All Forum Posts by: Keyoka Smith

Thank you @Brandon L.  I'll take a look at those.

@David Cruice Thank you for the advice. Ironically I have another property that I acquired through a tax sale. It's land only. I went to look at the deed I received on it from the county treasurer and it indeed says 'tax deed'. So I'm assuming that to sell it later I will need to go through this quiet title action or deal with an all cash buyer. I'm learning something new everyday but I'm grateful for the opportunity.

@Brian Ito Thank you for sharing your experience. It gives me something to consider. And congratulations for your win!

@Dennis Weber The seller did tell me, sort of. In the listing for the house it said "

This property can be renovated or there is potential to demo and sell the lot once things start accelerating in the area. Property was aquired at a tax sale via quit claim deed."  I guess I was supposed to read between the lines, but I'm new at this. I probably didn't ask the right questions, either.

@Wayne Brooks "then do the QT action yourself"... meaning I don't need a lawyer to do it for me? If so, how do I find the names/addresses of the interested parties?

Thank you @Rodolfo Canon. I would have never known where to start looking for the answers I need. It sounds like I have some mulling over to do. Do I want to do go to court vs wait it out 10 yrs vs walk away.... Decisions, decisions.

I have an offer on a house which was accepted and due to close next week. Today the law office emailed me to let me know that because the current seller acquired the property in a tax sale there is a "tax deed" on the property. It goes on to say that I cannot get title insurance on this type of deed because there is no "quiet title action" or "quit claim deed" from the defaulting taxpayer. So does that mean the defaulting taxpayer (or their next of kin) can come along later and try to assert their "rights". Also, they stated this situation with the title would make it hard to sell the property to someone using a lender (which was the plan at some point once I fixed it up). Have any of you ever had this situation? Is there ever a situation where you say so what let's go for it? Or should I jump ship while I can? I'm wondering if the defaulting taxpayer can be found and who would I get to find them?

Hi...I'm a doc, 10 years in foot/ankle surgery (I started "late", finishing residency at the age of 35). Now I'm planning my 10 yr exit strategy. My son is almost 8. The plan is when he goes to college, I go to full time retirement. I'm a single mom so it requires a bit more sacrifice some days but I love my plan for the future. I have a single family rental (originally was to be  buy in flip, but 10 years later my tenant still pays on time and causes little grief). I have some land (with a house of no value on it) that I purchased in a tax sale almost 2 yrs ago that I plan to hold just a bit longer as the urban sprawl is headed its way and I'm certain developers will want it. I also have some undeveloped land in town (3.5 acres) that I bought at a steal from a non profit org. I close on it next week. I hope to get with a developer or investor that may want to build a neighborhood or apartment complex. The house that I live in now (great equity going in/low interest rate) I bought with an intention to stay 5 years do small improvements along the way (to increase value), and rent out to grad students after refinancing. This neighborhood is largely rental due to university town and hoa fees are low. Lastly, I just put in an offer on a total rehab that is in a GREAT location close to downtown. I plan on taking my time to rehab it (18 mos+) for me to live in when I exit this property. No mortgage on my primary residence is the plan.

That's my story in a nutshell. My question to you @Drew Eldridge and the others in medicine.... provided you have a large student loan debt (I do), financing makes me (and traditional lenders) nervous. I have an above average income (although for tax purposes I write off a lot of expenses), I have a 750+ credit score, but I have higher dti than I'd like. Some of it may be that I use credit cards almost exclusively but I pay them off in full each month. It just helps me to keep track of purchases. What's the "work around"? Private money lenders?

Thank you so much for your recommendations! I look forward to using them. 

Thanks so much. I'll look into it. Is it the same as the group that meets for lunch once a month? Or is it different? I couldn't remember the name of the lunch one.