All Forum Posts by: Jon C.

Hey all, Turns out, in TX (possibly elsewhere) you can defer taxes at the age of 65 or disabled. That's why the house is in so deep, and no foreclosure. The home owner has signed over the tax bill to her next of kin. Wow!

I have a deal I'm working on: The house is owned free and clear in DFW. However, there are $40,000 in back taxes. The house was originally bought for $17,500 in 1966. The house will need plenty of rehab. We've prepared comps for the deal, but I've also read about people paying the taxes and throwing some cash on top to satisfy the seller. The ARV on this property is $150,000. What is a reasonable offer? Exit strategy is to wholesale.

@Sandra Edmond Yes, thanks for the advice.  The property is occupied by an elderly woman, the original owner.  Her daughter called me after they received a yellow letter.  The daughter has Power of Attorney & sole beneficiary.  She is likely to eat this tax bill if they don't get it figured out.  I looked through deed history, the county verifies the outstanding balance.  There are 4 separate liens from the IRS as a result of some unpaid taxes in the 1980's.  They do not reference anything from the 1990's.  She may have fallen through the cracks, her court documents show full social security numbers, and she's living in the house without punity.  To do a preliminary title search I need to get the property under contract first, right? (Make sure to include the title search in the inspection clause?). Caution is key, thanks.

BP,

     I have a lead that has $37,336.99 worth of unpaid property taxes.  They haven't paid taxes since 1993.  The property is worth $163,000.  The original note from 1966 of $15,750 is paid off.  I have a few questions:  how has this property not gone to tax deed sale?  There are some liens from the IRS from the 1980's on file.  Does this make sense of wholesale?  

Yes sir!  Let's do it.

I know many people direct mail property owners in the following categories; absentee property owners, behind on mortgage payments, probate, etc. What about text delinquent properties, people behind on their annual property taxes? I haven't read about very many people using that strategy. Does anyone use the strategy? Thank you!

Hey Ryan, I just completed my 1st round of my 1st campaign. I got my addresses from a business associate. He got it from a local real estate company that specializes in that type of data. Nationally, it's like "listsource". Here's a couple of tips that they don't tell you in all of books: 1) put your mailer onto an 8.5/11" sheet of cardstock paper in the form of 4 postcards per sheet. 2) using this size of postcard you can get a cheaper postage rate $0.34 vs. $0.44. 3) figure out how to mail merge and use Avery labels. Best of luck!