All Forum Posts by: Jynell Berkshire

Michael,

I have lived and worked in the near downtown Indianapolis area for the past 16 years and haven't come across a purchase of a duplex for $36,000 without any repairs. However, if the landlord wants to sell the property, this could be a good deal.

I agree, you most definitely need to research this deal further and go to the property. Schedule a time to go into the property and look at the condition. Ask for any warranty paperwork, when repairs were made, etc. Even research the City of Indianapolis website for code violations and whether there are any liens on the property. You may find that mechanic liens have been recorded in the chain of title against the property.

Who knows, this may be an awesome opportunity.

Happy Investing!

Joshua,

Welcome to the BP community. Glad to hear you are in the Indianapolis market.

Happy Investing!

Roland,

I agree with Jeffrey, you most likely may attract fellow investors from the Terre Haute region given Poland, Indiana is in close proximity. Other targeted areas may be Greencastle or even Indianapolis.

Since Poland, Indiana is an extremely small market, I would suggest trying to find a local buyer. I have grown up in Indiana and practiced real estate law for over sixteen years and have never heard of Poland, Indiana. I actually had to look it up. But heck, Indiana is a large state.

Best of luck!

Eric,

Indianapolis is a hot market right now for real estate investing. Like any market, it depends upon the geographic location of the property, finding and screening tenants, and most importantly buying at the right price. You most likely can get more for your money in the Indy market than the SF market but it all varies.

Best of luck. Happy Investing!

Angel,

I presume the tax sale is in Atlanta since you are from there. Correct?

First, is the tax sale a "tax lien certificate sale" or an actual "tax deed sale"? It sounds as if it is a tax lien certificate sale. Presuming it is a tax lien certificate sale, what is the right of redemption period? Most lien certificate sales, like what Adam was referencing, require the property owner to pay the taxes within a specific period of time, plus interest to the tax sale buyer. In many jurisdictions, such as the State of Indiana, the former property owner may have rights to claim the surplus once the owner's rights divest upon the issuance of the tax deed to the tax sale lien certificate holder. Although the tax sale buyer may be the purchaser at the sale, the purchaser can assign the certificate over to another third party as well.

I file a great deal of litigation in the State of Indiana on behalf of the former property owner to claim any surplus proceeds once the owner's interest divests. Of course, this is assuming surplus proceeds exist, the property owner doesn't want their property any more, and the tax sale lien certificate buyer actually petitions the court to receive the tax title deed.

Of course, you can purchase the property directly from the property owner during the right of redemption period (assuming lien certificate jurisdiction) but you would need to pay off any liens, judgments and encumbrances, similar to a traditional straight sale.

Best of luck!

Lane,

Welcome to the BP community! It is great to hear that you are considering options other than your baseball career. As you have already learned, real estate investing is an opportunity that you can do full-time or part-time.

Best of luck! If you are ever in Indianapolis, feel free to look me up.

Marie,

Although your post is extremely old, I just came across it. I am a real estate attorney in the State of Indiana that specializes, among other things, in quiet title litigation. You may have already started your company by now, and if so, I wish you the best. However, if your goal is to get around the redemption period on a tax title deed, I caution you as to any deceptive consumer practices.

Indiana is a property judgment state and has stringent consumer protection laws as to material misrepresentations, unconscionable and fraudulent acts. I may not understand what you are trying to accomplish so consumer protection laws may not be relevant.

Even though a title company may underwrite a title policy for a mere $1,000 face-value policy and issue a warranty deed, I can assure you that should there ever be a challenge in the chain of title, the $1,000 insurance policy will not cover attorney fees to defend against the litigation. Also, in most states, like Indiana, the "chain of title is not broken" with such subjective title policy. 

There are numerous reasons why a quiet title action is more appropriate than a $1,000 face-value title policy. The most important reason, the issuance of a court order. It is extremely difficult to challenge, and then overturn, a court order versus a $1,000 face-value title policy. 

Of course, every jurisdiction and its laws are different. I am only speaking as to the laws in the State of Indiana.

Best of luck. 

Steven, 

Although I do not practice law in Florida, I have assisted some clients with purchasing tax sale properties in the state. Quiet title litigation is a large part of my residential real estate practice. I am happy to discuss with you when a quiet title action is needed. Feel free to contact me directly.

Happy Investing!

Aldwin,

Welcome to the BP community.

Happy Investing!

Scott,

Welcome to the BP community.

Happy Investing!!