All Forum Posts by: Gene D Stephens

"Adverse possession laws vary by state. Oklahoma adverse possession law If the neighbor has notoriously occupied it for a period years, in your state 15 years, he has legal claim to it. You might check with a local attorney on this."

@ Frank Chin

In this specific instance, it is undeniable that a house was built on that property more than 15 years ago simply based on Google Earth data, but you can see by the county assessor records that the house on the subject property was built in 1950 and then the property encroaching was built over the property line shortly thereafter, in 1951.

@ Matt Devincenzo,

From the info in your post, the land does not seem to have officially been taken by AP. From the assessor's site, the land-use records show that the encroaching property owner has only been paying taxes for their plotted land, while the subject property has been paying the taxes for land on which the other’s building partially sits. I was unaware of the tax-paying requirement you mentioned for adverse possession. You seem to have quite a bit of knowledge on this topic. What would you do in this specific situation? Sounds like I might need to follow Frank’s advice and consult an attorney, although that will definitely be the last option I pursue. Thanks for any advice.

Gene

Not a fence line but still about 15ft by 150ft of property.  I think I might look into donating it just to get a tax write off as well as stop paying taxes for someone else's land.

If you purchase a piece of property, and know for a fact that part of the property is now owned by your neighbor due to adverse possession, would it be advisable to give that land to the neighbor to avoid having to pay their property taxes?  Are there any tax benefits from donating this land?  Could mineral rights come into play?  I know this is probably quite rare, but if anyone has any experience in this, any advice will be appreciated.

Thanks,

Gene

Thanks for your reply Jon.  It's nice to see some math justifying your explanation even with the many variables of uncertainty.  

Hi Chris,

I'm relatively new here and was just wondering if you could expand on your last comment.  

Thanks,

Gene

Jason,

Thank you for the advice.  The asking price is under $125k and like mentioned earlier, the renovations would be 50% so there are major repairs (not move-in ready).  Sounds like, from your perspective, this type loan would not be best for my situation.  I also kept my first home and it is paid off now and worth approximately $150k, with current renters.  I've been doing some light reading, and it sounds like refinancing that property and using the proceeds to reinvest elsewhere might be a better option.  I'm relatively new to this and am grateful for any advice from the forum.  Thanks again.

Gene

I'm looking at purchasing a property with the money going to roughly 50%, for the initial investment, and 50% for renovations. I'm leaning towards getting a DSCR loan, but have no experience with this type of loan. If this isn't the type of loan which would be recommended, if anyone knows of a different loan that would better fit this situation, please let me know. Also, if anyone has any experience with DSCR lenders online, I would love to hear any recommendations.

Thanks,

Gene