All Forum Posts by: Joe Lopez

@Sharlisa - I believe you have to go to the Daley Center. That's where the Probate Division is. Have you had a chance to visit them? I'm also interested in this niche.

I've come to find out someone is in tax trouble with their property. Taxes have been sold at a sale and the redemption period is around the corner in 90 days or so. They own the property completely (commercial property). Not sure they will have the money to bail out and save the property. What can they do?? They have never been in this type of situation before and asked me about it because they know I have an interest in investing but I'm not qualified to give them solid advice or the means to buy it from them and work out some kind of deal to sell it back. So here I am, asking BP.

- Sell it to a cash buyer and close quickly and pay off the taxes?

- Can they take an equity loan out if their personal taxes are not in order or not filed in the last couple years?

- Are there Lenders that offer assistance with this sort of situation?

What can they do to save their investment? All helpful replies are greatly appreciated!!

@MikeHartzog thank you very much. I wasn't aware the only way of purchasing the taxes was through a county sale. I thought there was possibly a way around that.

I did find out who the owner is and have sent out a yellow letter. I'm hoping to get a response asap. Thanks again!

@rickharmon I guess I'm wondering how a tax lien works. It's my understanding if someone falls behind on their property taxes someone can pay them and now have an interest in the property. Once that happens the current owner is notified the taxes have been purchased. If the money is not paid back, and with interest, the owner can lose the property to the one who took over the delinquent taxes.

My apologies if my initial post left you wondering what I was talking about. I am hoping someone here will clarify this for me.

Hello BP,

During a casual drive for dollars I came across a house that has some tell tale signs it's abandoned. (out of control lawn, broken awning, looks like nobody has been home).

So I decided to go to look up the property and see who owns the house and if the taxes have been paid. I see 2013 and 2014 have not been paid according to the county website.

The taxes are reasonable to pay to bring current (approx. $6K) but I've never done this before. The houses in the area sell for around $120k. Can someone please direct me as to what steps I need to accomplish in order to do this correctly?

My goal would be to eventually acquire the property, fix it up and sell it. I also know the owner can come back and pay me to get control of their taxes again. If that was to happen how do I establish an interest rate to get paid back and how much time do they have pay me in full?

Your feedback is greatly appreciated!

JL 

I think the pamphlet idea is good seeing it would hopefully set you apart on a professional level from other people just trying to get those signatures on the dotted line to bang out a deal.

As far as dealing with lower valued properties I would think the person/people/family involved would appreciate being treated the same as others who have higher valued properties. Also, it would be great training to treat these lower valued properties as higher valued properties just for the sake of keeping your skills sharp.

I plan on getting some company pamphlets made once I start getting out there making offers.

This post has helped me a lot. I just completed the 3 day workshop for $197 and yes, most of the workshop was on mindset. I did, however, get some decent information as well. I will NOT be spending the money to join their Mastery Program either. I truly believe I will get the same education by reading books and attending REI meetings in my area.

*********** I'm getting your emails AND READING them! haha I do plan on coming out to another meeting. I realize I do need to be plugged in somewhere and keep myself accountable, and I did enjoy myself at the meeting I went to last month. So, I'm sure I'll be seeing you again soon!

Thank you for keeping in touch!

Joe

*********** since the meeting I've been in contact with a couple of people on here and just doing a lot of reading. I figure that most questions I have have already been asked on here so I've been doing research to get a better understanding of whatever I had questions about.

This past Friday I went out and posted 50 bandit signs and received my first call less than 24 hours later! I received another call today that I need to call back.

I made another 50 bandit signs today that I'm gonna go out and post up.

I'm going to go driving around looking for what appears to be vacant houses, get the addresses, and send out post cards.

This is pretty much what I have going at the moment. Just trying to get my feet wet and gain some experience.