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If you take title to a property via a tax lien foreclosure sale, are you responsible for any liens, encumbrances etc. that are related to the property ? after you take title ?

What state are you in? That makes a lot of difference. In most cases, tax liens do not have any ownership of the property, you only bought a lien; hence, you owe nothing else aside from what you bid in the sale. Now if you convert that lien into a tax deed (foreclosure), you then will be responsible for other assessments and encumbances, etc.

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Originally posted by "mitzi1":

To develop a successful real estate investing career, your job is to find deals and put them together. Your job is not to become an appraiser, or a closing attorney, or a management expert, or a repair person. Use professionals!

How do Realtors, appraisers, and banks determine what a property is worth? They look at comparable sales, usually three to five sales of similar property close by. Realize that the properties have to be similar for a true comparison.

Get a list of comparable sales and see the sales price of every property bought or sold (and when it sold) for the street you want information about. Ask active professionals what the market is like. Whenever possible, get information in writing via fax, email, or letter. Put comparable sales lists and information in a folder for future reference.

Most of the time they look at six months worth of sales.

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Originally posted by "thelandlady":

Can anyone recommend a good screening agency that I can go through to pull credit reports on potential tenants? I only have one rental unit (in the other floor of the duplex that I own and reside in) so I don't have a lot of volume.

I've previously been using landlord2landlord.com, but they've recently changed their policy -- such that anyone who operates out of their home, and doesn't have a separate/secure office area dedicated to property management duties (and they charge you $100 to verify this) can no longer have access to credit information. They say that this is due to changes in TransUnion's policies (caused by changes in the FCRA - Federal Credit Reporting Act) so I'm afraid that my options may be somewhat limited.

Any suggestions?

I use citicredit.net

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Originally posted by "biggerpo":

This is the first book that comes to mind, so I thought I'd kick this area off. Have you guys read it? What are your thoughts?

Not a bad book for someone starting out, definitely gives you a basis for comparison. There was one statement in Rich Dad Poor Dad that made me start investing in a segment of real estate often ignored, tax liens. He said some of his assets are in tax certificates ("tax liens"). Looked it up on Amazon, bought the top 3 books and have been earning an average 14%-16% returns...better than my darn savings account. :-)

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Originally posted by "mabuie68":

Hi Everyone, I had posted in another forum ref birddogging for this particular property in GA, and thought I would bring it over here for some help. I saw some raw land that I thought would be a goldmine for a residential developer who was interested in building in Columbus. Very secluded and away from the hustle. I even daydreamed about what it would look like. There is another building right next to it, a church and daycare in the back of it and businesses within walking distance to eat and shop. They are also building two hotels on the other side of the road from the land, so you could understand my excitement when I saw that it was for sale. So I tried to call the realtor that was listed and after about 4 days, I finally received a call back from him. Here is the situation, I am not sure if he knew what he was talking about and for me, being a newbie, I wasn't sure if I was asking the right questions. I asked how many acres, what was the property zoned for, how much for the land? Seemed simple to me. He stated that it was 5 acres, and in a flood zone, didn't know if it was zoned for commercial or residential and that the seller wanted $50K per acre for it, which sounded way off from what I was expecting to hear. He also said something about building high because of flood zone. I wasn't sure about that because where I am they are putting two homes that look like they are underground to me. At any rate, if this property would be of interest to anyone, please help me bird dog it. I need to know what I need to do to really get the information on it so I can present it, and obtain knowledge for future investments.

OK, now for my second issue, I have relatives who have land in a town called Caryville, FL. It is about 10-20 acres between them and they want to sell, however, some of it is in the flood zone. I know that the government bought some of the property from another relative to keep them from building there. My question is what steps do I take for government buy and what is need to sell the remainder of the land to a prospective buyer. From my understanding, they were contacted by someone at a price of $8K, but I'm not sure it that was the land with the timber on it or if it was just for the clear land.

I would really appreciate your expertise on the matter.

Thanks, Marcia

There's no steps. They approach you, not the other way around. Are you looking at state or local govt as well? Contacting the previous contact would probably help.

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Originally posted by "LoanOfficer650":

I'm in California and I'm looking at a few opportunities in Texas.

I've heard of people buying property unseen and putting all their faith (and trust) into a local investment group.

If the people you're working with are on the up and up, you've seen pics of the prospective investment properties, and contracts and title are good to go....is there still a reason to actually visit the property and meet the people you're dealing with?

I'm a mortgage broker and half the time I don't even actually meet the people (usually attend signings, but some cities I do biz in are like 100 miles away).

Thoughts?

Hire a local realtor to look at the property. That's what I do and I pay about $100 - $150 each time for due diligence work.

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Originally posted by "Prowler1":

I've been told that it's not a good idea to in vest in a property that is more then a hour away, which makes since.
How can people invest in real estate 1000's of miles away? I know it is easy,if you put together the correct team, but how do you know John Doe with the best investment opertunity isn't Joe Scamer? (in the camon's) how can you tell if a company in on the up and up? check the BBB in that area, maybe the aterny general, andything else?

It's a good idea to invest in your area first, the one that you know the most. You could also get other people to do your due diligence for you, like a local realtor in the area. If I have some money and I want to invest in a particular area or county, I would go on the tax lien route. I invest in tax liens or tax deeds because you can't get "scammed" -- the seller is the local county government and everything is transparent/public records. If you're gonna start that route, I suggest getting some good reading materials. Type "tax liens" on Amazon to get some good reference books.

For local investing, you can do your usual flips, rentals, REITs, etc.

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Originally posted by "VerrryHungry":

My dilemma is simple. I want to invest in Multi-Family Properties where the market is booming, but the trouble is thats half way across the country! I've been looking for some loopnet deals but no luck so far. Any information would be great! Thanks in advance!
-18 and HUNGRY

You can invest in multi family homes online through tax lien investing. And you can selectively choose which counties you can invest in, for instance in Florida counties, you get an 18% yearly return (assuming there's no other bids). If you don't know what tax liens are, go buy a guide on it first. :-) Go to Amazon and type in "tax liens"

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