All Forum Posts by: Jerry W.

Michelle Y.· Cheyenne, Wyoming
I have done several of these sales in Wyoming. There is no bidding it is lottery only due to the interest. When the tax lien is a certain amount past due the tax due is the only amount it is sold for. You get interest at 15% and a 3% one time penalty. I believe you must hold the tax property and buy the lien for the next 3 years, if not redeemed by then you apply for a tax deed or a sheriffs title.( Sorry have not done this for awhile) Then you hold that title for about another 6 months or 1 year and get a final title. There are several public notice and mailing requirements for the final title and some title insurance companies require you do a quiet title action to perfect title. I will send you a private notice as well with a phone number if you have questions or want the cite on where to read up on them.

Wow amazing pictures. I clearly need to graduate to a new level of fix up.

Another way of looking at this is consider your available time. If you only have 3 rentals, you have the time to fix up a rental if a tenant moves out or to advertise and reshow it at a much higher rental rate. If you have 40 rentals and manage them yourself it might be better to not raise rent in that apartment and have 1 less headache to deal with, or move your rent up very slowly to keep your good tenant.

Welcome Joe Forliano, Definitely look in their free beginners guide. It has an amazing amount of information but is free. Definitely worth the time.

Welcome Rodney!

James wholesaling is MUCH more complicated than simply buying a home. You can probably have any competent realtor guide you through it. I would not go with just using someone elses contract unless you have a lot of experience. First state laws vary a lot from state to state, as well as county and municiple laws may come to play that only a local attorney may be up on. Also not every deal is the same and you might not recognise a problem that needs an addittional clause. Do you what the words subject to a life estate means? One little thing could hurt a beginner. Don't rely on keeping yourself out of trouble until you have more experience under your belt.

I recently made a deal with my handyman on a joint venture on a tiny multi unit in a nearby town. I pay the 20% down and set up the corporation, and provide 500$ seed money. He makes all the repairs and any upgrades we can afford and manages the property. It is very tiny 500sq foot per unit with 3 units. I will invest $6500 total which will be paid back interst free before splitting any profit which is 50% each. The 3 apartments rent for $200 each per month and bank payment will be $175.00 per month.(15 year note) This is probably generous, but it is over 1 hour per round trip for me to go there, but he lives much closer. Hope this helps you.

Life Estates are sometimes called a poor mans will. It enables the elderly to turn over ownership of a property to a child but not be thrown out if the child gets in fiancial trouble, becomes divorced etc. It is also helpful because if they must go into a nursing home and cannot afford to pay for it, the 5 year limit on transfers for medicare can begin running while they are still able to live in their own home. Some large estates use it to reduce inheritance taxes because the property they transfer to their children ie reduced in value because of the lack of ability to use it until the death of the parents. It is possible for the life estate tenant to grant their life estate to the remainderman, thus merging and destroying the life estate. If you are trying to buy the life estate it of course increases the cost of the acquisition.

No vacancies here had 1 family give notice of moving to a smaller house, they called back and asked 3 weeks later if they could just stay, they couldn't find a house as clean and nice as the one they were in.(Very good tenants) The problem is no inventory and not 1 house on the market that will even cash flow1% most are about .75%, no inventory but rents are not going up. Snall town Wyoming so not surprising.

Sean, Welcome to BP. The advice and inspiration on BP is a great asset, I wish I had found it at your age. Browse through the forums, they are gold mines.