All Forum Posts by: Shunda Walker

Thanks for the feedback, guys!

I thought about the tax sale also, but I thought in order for the county to sell it, it fist had to sue the owner (who is deceased) for the taxes before it went into tax foreclosure. From the looks of things, taxes haven't been paid for at least 20 years. Why haven't the taxman went after this property long before now is a mystery in itself.

As for Mr. XYZ's sibling, the only sibling he had is a brother that lives in Iowa. As I have stated before, the brother filed a quitclaim deed after the mother (the original owner) died (after her husband passed away years before). There is no other known siblings as the quitclaim deed listed only those two. I searched to find if there were any other siblings. So far, nothing.

The quitclaim deed barred the brother, his heirs, assigns, successors, etc. from claiming the property.

To date, the only heirs that were listed in the quitclaim deed were the two brothers...the deed also stated that there were no other known children.

Thanks!

Hey, Y'all!

Seeing that I'm still in the teething stages of this Real Estate game, I ran across something here in my neighborhood and I would appreciate some advice.

SITUATION:

1) I was doing a tax record search and I ran across a property that caught my interest.

2) The house was deeded as "Estate of XYZ".

3) Did more research of Mr. XYS via online public records.

4) It seems like Mr. XYZ's mother deeded the house to both him and his brother before her death.

5) Mr. XYZ's brother lives in Iowa and has quitclaimed the property to Mr. XYZ after their mother's death.

6) Now, Mr. XYZ passed away.

7) There was no will...nothing indicating that he was married or had children or grandchildren.

8) The property owes back taxes of $32K, meaning that not only was Mr. XYZ not paying taxes on said property, but his mother didn't either, it would seem.

I am interested in this property and I would like to buy it. I have a few questions to ask you folks...

Q #1) How can you buy the property if there were no known heirs?

Q #2) Can the brother claim the property even though he waived all interest in the property via quitclaim?

Q #3) Have any of you guys come across such a situation? If so, did you buy the house similarly situated? If so, how did you accomplish that?

Thank you all for any and all replies!

Happy Holidays!

To Bryan (Hey, my fiance's name is Bryan as well...lol)

Thank you for your reply. I must admit that buying at or below tax value is a bit absurd. I guess that's why he hasn't found one to his liking yet.

To David:

I saw some distressed properties on LoopNet...are these not good?

Question again:

How about the apartment buildings listed by realtors? Would these make good potentials also?

Again, thank you for any and all replies in advance.

Hello, All!

Situation:

I have a buyer that is looking for apartments here in D/FW that meet the following criteria:

1) Age of Apt. Bldg.: No older than ten (10) years

2) Equity: $30K bare minimum.

3) Very little to no rehab

4) Must be priced to sell at the tax roll value and no higher.

My question is this:

"Does this sound a bit unrealistic?"

I found some properties, but I had to rule them out because they were either too old or the asking price is more than the tax value.

***ALSO, I HAVE ONE MORE QUESTION***

I heard that finding properties on LoopNet was not a good idea? can anyone explain to me why that is?

Thank in advance for any and all replies.

I will do just that...thanks for the info, Ben!

I offered the guy $20K Friday and he said that was way too low for him.

Again, thanks for the info, Ben, as well as to everyone else here.

Since the contract expires Wednesday, I'll just chalk it up and move on to the next deal.

I believe that the ARV would be about $90K.

UPDATE

The seller dropped his price to $32K...but the contract is set to expire Wednesday...although he said he is willing to extend it until the end of April.

Even though I understand that the rehabber will benefit more than I would on this deal (as s/he should as they are taking on more risk)...what I don't understand is why in the world would they expect you (wholesaler) to practically GIVE it away?

I have had some investors whose offers were so low that the seller would have had nothing and I would have less than $500 as my fee.

Thoughts?

OK...I understand it a bit better now. Thanks!

I will just lower the asking price to $40,500...thus giving me the potential assignment fee of $2,000.

That should work, I think...just assign the dang thing and go to the next one.

Thanks a lot for the info, guys...I really appreciate it.

- If you know there is a tax lien, how do you know there aren't other encumbrances on the property? Have you done a title search?

Yes, I did...and that's the only lien on the property. It's owned free and clear otherwise.

I have a house under contract...here is the schematics:

ARV: $99-122k

(source of ARV: www.trulia.com)

Repairs estimate: $15-20K

(needs new roof, new sheetrock for certain parts of the ceiling...trash-out throughout the house...needs new wiring and plumbing as some wiring and pipes were taken by vandals as well as the water heater and SC unit outside)

Tax Lien: $1K

Seller wants $38.5K

I priced it at $48K ( I plan to wholesale this)

Thoughts?