All Forum Posts by: Trey Crusey

ALAREIA is now REI Live btw

Interesting. Thank you both @Tamara Deering and @Denise Evans! This was my first time hearing of an overbid but it does make sense.

Tax appraised value in 2016 was 178,720 X .15 = 26,808 = roughly the $27000 purch amount. So it sounds like they hit the nail on the head and are earning 12% on just about the whole amount without going over if i'm understanding correctly? So when would you implement this strategy vs just paying the taxes? Is this considered the max amount anyone would ever want to buy the taxes for in an ideal situation? I just have so many questions and it's finally starting to click I think haha

Pic for reference

I was recently contacted about a property this gentleman hasn't paid his taxes on, went to tax sale a few years ago. Contacted the county to see how much is owed because he had no idea. They send me the redemption affidavit and it's broken down like this:

Amt of purchase money (2016) 27,000

Excess bid 25,427

Net to redeem 1572

2017 Taxes 1429

2018 Taxes 1614

2019 Taxes 1614

Amount to pay $15,315

I have very minimal experience dealing with this but how does roughly $6k in taxes balloon to a 15k redemption when no preservation improvements have been made? This is in Ohatchee Al (calhoun county). Any help or guidance would be much appreciated while I try to navigate this sale

I'm just going from my limited knowledge. But we're closing on one next week that we bought from one similar to this. The guys children all pre-deceased him. Wife passed. He wasn't able to care for himself and was moved into a mental health facility. I sent a letter to who I thought was the owner since it looked vacant and it got forwarded to the attny's office. Court ordered this attny to care for his estate and when he passed we bought it from the attny who didn't list it on the MLS. Kind of stumped here

Short question: Are properties where the owner is deceased with no heirs required to be listed on the mls? Is this state/situation dependent?

Longer explanation: I've been in contact with someone at an attorneys office who is appointed by the courts to look after peoples estates that are no longer able to themselves and have no heirs (mentally ill, elderly, etc) We take a look at this property that has literal holes in the roof. Like you can see daylight, trees, the sky etc. Needless to say it's been like this for years, full of mold, just nasty nasty and i can get it for a steal and it's in a good area. My kind of place. We start talking and it's a property they've had on the books for a while and want to move it. We agree on a price but his company has a real estate broker they use. No prob. I'm an agent as well but new to probates. The broker is telling me he needs to list it on the MLS and is dragging his feet doing so. He also asked if I had any relation to Homevestors. I just did a deal similar to this and they didn't list it on the MLS. To me it sounds like the broker is trying to stone wall me to give it to someone they have a relationship with. So my question is, is listing it on the MLS a requirement of the probate process? Are the law firms compensated by the sale of the property or some other way? Any insight would be most appreciated.

I have a wholesale property available in Grayson valley for $80k if you’re interested. 4/3 1914sqft. Just needs some work to get rent ready due to bad tenants

I have wholesale contract available in Grayson valley (B area according to James’ guide) if you’re looking for more properties

 What am I missing here then? Location is just south of the Grayson Valley Country Club and that seems to be what everything is going for?

I've done only a handful of normal wholesale deals before and still consider myself new but this one is a little different for my anyway. The details are:

The owner was trying to sell his house but passed away before it was sold. No heirs. I've been talking to the person he named executor of his will who just wants to get rid of it.  They rented it out while trying to settle his estate. Tenants trashed the place, carpets are disgusting, holes in walls, etc.

Mortgage on the property is around $61000. Rented for $900 but i just checked and 3br's are going for $1200-1300. He wants $70k. 4bed/3bath (1 bed and 1 bath is an attached mother in law suite with its own kitchenette) ARV im estimating to be around $170-180k. This is in the Grayson Valley / Center Point area of Birmingham AL.

My question is really what should i do here? Traditional wholesale? Subject to? They seemed willing to sign the deed over to me. Getting some analysis paralysis with so many things going through my head and could use some help. 

Just curious if anyone has found a way to combat fleas in off market properties from infesting you as well? Flea collars around ankles? Tyvek painters suits? Just deal with it?

Does anyone have a routine they do before entering a vacant house?

I've been wearing khaki pants when I go check out a prop just so I can easily see them and flick them off but this last one i went in they were ALLL over me the second i went in.