All Forum Posts by: Karlton Hoskins

Oh! Trustees can't help you. 

I went through this years ago and here is what I found. Homeowners are completely stressed and pissed. Whether at themselves or the financial institution. The last thing they want is someone knocking on their door offering to buy their property. This is an embarrassing time for them. Secondly, most of the homes I went to, the home owners were already moved out and no where in sight. They normally don't wait around for the sheriff to the kick them out, but that isn't all cases. My good fortune has always been with a home owner who has already moved. I don't know, but I would think the logic behind it is, they are detached from the property emotionally, and therefore willing to talk. I actually had a home owner say, I was the only person who found him after he moved. That impressed him! Since then, I've solely focused on homeowners who have already moved out. Still hard to locate them, but once I do, my closing ratio is 100%, maybe because there is no competition, no one else searching for them. I have yet to close a property with an owner living in it. I actually built a mini-call center to call homeowners, they don't answer and when they do, once you even mention the word "house or home", they hang up. I've drove to OMG, I can't count how many houses. No closes from that either. The magic is getting the home owner to talk to you. I don't waste money on door knocking or mailers. The only thing that have worked for me, something else may work for others, but mine has been contacting the homeowners after they've left the property through text message.  If they think you are the bank or associated in anyway with them, you lose, immediately.

Kyle,

I am building the same for the Georgia, Texas, Rhode Island, Maryland, and a few other key areas. Do you write code or are you hiring someone for this task? Maybe we should talk and see how we can help each other.

I would hold the property with my exit strategy focused on the annual interest/penalty rate. This is a good way to get more money working for you, without investing in multiple sf properties. I've seen investors pick up police stations just the same. At the end of the day, what is your investment strategy? That will determine whether or not this is the idea investment.

Arnie,

Glad to see you here.

I am not familiar with the Tax Deed laws in Alabama yet, but if the tax deed is being sold with a quit claim deed, that means the redemption period has expired. A quit claim deed is only issued after the redemption has expired and the investor follows all of the procedures to obtain a title. Verify the quit claim deed as this is the final step in the possession process after the redemption period runs out. Also, you should have a title company complete a title search for you, in such, you can obtain title insurance and later sell it with a warranty deed.

Myka please feel free to give me a call to discuss this further. I will send a colleague request. I'm always willing to lend a hand.

Josh go down to the respective offices of all the lien holders you've listed and verify there existence. If these liens exist you will be on the hook for the amount. You will have to work the numbers in such case to determine the ROI, including these additional costs. I'm interested in hearing what you find out. Nonetheless, it sounds to me that the title company has it right, which means you will have to come up with another $18k to clear the title. Try negotiating with the seller to offset this cost.

http://cobbtax.org/taxsalelist

You will find what you are looking for here. Let me know if I can be of further assistance. My focus is due diligence process, so please determine your investment goal before getting started. Are you investing to obtain the property or for the 20% penalty? Depending on your choice, your due diligence and property evaluation will be completely different.

Karlton

Glad to be of assistance.