All Forum Posts by: Ryan M.

I've been here 15 years, and low season is basically when school is in session. You have to make all your money in the summer and spring. Snowbirds congregate towards older, cheaper, buildings. I'd only buy a vacation rental if you plan on using it often.

I'd just go in with the buyer and tell the city you are in the process of fixing it up, which is what the city wants to hear. That should buy you time to it get fixed up. I don't think they really want to go through the process of using city funds to tear it down. No need for an attorney for a fight you won't win. They just want to remedy a problem house.

@Eduardo Krajewski

I don't know that there is an attorney that evaluates properties. If there were, it would be pricey.

Start with the county clerk, who provides a title search and other documents that are required for tax sales. Florida provides about everything you need online.

I'd advise you to learn to do your own research. I'd start with looking up the Florida Statutes and become familiar with the sections on Tax delinquency and tax sales. All your answers are there.

@Terry Dunlap

Why not invest in your tech companies? They should have much higher returns.

I started by working with guys in Akron that were selling dumps to wanna be landlords in the late 90s early 2000s run up. I can tell you that almost every 'investor' that was lured in by cheap cash flowing run down properties went bankrupt within a year or two because your rent and expense projections are always way off. It takes a special hands on operator that knows this biz up and down to succeed. If you gotta pay someone to find and fix and manage, you're already sunk. I wouldn't deal with sub 1k rentals, plus you already noted the decline in your hometown. It's not going to turn around. I feel bad for all the out of town investors overpaying for houses because they fall for 'projected' cash flow on run down City properties.

@Brad Havens

Nobody is going to refinance them. After the auction they won't even be owners any longer. If they can't keep up with their payments, they sure aren't going to have a very good chance of coming up with the whole amount to redeem.

Read your state statutes on foreclosures to learn about the redemption period. If you are going to bid on foreclosures you should know your state's laws and procedures. There are usually very specific rules and circumstances for redemption. I would bid on it and then worry about getting them out of the house either by an agreement or eviction.

@Adam Harper

The properties with multiple unpaid tax years may get you paid faster. That's because if the other tax liens are at least 2 years old they can apply for a tax deed sale, in which case they have to pay your lien off. Otherwise, you can wait 2 years and apply for a tax deed sale and you'd have to pay off all the other tax liens plus auction fees.

I would at least check out what the property is before bidding. There are some instances where nobody wants to even bid the opening amount on a tax deed auction because the property is unusable or worthless for some reason.

@Kelly Pierce

You could also look at building. I'm finishing up the first of a few duplexes here in Panama City Beach. I'm advertising the first units to rent at $2k/mth each and it's probably worth about 425k. It could also be run as a short-term rental, as it's close to the Navy base and there are lots of displaced households and out of town contractors around. The hurricane pushed construction back 9 months, but rents also rose during that time due to a lack of supply. These will probably be a short-term hold. I don't normally play landlord for long.

@Jeremy Holcomb

The title company doesn't want to help you because they can't sell you title insurance.

If you plan on holding the property past the 4-year mark (from the auction date), I would just accept a quit claim deed from the seller, but have someone look over the tax sale paperwork and title for any issues.

If you plan on flipping it in 30-60 days you can use one of the companies mentioned above. I've used one of those companies before and if you need to sell quickly it's a good way to go.

Or if you have 3-6 months, depending on your local court, you can hire an attorney to file a quiet title action, which is what I mostly do. Many of these tax deed auctions have deceased owners and no heirs to be found, but that just takes little extra time and expense for proper notices.

I would definitely expect a discount since you aren't getting a warranty deed.

@Dulce Beltran I've had a Model 3 dual motor since August and my only regret is waiting so long to get one.  

1. Tesla's battery/motor technology and software is at least a decade ahead of it's competition. No other manufacturer has yet to build an EV to even match the 2012 Model S in range and performance.  They are also the only manufacturer with over the air updates. My car has been updated at least 7-8 times, including a 5% power increase. Can gas cars do that? Even the original models still get free updates today. If you want the latest features in your gas car you have to go buy a brand new model every year. 

2. As far as economics, the Model 3 five-year total cost of ownership is actually cheaper than an Accord or Camry, even though the price is higher. There is no gas, no oil changes, no brake jobs (regenerative braking provides most of the stopping power), no alternator, no spark plugs, no exhaust system, no belts, etc.  You get 4 miles per kW, so divide your electricity cost per kW by 4 to get your cost per mile (mine is $.0025/mile). If you plan on keeping it for 20 years, a new Model 3 would be cheaper to own than any used gas car on the market today when considering gas and maintenance. Plus the drive unit and battery are engineered to last one million miles.

3. Charging takes about 5 seconds. You pull in your garage, and plug it in. On road trips the Tesla Supercharger network allows you to travel all over the US.  The car keeps track of when you need to stop and for how long based on your destination, so there is no range anxiety. No other company has a charging network or the ability to calculate charging stops. It may add a little extra time to a trip, but they are continually increasing the charge rate. You may have to stop 20-40 minutes every 200 miles or so.  

4. Autopilot. I use it about 80% of the time. It makes road trips way less stressful by doing ALL of the driving for you (you still need to pay attention and keep a hand on the wheel). Full Self Driving is around the corner, which will free you up from driving, and even allow you to send your car out to pick up your kids, etc. It will also give you the ability to place your car on Tesla's future robotaxi network, which could earn you tens of thousands per year.

Go to a Tesla store and drive one, and your mind will be made up pretty quickly. But buying a gas car today would be like buying a flip phone in 2008- 

Thanks for all the replies. This one could definitely go a number of ways. Although I think what I have is more valuable. Court is not a way I hope it goes.  

After speaking with the prior owner of my parcel, I'm not sure why the apartment owner let this one go. They each had a 1/2 undivided interest, and he said they seemed unconcerned about the upcoming tax sale. 

I guess we will find out if anyone on the buyer's side catches it. I wonder if the seller will disclose it.