All Forum Posts by: Susan Bearce

i found a great deal with cash flow but the neighborhood was rated high crime,,,it is close to the local college and 10 minutes from stores and the beach..is this a walk away???? it comes with renters already who have been there 4 years already and want to stay.

Hi All,

It's been a little while since I've had any news on my adventures. I have been viewing quite a few houses and haven't found the one. I think MA is difficult but not impossible. So, for the moment I set my sights outside of the State. I found a place close to a major metro in Florida as well as about 15 minutes from the beaches and the local college. I am totally stoked, it seems to be a great deal and much more affordable at this time. 

I will be crunching the numbers tomorrow and hopefully calling the seller. It already has tenants that have been there for the past 4 years and they want to stay so I am hoping this place is still up for grabs. If the numbers work, because I know its all about the numbers, I am hopeful that I will be able to settle this with financing also from the seller. 

I figured my best plan of action is to start out in another state within my reach (dollar wise) and move my way up the continent back to MA. I will keep you all posted!! 

Hey Everyone,

Okay so mystery solved, I called the Town Tax Collector and asked about the Tax Lien and she explained that what I was looking at was a Municple Tax Certificate which is not the same as a "Lien" on the property, but rather a book entry on taxes for potential buyers of the property. It does not operate the same as a Tax Lien for collection. It shows what is potentially owed for taxes once the property goes to agreement. Also, I asked if the home was occupied and I was transferred to the Board of Health. I spoke to a nice woman there who said the House had sold a week ago and that it was condemned because of Black Mold throughout the back of the house. She said the person who purchased the home was tearing it down and rebuilding to flip. And so that is my lesson on "Perceived" Tax Liens. Obviously someone with "Deep Pockets" got this deal. I will go back and check what the house sold for. 

Thanks everyone! 

@Tom Yung

I like your REO story and hope to look into those as well. I am still hunting down deals and I actually was contacted by a Broker who has experience with Foreclosures so I am going to see what happens. I think I may have a harder time finding deals because Mass is a very expensive state, especially along the coast which is where I live.

Thank you Tom - I started researching the rules and I thought about calling the Town Hall and talking to the assessor to find out more. When I researched the title on the county website I noticed the property was a Living Trust and then there was a POA listed of a local attorneys office in Boston. It looked like the property would consistently go to the last minute reach year and then the Taxes would be paid. The difference now is it is up for sale. I will call the local Town Assesor and find out what the story is. I am hoping they will offer it to me at face value. I will keep everyone posted on this one. It seems like there is a story to tell.

Hi Everyone,

I am looking for any guidance on purchasing a Tax Lien. My husband and I were leaving a Barbeque yesterday and saw a "For Sale" sign on a property that looked like a good investment so we took pictures and when I got home I checked on the property on the registry of deeds. I saw that there is a Municiple Tax Lien Certificate filed and I have heard that you can purchase these. Is it as simple as just calling that Town that put the Lien on the house and offer to buy the Lien Certificate for the face value? I believe there is a 90 day grace period and that will be coming up on May 1st. If the house doesn't sell and the Lien is not paid (if I am able to purchase it) would the house become my property????

Thanks DmitriyI will definitely set those up.

HI Michael,

Thanks for the advice and the warm welcome. I will make sure to check it out. Right now I am reading The Millionaire Real Estate Investor by Gary Keller. It helps to get you in the right frame of mind. I could use more "How To" to get the ball rolling.

Let me know how you are doing as well! I see you're from Manila and so is my mom.

Hi Everyone,

I am brand new to Real Estate Investing and I have a LOT to learn. I have never invested in Real Estate except my own home and I am excited about the possibilities it can bring. I am interested in fix n flips and rentals. I live in MA and it is pretty expensive out here, but I know there is property out there somewhere that I can start with. 

I am open to any suggestions to get started and eventually I hope to be able to help others.

Susan

Hello,

I am brand new to Real Estate Investing and My husband and I will be looking at a property tomorrow. It is listed as a "Handy Man's Special." We see online that work was begun but not finished. There is no heating system installed, but there is a pellet stove. What is plaguing me is that I see that the property is still occupied and the registry of deeds most recent listing is "Discharged" and instead of a mortgage listed or deed it says MERS. I think my understanding about MERS is that they hide Liens on properties. Is this a red flag? Does this fall into the "Walk Away" category? We live in Massachusetts and the property has only listed for 1 day when it caught my eye. It is just over the Bourne Bridge so it is towards the cape. I am torn and not sure if I should pursue or not. 

Any advice from someone experienced in dealing with properties with MERS would really help me to make a decision.

Thanks so much!

Susan