All Forum Posts by: Michael Madill

Sorry i didn't respond for a couple of days, actually forgot about this post, oops. I am confused of this situation. In Florida when property taxes are delinquent over a period of time, multiple notices are mailed and hand delivered to the property address and or owners address. The notice informs the owner that the property is delinquent and will be sold at the county auction if not paid, or sold as a tax lien certificate. That's the fast version of it anyway, In Florida this process is advertized publicly in the newspapers. I have never heard of law firms holding tax delinqent properties. Hopfully some one that delt with tax distressed properties posts here.

As for approaching the owners of the property you speak of, what are you wanting to offer them. They are not going to give up this property for 11,000. If anything i'd imagine they will either borrow the money to be compliant or if they don't sell at asking price they might get a short sale or something of that nature.

I do follow the tax sales in my area and when there is something of significant value, 99% of the time the listing is redeemed (taxes are paid). I'm speaking of a Tax Deed sale buy the way.

Hello everyone,

I need some help on this one! If a house goes in forclosure which is owned by investor Joe and he has a lease option contract with the current tenants, is he legally bound to give back the deposit and the portions of the monthly rent that was supposed to be for closing cost or the down payment for the purchase price once the option was excersized?

Thanks for listening

Welcome Dave,

I wish you the best of luck in your REI carreer. It is so exciting isn't it!! Sounds like you have a good plan to me. Well to give you my opinion on your question here, I would say it depends on your limits, by that I mean financials. Another facture may be how much of a discount you buy the first house.

If you bought at a great discount and were able refi and still be able to cover your PITI with positive cash flow of at least $100 month that would be a great start. It may be tough to get a cash out refi these days though, not sure. If you could get the cash back, then theres your money for the next property.

How is the market up there? Do you think you can buy low enough and still sell lower than the rest of the homes on the market and still come out with a profit?

You could also consider a Lease Option too.

It just all depends. Thats what is so great about REI, you have so many avenues you can take to make it.

This is just my 2 cents though. There are some awsome people on BP that have way more expirience that me and they will help you out tremendously. Just ask. I'm sure Wheatie will respond to your post and he seems to have a wealth of knowledge in RE. Good Luck!!

Ingrid,

You could also go to someone who purchases Bulk REO's and ask if they have a list in St. Cloud.

Sounds like a good deal with the rents that high, hope you get it. I have heard conflicting stories about the banks appeal to a cash offer. I don't know the answer but I wish i did. These people that were offering there advise are REO brokers but apparently no one really knows. I would assume that it depends on the size of the bank your dealing with. Somewhere along the road I read that small banks are easier to deal with and would rather see a cash offer even at a lower than asking price, as opposed to the bigger bank who will hold out for a financed offer if it is at asking price or higher.

Wheatie what do you think? Have you heard anything like that.

I have use QB's as well, however was used for a different type of small businesss. It is a great tool, however you will need someone to walk you through it, as it can be very confusing at first. Another great perk is, the purchase price is very reasonable.

T Colley,

How are you approaching the home owners who are in delinquent taxes?

Josh,

I live in Florida as well and I am looking to purchase some properties at a tax DEED sale. Just wondering if you have done this before? If so, i have a few questions.

1. What is the going rate for a quiet title?

2. How long did it take to get the cleared title?

3. Is there any risk to me during this period, such as: could I be responsible for paying hidden liens?

4. And finally, once you become the highest bidder and you pay, how long untill you recieve the deed?

Thanks Josh, much appreciated!

Hey guys and gals. I'm new to BP and I'm trying to figure out all the features here so for give me. How do i input a personal note from the dashboard? I clicked on the "Notes" and it just says....You have not Notes. Can't seem to figure out how to make a new one. Thanks.