All Forum Posts by: John Miller

Bryan,

welcome.

You will find many experienced people here that will be able to answer any of your questions.

My personal option about Detroit real estate market is that it only has one way to go, UP. You just need to learn what will grow first.

good luck

Trevor,

Go to this website. http://clerkofcourts.co.walton.fl.us/public_records/tax_deed_and_foreclosure_sale_information_area.html

It appears that tax liens are sold by the county not by the state.

Generally the liens are auction off to the lowest interest rate. You pay the back due taxes to the county and receive the interest to bid on. After two years you can start foreclosure through the courts.

Amber,

Welcome. You will find many people with lots of real estate experience to answer any questions you will run across.

Bryan,

Welcome,

There are many experience people here. Between everyone someone has had the same situation you might find yourself in when investing in real esate. I am sure all of your questions will be answered.

J.

I have bee in the real estate industry way over 30 years. In my option based on your best case against your worst case (which could be worst then you think if any of your sub-tenants file bankruptcy and living free in the place until the court allows you to evict them or something happens to you and you miss a payment to the landlord and the landlord evicts your sub-tenant then the sub-tenant sue you. That cost could be more then you could make in 5 to 10 years. The reward and your possible time involved (which your time is worth money) is not worth the risk for $17K a year.

I don't know Virginia laws on tax actions, but your idea only works if there are no other liens against the property. Getting a quit claim deep does not protect you against lien on the property. The quit claim deed is only saying they have no interest in the property, other people or lenders could. You would have to do a title search before to make sure there are no other recorded liens against the property. That in it self does not protect against unrecorded liens.

The best way is if you could buy the tax lien from the county or state who ever holds it and then do a foreclosure sale as I assume the tax lien in Virginia is in front of everyone. Not sure if Virginia has redemption rights in a foreclosure, but if the tax lien price is cheap enough you can wait out the redemption period.

My first question. Is the bankruptcy still on going or has it been dismissed by the bankruptcy court? If not dismissed and you buy the note several things can happen. The worst. The court cramps down the note and you get less then you might of paid for it. The best, if the lender has not already done this, you have your legal council file for a release of stay. You have to give proof to the court that principal note value is less then the value of the property (remember in bankruptcy court I have never seen anyone get interest on a note).- If the release of stay is granted you then hold your foreclosure sale.

Lets be positive and assume the bankruptcy has been dismissed and the lender has never started the foreclosure process. You buy the note, depending on the state laws of where the property is located the foreclosure process can be simple (Deed of Trust State) or long (redemption rights on mortgages). It there are long redemption rights I would suggest trying to pay the debtor a fee to just sign the property over to you. I would also suggest using an attorney.

Yes banks will sell notes, especially when they are upside down in them.

I have to assume the bank is not getting paid, so call them and ask to speak to someone in the delinquent department. Start with them they should get you to the correct area about purchasing the note.

Make sure you do your due diligence on the value of the property prior to making an offer as I am sure there could be surprises of damage and maintenance on the house. I would also suggest to run a title report to see what other liens could be against the property. Life has enough surprises without adding more on what you thing is a great deal

Best of luck

Dustin,

I glad for you it worked out.

What I suggest for the next time (as there will be other times as long as you are a landlord) since the property is located in Ohio. Get your self a copy of the Ohio Revised Code Title 53 chapter 5321- Landlord & Tenants. This legal document will spell out all of your rights and tenants rights. You can find it on line.

I agree with Matt. Convict her for not payment. I would also mail her letter stating who has responsibility for the hall way lights and code limits for the number amps allowed in an outlet.

Sounds like you need to just restart with better tenants.

Robert,

The best source for owners of apartments or other commercial real estate properties is to subscribe to a service that follows commercial real estate ownership and sales. Not sure which ones serve your area. Generally the best one in the country today is Costar. Besides giving detail info on all sales, they list all types of commercial real estate properties in the areas they service, with ownership and most of the time contact person address and phone. The properties that are not for sale are the ones you go after. Best way is to call the owner and introduce your self then follow up with material. I am not a fan of mass mailers for commercial real estate unless it is people you know.