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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 27 times.

Post: Tax Lien Certificate - For Sale

Account ClosedPosted
  • Rental Property Investor
  • Evansville, IN
  • Posts 27
  • Votes 11

@Chris B. Yes sir.  I thought I'd try here for a few days before self redeeming it in case a local investor wanted the lien.  It's vacant tillable land that's currently being farmed with road frontage and utilities access in a highly desirable area.  I'd hate to let it go back to the owner, because I'm optimistic the owner will not pay the taxes and the process would go through to obtaining a deed.  I paid $40K and asking $40K, so I'm just looking avoid paying the minimum bid of $550 to self redeem.  If I had the names and numbers of the 8 or so bidders on this property at the auction I'd reach out to them and offer it.

Post: Tax Lien Certificate - For Sale

Account ClosedPosted
  • Rental Property Investor
  • Evansville, IN
  • Posts 27
  • Votes 11

I am looking to sell the assignable rights to a tax lien certificate that I won at the Vanderburgh County tax sale on 8/23/2019 for $40,000.  The certificate is for a 5 acre lot of land in Evansville, IN, specifically in Northwest Vanderburgh County in Darmstadt.  We had hoped to eventually redeem the certificate and obtain a tax deed for the property to build a home on; however, our circumstances changed and we have a different target in mind.  The land is worth more than $40,000, and I could eventually sell for a profit once the process is complete and take possession; however, I need the capital now that is tied up in the certificate.

Just briefly on the Indiana tax lien process.  The property owner has 12 months to pay the taxes owed to avoid losing the property.  If paid within 30 days of 8/23/2019, they don't have to pay extra penalties.  If they pay within 6 months, they pay the minimum bid + 10% and a 5% per annum rate on the excess bid.  If after 6 months, they pay min bid + 15% and still 5% per annum on the excess.  Tax lien holder has to give notice after 30 days and again after 12 months.  If not redeemed after 12 months, tax lien certificate holder receives a tax deed and can file an action for quiet title.

I have not engaged a title company to do a title search yet, but I did my own research at the county recorder before the auction and found no liens or mortgages filed against the property.

If you're interested in buying the rights to the certificate and understand the Indiana tax certificate process, please PM me.

Thank you,

Micah

Post: Property Managers in Evansville

Account ClosedPosted
  • Rental Property Investor
  • Evansville, IN
  • Posts 27
  • Votes 11

I use and recommend Chad with Real Property Management Results.  He’s been great to work with.

Post: Property manager recommendations in Evansville, IN?

Account ClosedPosted
  • Rental Property Investor
  • Evansville, IN
  • Posts 27
  • Votes 11

@Sean Mcintire I use Chad at Real Property Management Results.  They do an excellent job.

Post: Insurance will not cover rolled roofing

Account ClosedPosted
  • Rental Property Investor
  • Evansville, IN
  • Posts 27
  • Votes 11

@Account Closed Hey Ray.  Give Brad Nichols a call at Tri-State Insurance Group.  I have a very similar property and there was no issue with the insurance policy.  I can pm you his email and # if you’d like.

Post: New member from Evansville, Indiana

Account ClosedPosted
  • Rental Property Investor
  • Evansville, IN
  • Posts 27
  • Votes 11
Joe Weaver Welcome! I’ve always interpreted that when they mention a 30 year note on the podcasts they are getting conventional financing. In a podcast I listened to recently, Brandon said that he gets a conventional mortgage and then titles the property in his LLC after closing (they discuss the possible implications of doing so in that podcast). I’m not aware of any local banks in Evansville that will do a 30 year amortization on a portfolio loan, so I’d be interested to hear if you find one. Since you’re new to the area, I encourage you to take a good look at the property taxes and how they’re taxed differently for rental property in Indiana. For example, on one of my properties, the taxes went from $783 one year to $1,886 the next. Investment property isn’t eligible for deductions and is taxed at 2% compared to 1%.

Post: Evaluating 2 Fourplexes

Account ClosedPosted
  • Rental Property Investor
  • Evansville, IN
  • Posts 27
  • Votes 11

A seller has two separate fourplexes for sale (each have an MLS listing). I'm running numbers to see if I can buy them both together as one deal. The fourplexes each have their own lot and are on the same street. They are not adjacent.

Would a commercial lender base the loan on the asset value of each building, or would they value the deal based on NOI/cap rate of the combined rents?

Thanks!

Post: Property management company needed

Account ClosedPosted
  • Rental Property Investor
  • Evansville, IN
  • Posts 27
  • Votes 11

Hi @Zvika Schwartz.  For property management, I use Chad at Real Property Management Results https://www.rpmresults.com.  For inspections I use Gary at Housecall Home Inspections http://housecallinspectsit.com/

I recommend both!

Post: Evansville Change in Flood Zones

Account ClosedPosted
  • Rental Property Investor
  • Evansville, IN
  • Posts 27
  • Votes 11

Thanks @Account Closed  I was not aware of this.  Even more reason to not buy rentals south of the Lloyd Expressway!

Post: Setting up a deal in Evansville, IN

Account ClosedPosted
  • Rental Property Investor
  • Evansville, IN
  • Posts 27
  • Votes 11

@Mazen Al Ashkar I can recommend Chad at Real Property Management Results www.rpmresults.com for property management.

I don't know about the lender issue you're running in to.  Can try calling Doug Diekmann at First Federal Savings Bank and ask.  His number is on this page: www.firstfedevansville.com/commercial-services/

Also, most 3/2s rent for at least 1175/month in Evansville from what I have seen.  The property may not be in the greatest part of town if its only getting 1000.

Best of luck!