All Forum Posts by: Kevin Elledge

Eric thanks for the reply... I realize that with him filing for bankruptcy HIS tax will remain also any violations currently on those properties will follow the owner not the property. My area has really cracked down on slumlords I was quoting repairs for a man a short time ago that lost his house due to back taxes and the city brought him up on charges for repairs and the judge said "I want these items fixed or fines and jail time will be imposed even if you have to buy the property back to do them" fines were 200$ a day per violation... I was holding at 20 due to profit margin with repairs will be to low if I go any higher. I was trying to due the man a favor not take advantage. I am also aware assessments are worth less I was just stating them to gauge taxes and total up his debts around 100k.
The properties I want are valued ranging from 35 to 50 in the current market. They are in REM with the city now they are being taken in September the city told me. I was offering half of market value on all of them around 20 a peice I spoke with him this evening. I also told his a firm 20 on the original deal:) and asked him to sleep on it. Im in no hurry it's not my clock counting down.
Does anyone know any lenders that will loan around 60-80k for 4 or 5 properties. The other remaining 5 muti families he said he would let go to auction or sign over for taxes but the taxes owed are to high and needs alot of repairs nothin that can't be done but the time is too much right now. I would be better just biding later at auction I have the inside story on them so I know when to stop when the bidding gets high.

I have looked over the forums for hours in the past few days with surprise to the wealth of knowledge here. I need some advice or guidance if you will.
I have be talking with a man in my area that owns around 13 properties or so in the Niagara falls area some of which I am interested in. Most homes he owns are assessed at 40k. I had my lawyer right up an offer on one house for 20k and this house needs around 10k into it to be livable hoping to make return on resale. After around 2 months I got a call he wanted 25,000 I said I will see what I can do... But I will not pay more that 20. After looking in to the house he owes 12k in back taxes and after running his name he owes 89k on all his properties total in city tax and 20k in county tax.

Is it was mentioned to me that I can pay his tax and the city of niagara falls with issue a deed.
Would this be revoked if he files bankrupcy because I hear that is what he plans on doing to take care of so of his debts.
Are their ways to get funding to pay for these houses before they go to the auction block in September.
Or should I just walk away...

Thanks
Kevin