All Forum Posts by: Charlie Vess

Cathy, where did you buy the property?

Eliot - out of curiosity, have you tried to contact & intercede w/ the contractor? Sounds like your neighbors' pride has been bruised and he is waiting on the court to solve his problems.

Natosha - to provide some clarity, the States / Counties will not extend loans on tax liens. However, some States / Counties will "finance" the acquired tax deed. Your task as an investor is to locate those counties. When contacting the county, do not ask if they have "non qualifying loan". They will be clueless and so "no". In a polite way, you will need to ascertain if the county is able to finance the tax deed purchase. Good hunting - Charlie

Richelle - something else to consider is setting up a LLC then setting up a Qualified Retirement Plan (QRP). You can then fund it with any IRA and/or 401(k) from a previous company. The beauty is that because you are the Trustee and would have full check writing privileges. You would have free rang to purchase tax liens n deeds (through your biz of course) and grow your business 401k/profit sharing plan (PSP) on a tax deferred basis. Best! Charlie

Being a condo, I suspect that it is the common area. So exercise due diligence before purchasing the tax cert.

Welcome to BP Rachelle! Great catch (n question) in reviewing the properties. Looking at the past taxes owed or lack thereof is one of the points that weighs in my decision to purchase the tax lien. With prior tax liens, the owner, developer and/or fam members who inherited the prop will either have to pay ALL prior taxes owed plus the interest or will let the property be acquired by the tax lien investor through the redemption. Where does that put you as an investor? If you are the 2nd or later TL position holder, you will have to wait two years before exercising redemption or wait for the 1st lien investor or those before you to start redemption process. The County will then determine the total cost to make everyone whole. Hopefully this helps. Best! Charlie

Originally posted by @Charlie Vess:

Shannon - I'm just needing an escrow holder.  Chicago Title is providing the title insurance being that they are more versed on Tax Deed situations.  The property is located in San Bernardino county.

 Shannon - I'm just needing an escrow holder. Chicago Title is providing the title insurance being that they are more versed on Tax Deed situations. The property is located in San Bernardino county.

Originally posted by @CJ Lee:

I recently entered into escrow for an office building here in California and our escrow fees are $2 per $1000 of the final purchase price + $250 flat fee and that's slightly on the higher end too but we've had great experiences with her in the past.   I can't imagine why the escrow fee for a $4,600 transaction would cost $700.  I'd call around for other quotes and make sure you ask what, if any, add-on fees they charge.  Good luck!

 Thanks CJ!  I'm make some calls.  Best!

Shannon - I'm just needing an escrow holder.  Chicago Title is providing the title insurance being that they are more versed on Tax Deed situations.  The property is located in San Bernardino county.

I am working with the neighbor to sell a Tax Deed (vacant lot) in CA.  The neighbor has requested escrow.  Chicago Title will process the Grant Deed and has given me a quote of $700 for escrow service.  Is that the going rate for a simple deal of $4,600?  Thanks!

Charlie