All Forum Posts by: Tom Yung

@Rick Baggenstoss

This is just based on my limited experience.

1) when a property is in per-foreclosure, I will expect the bank to redeem. Most asset manager is so slow on their moves. I will say after you acquire the tax deed.

2) In GA, you are getting 20% penalty for the amount of the winning bid.

Let's say outstanding tax & interest & service fee are $1000.

You won the bid for $30K. You will get 20% penalty on day 1 & additional 10% over 1 year.

3) My experience with GA tax deed redemption rate is under 40%, Usually are the closing agent goof up on the closing without paying the tax.

Hope this helps  a little

@Andrew Cordle 

Thank you so much for starting this, I will be learning from you.

@David Begley

Thank you for your humble & kinds word.

You are brushing my face red now.

@Morris Lucas

@David Begley has give you a very clear picture of actions needed for the quiet title.

If your intention is just to buy & hold(rental) or live in yourself; you do not need to Quiet title.

You do need to file a Final Barment  Affidavit, so this will show on record that you are the owner. It's around $250.00. 

@George P. 

Congrts, so you buy it from the onwer.

They paid off the redemption. Will you say this is pretty close to retail (market price).

Numbers looks great too. Happy for you. 

@Alex Rossol

I see U are at Edmonton. That area is booming

 The question I will ask if the renters in that area will pay the kind of rent after you rehab. 

You probably hope for better quality tenants, Will better quality want to pay that kind of rent in that neighborhood. That's the  Question.

@Erin Legler

http://taxtitleservices.com/

Check them out, It is my understanding that they are in general a bit cheaper & faster. It usually take around Two months or so.

I personally has not use them yet. I am thinking of trying them on one smaller property next time.

@Chris M.

I will sell, 10k profit is much better than losing sleeps every night.

You actually earn more than just the 10K IMO. The experience you gained will serve you well for all your future projects.

@Deddy W. 

Contact a local home inspector, there should be plentiful in Meza.

Get them to check on this specific issue. 

Just as @Account Closed  & @Matthew Paul suggested, you do not need further liabilities from your second floor tenant fell through the floor & hit the guy on the first floor.

Hi All:

Might as well give you what I encounter about 20 years ago; when computer is not as smart as today. 

Someone stole a promotional pamphlet( flyer) of check printing from a printing company in my mailbox. 

He ordered the check from that company, ( this is a Big name printing company.) They printed the checks & sent it over to his home address.

He forged (actually he just made up a signature using my name; since my name was on the flyer). 

He went on spending well over $ 4000 at different locations close to two months. I am getting all these debit on my bank statement( at that time; you get you monthly statement few days after the end of the month). I called the bank & notify them.

How he get caught.

He get caught when he gets greedy; wanting to get cash from Pay day loan branch. 

Pay day loan branch called me to identify if he indeed was my employee.

How about that, Very smart. Isn't him?????