All Forum Posts by: Giovanni Montesclaros

I'm very interested in buying in cheap and putting in my own personal leg work and resources into rehabilitating then wholesaling it.  I'm okay with spending lots of hard time and effort on screening, processing, and rehabilitating a house.  I only have about 10k for the initial purchase of the house.

What would be a good place to start to find such a cheap property? Delinquent taxes? Tax lien? Forclosed/bank owned? 

Please share!

@Jay Hinrichs

@Paul Vincent

@John Woodrich

@Michael Plaks

@Tom Gimer

@Ned Carey

Thank you all for your timely replies!

I dearly appreciate the insight, motivation, reality checks, and advice from each an every one of you.  I'm new to this -as you can tell- but extremely motivated.  Personally, I'm not close with any one with as much knowledge or experience as you guys and I'm thankful that I can now build off of the information that was provided. My research won't research won't stop here! 

Thanks again for the replies and I hope y'all prosper in the field of investment you are pursuing!

When a property owner is multiple years behind on property taxes, can he/she sell the house with the back taxes still attached? Or is their on option to pay the taxes then sell?

@Patrice Penda

Thanks for your more positive and less condescending reply Ms. Patrice!

I have a follow up question to your response.  You don't think the fact that they are going to lose their house in an auction is enough incentive to sell for so cheap?  With the other option walking away empty handed?  Personally I would rather have even just $500 thank nothing at all...  Or is it just not that simple?

Thanks again!

@Jay Hinrichs

Jay Hinrichs Thank you for responding Mr. Hinrichs. I understand completely I will need to offer equity as an incentive... The question was; if I were to locate the perfect candidate, how would I go about approaching them in the most polite, professional, but also firm and persuasive manner possible?

Investors that are familiar with paying off delinquent property taxes for a homeowner in exchange for out right ownership of the property... What is the best way of reaching out to these homeowners that are about to lose their home to tax foreclosure?

Buying a $50,000 property for $5,000... Too good to be true? I have obtained a list of properties and the amount of property taxes that are over due by the homeowners.

These homeowners have not yet lost their property to tax foreclosure but are soon to be, and will be sold at a tax lien auction or tax deed action. So ultimately, the homeowners will be left with with a ridiculous interest rate or empty handed all together.

I'm planning on contacting the homeowners on the delinquent tax list and explain to them; they are about to lose their home to auction within the next couple of months. I will then offer to pay off the property taxes, in exchange for "free and clear" ownership of their property through a warranty deed and I would also offer them a piece of equity after I wholesale the property.

You would think a lot of people in this situation would jump at the opportunity to sell they're home for as low as 10% of the market value right? Because it's much better than losing their home to auction for nothing at all correct?

I'm familiar with the fact that a lot of these homeowners are still hostile at the fact that I would have the audacity to even offer such a low price.

For the investors that are familiar with this strategy, could you share your most successful way of approaching these specific homeowners?