All Forum Posts by: Steve G.

@Kenneth Hester . . . from the lack of responses so far, I'd suggest you try asking the same questions at your local REIA.

Also do a search on these forums for "Charlotte, NC" - I just did one, and the search returned over 300 results. Might be good to try to "connect" with some of the investors in your area, on BP first ?

I'm a newbie, like you (only a handful of posts so far), but hope this helps.

Good luck, and let us know how it goes.

@Micki McNie Sure.

The Auckland market is currently on the up again, after a flat period, but trying to purchase a property to flip or invest in, is ever-more difficult as there is an abundance of overseas investors (especially Asian's) with cash resources, buying up anything and everything.

Local investors are finding it hard to get deals for the right prices, and buying at auctions is almost a thing of the past. The upside is, if you can get something at the right price, it'll on-sell or rent quite easily, as the population is expanding rapidly.

Apartments seem to be doing a return to popularity, again possibly because a lot of the immigration prefers these type of dwellings. SFR's are still strong and some of the outlying area's which in days gone by would not have seen investors drive through let alone purchase property in, are now good area's to checkout (Otara, Onehunga, Mangare Bridge etc).

As always, if you're on the ground, there are deals to be had, but with property prices at 6-8 times the average household income, for me, the figures (currently) don't work with ROI's in the low single figures . . . . if at all (negative gearing is still popular here for mom & dad investors who get their advice from non-investor financial "experts")

Christchurch is another animal, with the rebuild going on the market for rentals for contractors is red hot! More demand than inventory. The more savvy investors started buying once they knew which area's were not "Red Zoned" or going to be pulled down and rebuilt (still don't in many cases). In my opinion, this market is more feasible with the possibility of both commercial and residential investments - if you're willing to look into more substantial reno work involving (in a lot of cases) structural work too. If this is your thing, be prepared to wait long periods of time for the relatively small amount of inspectors who need to pass properties off for work before you'll be able to get started.

I'll be in touch!

Thanks

@Ned Carey  Thanks for the explanation, itemizing those scenarios - liens, deeds and pre-tax sales - it looks pretty straightforward. In practice may be a little different first time around, but I get the basic idea which is what I was hoping for.

As I'll be out of state, do you have any advice regarding doing due diligence on property taxes, "virtually" (web based DD) for (for example), Tennessee, Texas or Illinois?

@Richard D. You said:

"You will need to disclose that the property is eligible for redemption in your sales agreement. Failure to do so will open you up to a whole lot of legal issues. It is best practice to do so even if you believe the redemption period has expired."

Would it be sufficient to have this disclosure in the Assignment Contract as opposed to the actual Purchase & Sales contract to my investor? 

Thanks

@Richard D. Thanks, thats  a question I've been looking to have answered for a while now.

When you say no insurance - are you referring to Title Insurance?

So, if a property is wholesaled to a local investor,  would I expect the investor to know about the redemption period & the restrictions during the redemption period?

Is this something which is discussed during negotiations with either the vendor or the investor? 

Does this affect pricing or encourage investors to buy in lower priced area's due to the possibility of redemption?

Hey @Micki M. , did you get the information you needed a year ago about the NZ market? Maybe you're already there. Happy to get some info for you should you still be interested.

@Josh James (don't think that method of linking is right either - sorry Josh)

I'm looking into virtual/remote wholesaling in growth area's. At this stage (early days), my interests are Tennessee & Texas - but I'm certainly open to looking at other locations with high inventory & high demand. 

So from Richard's post above, am I to understand that if an investor purchases a property with a 2 year redemption period, and the original owner applies to redeem the property within the 2nd year, all costs are returned to the investor (rehab costs, taxes, insurances etc??), PLUS 50% of theses costs - to clear the debt and redeem?

So what happens if the investor was a fix n' flipper, and the property is now owned by a 3rd or 4th new owner during that period? Do the same rules apply to the current owner provided it's within the redemption period?

Lol!

How do I get the link to show the full link with the @ before the name ?

@Richard D. just what I was looking for thanks so much!

So to confirm: If the state has a redemption period of (say) 90 days, and I've wholesaled the property to an investor - if the original owner wants to redeem the property within the 90 days, where would that leave:

a. The wholesaler

b. The investor who now owns the property?

Thanks 

(I'm lacking in knowledge regarding redemption periods and how they affect all parties involved in transactions from the time of sale to the end of the redemption period).

New Member here, and enjoying what I'm reading on the forums !

I've been checking out properties where the owner is behind on their property taxes and would be interested to understand and clarify a few things:

1. If the properties are named on the counties forthcoming Tax Sales notices, would the owners be within their rights to sell the properties ahead of the sale to clear the debt?

2. If so, who pays the taxes, or is this negotiable (maybe it's also dependent on the county)? Could I pay the taxes off and buy the property (as a package deal), or does the lien need to be cleared by themselves?

3. How does the redemption period situation work? If I pay the taxes as part of the negotiation, and then wholesale it to an investor, where does that leave the investor if the original owner decides to redeem the property within the redemption period?

Thanks