Vacant house with high taxes???

Question

I was talking to my friend about getting into the real estate investing... he says he has a home thats been vacant for 9 years and he owes 13k in taxes ARV is about 30k 3 br 2 b 720 sqft, what can I do? So my question is. Is there a deal in this somewhere or is this too far gone cause of the taxes?

Robert Hood · Answer

Thanks for the advice guys.. im going to get access to the house and see what it needs

Jermell Shavers · Answer

@Robert Hood 13k in taxes normally it would have been sold at sheriff sale by now.. something else may be going on I cannot believe it hasn’t been up on the Sherriff’s sale. If it’s a 30k house and it’s been sitting for years with no water or anything the sewer line is probably deteriorated and who knows what else. Depends on how much work you can do yourself and if people Have been breaking in stealing things and cutting the copper out. It may be worth it if all the equipment is still there but you need all new major components water heater furnace etc

Matt M. · Answer

@Robert Hood

I would offer to pay the taxes and pay $1 for the house. If a $30k house is sitting for 9 years, it’s barely worth the $13k. Or better yet, try and strike a deal with the taxing authority, maybe settle for less, and tell your friend you’ll take the house and take care of the taxes. Possibly get it for less than $13k

Theresa Harris · Answer

@Robert Hood  It depends on how much work needs to be done, how much he wants for the house and what your plans are for the house (long term rental, flip).  $13K in taxes on a house worth $30K at the most seems like your friend hasn't paid taxes for a really long time.