All Forum Posts by: Terrence Evans

What are we talking about here?  Are you asking if you randomly pick a property you can do this or you asking within the context of buying a delinquent tax lien?

If the latter, then what typically happens (lien states are all different) is you buy the lien and they have x amount of time to redeem.  If they redeem, then they have to pay you what you paid for the lien plus interest. Again, all states are different when it comes to redemption times and interest payable. After the end of that period and they haven't paid then you can essentially foreclose on that property and you will get a deed for that property. You are the new owner.

@Reginald

To be clear, I wasn't just saying what I could pay for it based on opinion. I literally put your numbers in the financial calculator based on a possible desired 10% yield (I typically want more). I don't really invest in second mortgages myself.

I agree with Andy that maybe you need to keep it, if you don't need the money right away.

If I wanted a 10% yield on it, I would only pay about a third of the face value. And because it's a junior and I don't know the LTV I'd probably pay even less than that.. Getting into the 5 figures.

Does anyone know when and where Lake County publishes the list of properties up for in-person tax lien sale in March?

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Non performing note

It  just depends on the state. Gurus often tout land contracts as these great things in note investing but they are often not.

@Chris Seveney : So when you convert CFDs to a mortgage, is it a simple matter of using a RMLO to do so? ~$500 cost?

Some investors avoid cfd's or end up converting to mortgages because land contracts are either illegal or treated as mortgages in certain states. They also have a bad rap because of the historical, predatory uses of land contracts. If lawyers in that state are telling you to avoid land contracts, maybe you should. For the record, I have had two.

I am curious.. What are they saying are the litigation risks?

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