All Forum Posts by: Kiet N.

Been paying $3750 plus cost in Atlanta market !

IMO it would be a very difficult business model or even a disaster-waiting one. Here are the scenarios I can think of:

Assuming you got a very qualified person with all the knowledge's about tax sale in the areas. 

How are you going to compensate his works ? 

* By the numbers of the purchases ? the more he buys the more he makes, so he is going to buy EVERYTHING including junks, landlocked, burned down, worthless ....

* By the percentage of the winning bid purchases ? Same reason as above, he is going to be the top bidder without any considerations.

Where is the purchase fund coming from ?

* Yours: can you trust someone with tens or even hundreds of thousands dollars to represent you to make purchase ? 

* His: if he gets lucky and hits a very good bid, what make him send the purchase your way ? 

 However, you can get on the "remote tax sale" purchases is to "2nd hand purchase" (buy from bid winners) . Of course, the purchase price would be bigger than the wining bid to convince the seller. 

@Marzena Trawinski

There are 2 different costs in the process. 

1st is  "the foreclosure of right to redeem" or barment of redemption 

2nd is the quiet title suite - to make the title "insure-able"

The cost is vary from $3K - $8K

In GA, there is not much for the tax deed purchasers can do to protect their investments during the redemption period. This is the biggest risk of GA tax deed.

Matter of facts, in one property I am in a tangle mess with two departments of the same county. Tax dept advises not to enter the property while police dept (code enforcement) insists to have the place up-to-code. 

It's very hard to find the leak by listening to the air leak sound while the compressor is running. I ran into this issue once and came up with the following technique:

a. Mix FOOD color with tap water

b. Inject the colored water into the system 

c. Inject  the system with compressed air 

d. find the leak(s) where the colored water appears.

GA is not a tax lien state - It's a "Hybrid" Tax Deed state (tax deed with 12 months redemption).

There are many posts in the forum regarding GA sales.

In GA, not only tax sales remove all other lines, this legal actions also wipe out all mortgages (only when property goes thru the actual tax sale)

If the buyer cuts a deal with the owner ahead of time, the mortgage still attached to the property as a normal sale.

Yes, I have bought GA tax sales. Some got redeemed. Some went thru quiet title process.       

There is no guarantee and can't control which way the fall out will be. In my experience:

* The property is in run down, boarded up, abandon, etc... condition - Redemption chance is low.

* Property still have mortgage AND the bid is high enough, the bank will go after the overbid and forego the redemption.

* Occupied property has better chance for redemption.

Tax sale buyer should consider both exit strategies for either case.

Note: you can set the max bid for one particular property, but the auction crowd will determine the final price     

GA is a "hybrid" tax deed state  - a tax deed with 12 months redeemable period system.  

The premium for redemption is 20% within the first 12 months. It jumps to 30% the day after.

After the 12 months, the new deed holder needs to file a barment - foreclosure of redemption - to take ownership of the property. 

@Account Closed your post hit all marks: lien, deed, interest (premium), ownership for one question of a complex system. A little break down would clarify the question  !   

@Sharon M.

Lake City is a unique (to the point of funny) place. The city so small that does not have a zip code / post office (it uses 30260 which is Morrow) - not even a fire department there. However, the police department is very active ( in traffic particularly) - You have been warned !!!!

Harper Mill Sub ( Waterford Ct & N. Lake Dr) is a community of townhouse (row house). Each building has 6 units and "individually own" with NO association - Yes, you read these right.  Disclaim: I have a unit here.

Clayton State University - now part of GA State- requires "most" of freshman stays on-campus dorm. Beside, the student housing demand is somewhat in low. I haven't rent to any students for the past 8 yrs. Most resident in the sub are regular blue collars or retirements.

Ongoing rent rate is $800-$900

Have to shop around for building ins. b/c some company won't deal with 6 units (my own experience)

Hope these info is useful for you !!!!

I have been approached by a tax sale attorney who claimed that he can push (thru legal system) the process in 3-5 months - especially on vacant, abandon properties. I haven't tried to validate the claim !!!!