All Forum Posts by: Reuben Gathright

Investment Info:

Other wholesale investment.

Purchase price: $20,000
Cash invested: $20,000

4.6 acres of previously undeveloped land on 957 Rigmaiden Cemetary Road, DeQuincy LA
Has city water tap operational.
Internet & cable access.
Electrical access.
Culvert and 300'+ driveway developed onsite in 2021.

How did you finance this deal?

Self funded. No bank or private liens.

How did you add value to the deal?

Installed 300' driveway and water utility.

Investment Info:

Other wholesale investment.

Purchase price: $10,000
Cash invested: $10,000
Sale price: $20,000

Vacant lot in Commercial area of South Beglis Parkway, Sulphur, LA

How did you finance this deal?

Self funded

On 2/8/2023 LSM Land sent me a letter stating:

Hi Reuben Gathright,

We are a real estate investment firm based in Austin, Texas. As we were researching the county public records, we found you as the owner of a property that meets our general investment purposes. We are very interested in purchasing this property from you.

Give us a call today xxx-xxx-xxxx and we will make you our highest and best cash offer the offer price will depend on several characteristics such as access to utilities, buildability, paced roads, slopping, back taxes owed, HOA dues etc.

They included a parcel number and the legal description.  Out of my extensive portfolio, the one property they want to buy is in Calcasieu Parish, Louisiana and land locked.

On 2/16/2023, I called the phone number provided a secretary said their agent will call me back from a number with area code xxx.

I have also received to unsolicited phone calls from buyers in Louisiana this month about making an offer on properties in this small region as well.  

Should I call LSM Land back today?

Welcome to the website Lane Babin!

Got your postcard in the mail encouraging me to sell my property to your Bayou Property Partners and see that you frequent my same group of real estate network websites.

Good luck out there sir, my portfolio is vacant land on purpose.  

Did you know termites originated in Lake Charles, LA after WWII?

COVID has caused strain for many governmental functions.  The percentage ownership situation exists throughout Louisiana titles as a result of % interests sold at tax sales.  The remedy is buying out the small % interests.  Big investment companies are the biggest culprits of the issue.

Originally posted by @Will Sifert:

Originally posted by @Daryl L.:

Question along the same thread....if I won a % of the property (1%) and there are city of New Orleans taxes due on it, would I be liable for only 1% of those taxes as well? I recently received a bill for a property I did not research properly before bidding on and subsequently winning. 

As far as I know and in the parishes where I have purchased tax sales, regardless of the % you bid, you are the tax deed owner and you will be sent the subsequent tax bills. If you don't pay the bill it goes back to tax sale. At the tax sale, regardless what % you bid, you always pay (100%) total amount of the past due taxes, penalties and interest.

 If I may correct, upon declaration of winning status in tax sale, you are the tax title owner of the percentage you bid only and will be responsible for the % of those taxes going forward.  You are not given right to enter or use the property until the tax title has matured 3 years after filing of the tax title in courthouse by the Sheriff.

Lots of on the ground opportunities here, people are moving out of the area after Hurricane Laura.

If you were ever interested in this market then now is the time to drive down here.

People are looking for cash only, "AS IS" deals to leave their homes.

Super low home prices but bring dehumidifiers and a generator so you can salvage the water damaged homes.

If any home in Calcasieu Parish Louisiana is water damaged from wind driven rains and it is not air conditioned within a month it will be a total gut to restore.

@Tom Bubb I coached an Oklahoma City investor last year.  He cataloged and visited over 100 of the properties from a listing of 250.  At the day of sale, only 6 properties were left unpaid.  He was not the highest bidder on any of them.

The investor has not responded to my inquiry so far.  He must have lost interest.  

A property tax lien buyer should always refer to the state's constitution for answers about how the process goes and to get details on lien forgiveness. https://le.utah.gov/xcode/Titl...

As per a ruling in the UNITED STATES SUPREME COURT, you need to get confirmation that a notice has been served to all former owners and if needed their heirs.  I generally file copies of confirmation of these notices in the county/parish courthouse under the property description and parcel number to ensure there is no future questions about validity of the sale. SOURCE:  https://www.cbclaw.com/Newslet...

If you cannot get a due process notification many properties remain secure in your hands simply because you are the only acting owner taking care of the land and in the eyes of the local Sheriff you are the bonafide owner of the property.  As a result, renting out these lands is an excellent way to handle your investment.

Cheers and remember, your actions are patriotic in my eyes.  Anyone who supports our nation through payment of unpaid taxes believes in America and our way of life!

Here is the formal clearing house for the Nebraska property company, please note that buying tax titles in Louisiana adds additional title insurance costs for you and any future buyer.  Full disclosure about the source of your deed to future buyers is essential.

My dealing with this company have shown that they ask higher prices than what they have invested so far.  

TAX TITLES FOR SALE:

https://www.usassets.net/TaxCe...

PROPERTIES FOR SALE:

https://www.usassets.net/Prope...