage with investors to explore opportunities in my local market and beyond.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $265,000

4 Bed 2 bath SFR with fire damage.

What made you interested in investing in this type of deal?

Shortage of available housing makes this an ideal investment. Exit strategy is to market to first time buyers. Excellent opportunity for an LP to partner up with experienced rehabbers.

How did you find this deal and how did you negotiate it?

Found on MLS. Went in an out of contract twice before closing. Original list price was $350,000

How did you finance this deal?

Hard money for both purchase and renovations

How did you add value to the deal?

Restoring this property to a "like new" condition, move-in ready for a buyer

What was the outcome?

TBA

Lessons learned? Challenges?

Working with the county/city on permits and violations

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Lender, and contractors

It was a Florida  As-is contract, no mention of liens

Would the seller, the previous owner, be responsible?

I bought a single family house in Florida.  After the closing, a lien by the city for a large water bill was discovered.  Will the title company that missed the lien be responsible or can I submit a claim on the title insurance?  

@Wayne Brooks - That is the plan

@John Jackson - Thanks John, I have done the comps on the sales and rentals. It will rent for 1400/month. It has little or no equity currently.