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Updated almost 3 years ago on . Most recent reply

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Quinton Washington
  • Indianapolis, IN
0
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31
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Tax lien home in a low value market

Quinton Washington
  • Indianapolis, IN
Posted

Hello  My name is Quinton living in Indianapolis. I would like to invest in Toledo Ohio. A family member  has a tax lien of $19K  but the home is worth only $20k plus repairs.  The home is abandon so we all know what comes with that.

Tax owe: $19k

Current value: $20K<

repairs: $20K

comp sales: $60k

Comp rent: $800-$1000

As a new investor the numbers don't add up unless I hold it for 20years plus years

What should I look for in up and coming areas?

Most Popular Reply

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1,963
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Darius Ogloza
  • Investor
  • Marin County California
2,358
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1,963
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Darius Ogloza
  • Investor
  • Marin County California
Replied

How real are your numbers?  To get an abandoned house - like the ones seen by the score throughout the 05 - up to section 8 standards for only a $20K investment (including taxes, insurance and other carrying costs) seems implausible to me.  Paint, flooring, mechanicals, roof (?), appliances, windows (I assume the abandoned property has been boarded up), materials alone add up quickly much less the labor.  

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