Adverse Possession
Hello BP,
I was reading over some info and came across this link regarding adverse possession. http://www.nolo.com/legal-encyclopedia/state-state...
Most states have a decade or more timeframe. However there are a few states that have 5 years with taxes paid receipt and its legal. Now, there are the additional requirements to legalize the take-over (hostile, notorious, actual and continuously exclusive) of ones property. Yet in todays world of determined scammers its doable. You might think if someone pays your tax bill for you you'd know...stranger things have happened. Will the county gladly accept payment from both the actual owner on deed and the squatter turned tenant? Will they at least notify the deed holder? Maybe. Again...stranger things have happened.
Anywho, this is not a scare but more of a be aware tactic for those of you who chose to have far out of state residual income properties. For most MFRs, a property manager is there on your behalf. Even a duplex or triplex usually has a tenant there who will definitely keep a watch on residency. Aside from the ocassional nosey neighbor, SFRs can be most vulnerable. Especially non-rowhouses. You definitely want someone on the ground that you trust to look out for your investment in the event you can't get there once a month. Feel free to add any comments, suggestions or stories -- newbies and seasoned REIs.
Kudos,
Mary