All Forum Posts by: Ryan Smith

WOW!!!  Flip 4 houses in 7 days.  That is absolutely incredible.

Only Tyler could pull something like that off.  That guys is remarkable.

Thanks for sharing.  Can't wait to see how he does it!

William Allen I live in Pace and would be very interested in attending your meeting next month. I'll keep an eye out in case the schedule changes from what you listed a few posts prior to this one. (1st Monday @ Oops Alley) Thanks

Hi @Mike F., Thanks for the reply.

Yes, the property is in Florida. I think that is a great point you made about the value of the lot. I think on this particular lot that $2200 would still leave some room for some profit but if I went through a traditional closing, it would eat up a good chunk of the profits. I have definitely seen many of the properties you mentioned where the taxes far exceed the value of the land.  It seems to be fairly common in my local area.

Thank you for the name of the inexpensive Title Search. That seems like a great resource. I would also be very interested in learning how to research that information myself. I didn't even realize that was possible. I will do some searching on BP and see if I can find out how to effectively do those searches.

The way you close your deals is really how I would like to try to close mine. There aren't going to be huge profit margins so I would like to avoid those "unnecessary drains on profit" that you mentioned.

The info you provided is very helpful. Thank you for taking the time to answer my question.

@Jeff Copeland I think you not understanding my question is due to me not knowing enough to ask the right questions.  That being said, the information you provided is extremely helpful and definitely answers my question.

Thank you very much for taking the time to help me out.  It is much appreciated.

Originally posted by @Jeff Copeland:

Better yet, just make a regular offer on the property and let the title company/attorney run a title and lien search as part of the closing process. 

Most contracts should call for the seller to provide free and clear title, so any back taxes, judgments, or liens would have to be paid out of seller's proceeds (or pocket) at closing. 

A quit claim deed is very risky in this case, since you don't know if other liens or judgments exist.

 Jeff,

Thank you for the reply.  I appreciate the advice.  Is there any other positive to using a title company for closing other than the title search?  In other words, would I be just as good to make an offer on the property and have the offer be contingent on a clear title, then pay out of pocket for the title search?

I have a question and wanted to see if someone more knowledgable than myself can provide me with some advice.

I have found a property I am interested in purchasing. There are currently 4 years worth of taxes due on the land which total to around $2200. My plan is to offer to buy the property for the amount of tax owed on the property ($2200).

My question has to do with the correct way of handling this transaction when it comes to deeds. Should I have a title search done, have the seller sign a Quit Claim Deed and then pay the back taxes? OR Should I have the seller sign a Warranty Deed, pay the taxes and not worry about getting a title search done?

I want to ensure I am doing this transaction the correct way but I also don't want to spend extra money if it isn't necessary.

Any guidance you all can provide would be much appreciated.