All Forum Posts by: Nick Thompson

@Emily B.  @Dennis Weber

Emily, I think you are spot on. I plan on diving in during December and looking for properties that are in their third year of default. 

Dennis, I think a lot of people don't know any better. They are the type of people who are living paycheck to paycheck that can't figure out how to pay their taxes on a house that they own outright. I assume, as in this case, the person was given the property and never really had much money. 

Jolly, thank you for the reply! In Michigan I believe the tax deed sale is a final sale. As far as I can tell, it looks like the properties are foreclosed to the counties in March, and then sold at auction in the late summer. I'm assuming that means a the past owner can't regain title after that point. Hopefully someone on BP knows the Michigan rules!

I have seen a few forum posts on this, but I'm looking for some direct advice. There are a few houses I just found out about that are slated to go to a tax deed auction in August. I see online that the properties were already forclosed to the city on 05/01/15. Is there a way I can pay off the taxes and buy the properties before they make it to auction? It sounds like the properties are in good shape and were given to the guy a few years ago, and he just never paid the taxes. Any help is greatly appreciated!

@Chance Cooper 

It sounds like you are in a great situation right now! I will definitely have to check out your thread. Thanks for sharing your information!

Thanks @Clifford Pala 

Good luck to you as well! Southwest Michigan is booming. Maybe I'll end up down there some day!

thank you! @Morry Eghbal 

@George Kelley thank you!

@Chance Cooper are they requiring two years history per property, and what do they consider for collateral?

Thank you, @Elizabeth Colegrove 

Are they asking 20% down on those, and are they requiring them to have a good equity spread?

Thank you, @Paul Timmins 

I have already Read J. Scott's Book on Flipping houses. I intend to read the Book on Estimating Rehab projects as I move into working with contractors. Great tip on finding wholesalers and cash buyers at REIAs! I've been putting that off, but I think it's time to step up my game. That was a very informative post!

Nick