All Forum Posts by: David Jones

Jerry, I was more referring to the foreclosure hurting his credit score not the lien itself. I'll let you know if I find anything else out on this.

I am sure that is true in many cases Michael. In this situation it is vacant land and I figure it is worth a shot to offer the guy $1,000 for the land if not I will foreclose and he gets nothing but negative credit score rating. Although it is held in a family trust so it may change things, I am not sure.

Thank you Michael, that is very helpful information. I have started the process with a lawyer and I was trying to figure out how it worked. I tried to call the treasurer of the county but she was not there. I figured she might have some insight as well. I was also curious to see if you or anyone has offered to just purchase the property once the property owner is notified about the intent to foreclose. Obviously for less than what the foreclosure would be. I was quoted about $1,500 per property.

What can you do to insure that your legal expense for foreclosing on a tax lien is recorded in the case that the owner pays off the tax lien before the foreclosure goes through, so that in order to pay off the lien he/she will also be liable for legal fees?

I have two tax liens that have past their redemption period in Pinal county AZ. Both properties are side by sied vacant lots in a fully developed neighborhood. They are held by the same owner but in a trust. Has anybody gone through the foreclosure process in this county either with or without a lawyer. Involving a lawyer would eat into the profit, each lot is only worth about $ 6k- $ 7k . I would also be interested to hear if anyone has done any sort of an offer in-lieu of foreclosing deals as well. I could use some advice, I am not from the area and don't have any connections down there. Any information would appreciated.

Thank you

I am not familiar with that new law. I do know that when I had looked at purchasing mobile homes a couple of years ago I found out some things that made me decide not to do it at this time. The first was that if the mobile home is in an actual mobile home park, even if you own the home you don't own the land and owe monthly fees. around my area they were usually around $200-300/mo. The other issue I found was that most of the parks around here in MA were either 55+ communities or required you to live there and didn't allow sub-leasing.

I don't know if you have looked into these matters or if it would even apply to you.

I know there is a business to be had here. Warren Buffet owns more mobile home parks than anybody else in the country from what I had read. Good luck to you, I hope it works out. I'd be curious to what you come up with.

These types of seminars are usually a dime a dozen. You will be there with a couple of hundred eager and motivated albeit a little skeptical people who want to be millionaires from flipping houses.

The seminar will be a great presentation making you hungry for more. The speakers will be charasmatic and every body will be taking notes hoping the hear the "secret". Unfortunately it will never come. They will tell you just enough to entice you into buying into what they are really selling. Which will be some sort of program that guarantees results and it is only going to cost you a few thousand dollars in the promise of making millions.

With all that said, I don't think it is a bad deal to go to a free conference and maybe get you motivated to start on your own. I can say that you would be better off in the long run to stay on this site and monitor topics, and ask questions to other investors. Go to the library and pick up some free books, or look to partner with someone who has been doing it a while.

That is just my experience and opinion. Good luck to you.

Why do you find it more difficult?

You need to be careful with these things, the IRS is not kind when it comes to mistakes. I am not an expert in this. I have just recently started to look at these as it seems you are. I don't know if the property is your primary or not (see bullet #2)

I would say that if property 1 is your investment property and you end up selling it, if I were you I'd just look into buying a property #3 as an investment.

• Reverse Exchange: A situation where the replacement property is acquired prior to transferring the relinquished property. The IRS has offered a safe harbor for reverse exchanges, as outlined in Rev. Proc. 2000-37, effective September 15, 2000. These transactions are sometimes referred to as "parking arrangements" and may also be structured in ways which are outside the safe harbor.
• Proper Purpose - Both the relinquished property and replacement property must be held for productive use in a trade or business or for investment. Property acquired for immediate resale will not qualify. The taxpayer's personal residence will not qualify.
• Ref: 1031.org

You are smart to start investin in real estate. Welcome to BP. It is a great networking site. I have networked and learned more here in one week than all the other sites combines, by that I mean twitter, FB, linked in, and google +.