All Forum Posts by: Barbara Riley

Oh...the other responder was@Mike Hepburn.

@Sonia Alvarez I have been thinking about what suggestions I could make that would be helpful. You didn't say whether you are currently employed. So much depends upon your personal circumstances. If you are really close to broke and staying afloat by taking on more and more debt (which it sounds like you are) then probably a job, if you don't already have one, is your best bet for the time being.You have the right motivation. If you are persistent you will get there. A job takes some of the stress off. If you can find work in the real estate area, showing model homes for example, or working in a real estate office if you have office skills, would be great. If not, any job will help. Jumping into investing when you are desperate can lead to bad decisions. I too like the suggestion of buying a double and living rent free in one side...if you have that ability. Just be careful not to get into a situation where you have a lot of upkeep expense. You might be able to find an owner finance, land contract, or rent-to-own deal that would take very little down or would take a down payment over time. Just be sure you can handle the payments easily because there will be unexpected costs. While you are working at your j.o.b. you can be studying and you can go to investors' meetings if there are some near you. You will meet people at the REIA meetings and here on bigger pockets who will help you, and you will find that you are far from alone. BTW, I also believe in the power of the subconscious mind and would suggest as did your other responder (can't locate to give credit) "Think and Grow Rich."One day we will be reading your post about your first deal. Just don't rush in to something until you are prepared. Good luck!

@Darrin Carey Thanks for posting the link to the Vena Jones-Cox webinar. Important information for those of us in Ohio.

@Gary Shaw Thanks for the cash buyers comps link!

WOW! That's great Congratulations!

Hi Jose, You might want to look into Legal Shield or one of the pre-paid legal plans. I pay $17 / month for Legal Shield, and I've been happy with the service. They just recovered $250 for me that was an over charge that a mortgage company did not want to acknowledge. My monthly subscription covered the attorney fee 100%. Some services are free and some have a discounted charge. I've used them for personal and employment issues as well, and prevailed in each case. They will help with reviewing contracts, criminal and traffic cases, too. Pretty much everything.

Thanks for this post! Really affirming! And, yes, very true. There are discouragements, for sure, but revisiting this observation will restore a sense of well-being and gratitude for a lifestyle that, in spite of the setbacks, offers so very much!

@Chris G That's my reasoning.

I am very new to this, but I have found several just in the last month or so. Some I found by driving my neighborhood. If a property appears neglected or vacant as @Ned Carey predicted, I check an online tax lien site, the auditors' site to estimate how much equity they may have, the scheduled sheriff sales site where the plaintiff is a clue to which are probably tax lien sales, and the Clerk of Courts which shows other foreclosure actions, judgments, etc.

There are a lot of tax lien properties...a whole lot! Some really are in horrible condition! That said, a few are in fairly nice condition and are also in decent neighborhoods. The 15 or so I've chosen to follow up on are in stable neighborhoods, appear to be in fairly good condition, and have tax appraisals between $70,000 and $145,000. (In Columbus, that will buy a respectable home.) Also, they have no mortgage recorded, and the back taxes/ recorded judgment liens are relatively low. Locating the owners is a challenge. Until I can do that I won't know if it is possible to purchase the house before the tax sale at a price that will pay all back taxes, any liens, etc. and allow for reasonable profit after making the repairs.

I was prompted to ask this question because a house near me which I know to have been a very nice house, sits abandoned, the owner apparently having just walked away. The house has no recorded mortgage and there are no other liens that I can find. The tax assessors' appraisal is over $100,000. Efforts to locate the owner are failing, and the Sheriff Sale is imminent. I have puzzled over why someone would not try to salvage some of their equity. I want to find him if for no other reason than to ask him that question.

Thanks Ned,

I hadn't thought about lenders paying taxes when there is a mortgage. Still, it's hard for me to understand why someone would let a $100,000 in equity just be lost for failure to pay $5,000 in back taxes. Some of these are very valuable properties, and I would expect the owners to be competent about their financial affairs.

I see properties with high equity or even free and clear properties pending a tax lien sale. Why don't the home owners borrow against their equity or sell their house and pay the back taxes prior to the sheriff sale? All I can think of is that they can't qualify for a  loan, or the house needs so many repairs that they can't find a buyer. What am I missing?