All Forum Posts by: Jason Varney

Hi all,

If someone buys a tax deed at an auction, does that mean they now own the property? Does the previous owner have any period of recourse? If so, I'm assuming the time period depends on the state? Thanks!

Hi all,

I know this is probably more of a question tailored to my local market so if anyone knows the answer as is applies to Jacksonville, FL then great! But generally speaking, how long does the eviction process take and whats a good range in cost for it to happen as well?

Trying to make a deal for a decent rental but its an ugly situation because there are tenants in there that havent paid the out of town landlord in over 2 years. They even give him pushback when he called a year ago asking for rent and reported him to the Better Business Bureau saying he was harrassing them. He inherited the property from a friend who passed away. He's basically willing to give it to me for back taxes owed (10K) to be rid of the frustration. It would rent for about $600 which would make for a good deal even if it needed a decent amount of work (havent been able to see the inside yet).

Any advice for me here? Also, answers to the inital questions would be greatly appreciated as well. Thanks!

Thanks for the info Braden

Thanks Jon that's good info. What would happen with the back taxes? If i were to offer it up to another investor, I'm assuming those taxes must be paid at the time of closing, correct? And as far as structuring the deal, Im trying to think through how it would work at closing. Would I basically set my offer price, and then they would need to come to closing with an additional $9500 to take care of the taxes and that would be a cost paid by the buyer on the HUD?

Hi all,

I have a potentially great, yet interesting wholesale situation in front of me and am not entirely sure of how the process would work given the cirucmstances. I have a motivated seller who owns an inherited property that he hasnt seen in 5 years because he cant get back down to the property. He is an out of town owner. The renters havent paid and owe him approx 10K but he cant afford to evict or sue them. There are back taxes owed of about $9500 and he is basically willing to give me the house to just be rid of it.

The ARV is in the ballpark of 50K and rents are around $600 so depending on the repairs needed (which is a huge variable because he hasnt collected rent in a few years), it could be a good deal. My question here is, how would you all handle a situation like this if you were to buy to wholesale? How would you deal with the tenants (if they are even still there)? It could be vacant for all i know but even the owner said he doesnt have a key. How could I get into the place? With him being out of state, is the only option for him to come down, force their hand to evict and change the locks? What else should I be thinking about? Any and all info is greatly appreciated!

Jason

Hey RGB,

Sounds like you've got quite the diverse rental portfolio! How has the investing process been with you managing from across the pond?

I live and invest in Jacksonville and am involved in wholesaling, as well as building up a portfolio of rental properties of my own. Are you still looking for wholesale deals on the rental front here? If so, what additional criteria do you have for buying? I will certainly keep you posted should a deal come my way that peaks your interest. Best of luck.

Jason

Hi Scott,

I also live and invest in real estate in Jacksonville. I wouldnt say that it is much tougher here at all. I think that because it's so big, it means there are many more opportunities to invest. You just need to learn the areas and determine where you'd like to focus.

If your looking to work under an investor or some sort of company involved in real estate, I suggest you look into joining a REIA in Jacksonville. The networking opportunities are fantastic and can really help you get going. Good luck with the move!

@Shannon Moore Hi Shannon! I also live in Jacksonville and invest in real estate here. I'd tend to agree with Ali. Real estate agents typically don't know a lot about investing, otherwise they'd be doing that instead! Also, anything on the MLS has already been scoured by the bigger time investors. They are typically looking at these properties within hours of them coming available so if its sitting on the MLS, it's probably not the greatest deal out there.

With that said, Jacksonville has great opportunities for real estate investing, especially for buying rentals. I am a member of a JaxREIA and ProREIA here and its been instrumental for getting educated and meeting people doing things in real estate. Its a great resource for networking. Let me know if you have any questions!

Hi Steve,

I am also from Jacksonville. Just finished my first rehab and put it on the market Thursday. All the knowledge in these forums and blogs have helped tremendously. Are you only wholesaling right now or are you still looking for rehabs or rentals even? I am looking for some rehab projects myself but am doing some wholesaling as well. PM me and I'd love to talk more. Always trying to build a network with people here in Jax. Im in the southside area. Talk to you soon!