All Forum Posts by: S. ONeill

I see what you guys are talking about now.

You cannot assign a HUD property. Did you use their purchase and sale agreement?

Jason Brooks The RE agent you are using is going to give you her purchase agreement ( state approved contracts ) with all kinds of addendum's stating you cant assign this property, you are buying "as is" if you're looking at a fixer upper... Just to name a few. You're best bet is to look for off market properties and flip them. But with no money it will be difficult..
.. You won't be able to rehab a property.. But you can find one ( off market ) and flip to someone who has the cash to rehab it. BUT YOU MUST MAKE SURE your rehab cost are spot on.. Find - network with contractors to estimate repairs. check back taxes owed and other liens. If you the numbers don't work, don't force it
When you find your buyer ALWAYS COLLECT an earnest check.
Use an inspection period as an exit strategy.. ummm O know your states time period for holding title. This is very important usually you cant double close in a single day.. knowing how long you have to hold title is key.. I want to see everyone succeed.

Jerry K. Thanks for the heads up.. Where else could I check on title for other liens and encumbrances?

Welcome George.

I found 3 properties, all with taxes due from 2009 threw 2012 and probably 2013 once the deadline passes.

prior to that, 07 and 08 - all 3 properties have redeemable tax liens against them. .. I'm not sure if they were paid by the same persons..cp's

2 of the properties are commercial and the 3rd residential. All owned By an LLC. This LLC only has these 3 properties according to the county assessors office.

My questions is how long before these tax liens can be called in? from 07 and 08

Is their a way to gain first position on these properties? Say by purchasing the LLC? outright .. could this even be considered an option?

I'm not looking at purchasing any of these liens.. These properties are in my neighborhood and have been vacant for some time..
They simply peaked my curiosity and now I'm left with these questions.
Any information would be helpful.
Thanks.

Hey Leonardo
what are houses going for in that area right now?
Are their any liens on the property?
Taxes paid to date?
How old is the home?
Repair costs - do a very detailed walk threw. If they are currently rented - talk with tenants.. They may give you the low down.
ask questions like " what electrical outlets dont work. " " Any plumbing issues." AC unit - water heater - I would not bass the renovation price off the square footage.. .

These are all things to consider, before you make an offer.
Thanks ..

The market is HOTT! Investors are buying up properties like crazy.. all cash deals of course . At one time Phoenix was the fastest growing city in the nation. When the crash happened, we ended up having some of the highest foreclosure rates. I would say close to 40% of single family homes were built in the last 15 years. To give you an idea my brother picked up a 3/2 around 1700sq for just over 60k ready to move it/ w pool. built in 2004. I thought it was a great deal.

@Marc right now I'm interested in single family homes. I'll stick with that for a while..

And Jenkins My long terms plans would be to buy and hold for long term, landlord a few properties and maybe venture into commercial.

But for right now I would like to wholesale some single family homes. Again any advice you can give would be much appreciated.
Thanks again Steve

Hello BiggerPockets

My name Steve. I live in Phoenix, AZ. I came across BP by a friends referral a few months ago. And I have to say this site is the best for REI information. The articles and comments has kept me reading for days. :) :) I'm genuinely glad to be part of a website that give so much valuable insight.

A little about myself.. I own a small business out here in PHX. About 3-4 months out of the year I tend to slow down. Always around this time.. Which is good. I've also been following real estate for a little bit longer. and have always wanted to get in to investment. So about a year ago I began to take it seriously. By reading books and Youtube Vids or what ever I can get my hands on :).

I think that I'm knowledgeable enough and ready to do my first deal. I've been told by many to start with bird dogging and then on to wholesaling. So that what I'm going to do.. I've set a reasonable goal for 2013. I hope to do at least 2-5 deals.
Pretty much, I'm going to succeed :)

I'm here to learn and make new friends in the real estate world
And any advice would be much appreciated.

Thanks

Steve