All Forum Posts by: Jay Hinrichs

@Steve Babiak

I had the utility education on a few OREO I had in Detroit.. water bill was almost 4k on one house I ended up with.. I would guess that a lot of the professional renters in these areas know they can just live without paying and that the service won't be turned off.

@Steve Babiak

crazy about utilities having senior positions in these deals.. Just does not happen in our neck of the woods. But then again Most people pay their utl bills here :)

Your talking about imputed interest vis a vi the IRS not the end of the day.

Who is threatening to sue YOU.. Sell the property and pay your relatives back..is one thought.

You can record a DT on the property

@DL Martin

who will loan your SDIRA the money to complete the purchase? have you checked into loans to SDIRA's they are far and few between

@Account Closed

Go ahead and pay for the legal advice its cheap you only do it once then your not wondering how things work... its always cheaper to get legal advice in front of the deal instead of when things go pear shaped.

After being on BP for a few months now I thought I was pretty versed in FCL Tax sale rules .. And I think I am in my area of expertise the West coast but the mid west and east coast are completely different animals., and from what I can see far more complex than our (what I would consider) very straight forward fcl. sale laws and tax sale laws.

Example buy a tax sale in CA OR WA and it wipes out each and every encumbrance bar none except IRS liens.. which fall off in 6 months.

buy a Foreclosure and you wipe out anything that is junior except ad valorum tax's and Irs liens...

from what I am learning here on BP its not like that in the mid west and east.

so to that end invest a Grand and get a GOOD local attorney to give you an opinion paper on the subject.. If they are wrong you sue them for malpractice. and your good to go.

@Account Closed

sounds like your basic 25k deal... out here in Portland we would be fighting over this

@Joseph Pytcher

We were having conference calls today with some TK guys out of the mid west. ( we fund their buyers deals) and they were looking to move into Texas market.. However finding it very tough to find deals with enough margin to make sense in a turn key environment.. Also appraisals are a big issue was another point they were making as .. TK companies are selling a prop for say 120k but appraisals are coming in at 100k or 105K. we were discussing how to approach these on the lending side.. Although with all the cash buyers out there today the appraisal issues are not quite what they used to be.. But still you have issues when an appraisial comes in for less than you selling the property for... In the Uber hot markets it does not matter as the buyers just pony up... Like SF bay area etc. I suspect that's happening in Austin as well.

Good luck with it.. AS prices rise I think the play is going to be rehab to retail and that turn key will slow way down.. I know it already is in a lot of markets.

@Account Closed

well puts a dent I those trying for overages I have posted about my 80 YO mother getting a call from an overage company.. she called me I said Mom I can handle that just sit tight.

this investor unfortunately has lost all their money.. its sad but does happen.

In this case he would have been better off buying a low end rental in the MId west ... ") just kidding..

If I was him I would just make darn sure the county followed the notification statues like I posted.. If for some reason they did not he would have a claim. I know in my experience it was a one in a million and we lost.

@Marc Dufour

@Steve Babiak

@Account Closed

PS I made the assumption that Marc bought at a CA. tax sale ... have no clue how any other state would handle botched noticing requirements

@Marc Dufour

@Steve Babiak

@Account Closed

The only way you can get your money back is if you can prove that the county made an error in their procedures... This happened to me in Lake co CA.. I bought the steal of that years sale.. it was a 400k property that we paid 50k for.. The people that lost it got an attorney of course and the litigation ensued.. The plantif ( one who lost it) their attorney proved that the county had only published in the paper 20 days and not the statute mminimum of 21 days. The judge ruled the sale voided and we had to give it back... The entire sale that year could have been invalidated however each property owner that lost a property would have had to bring a separate action. After one year the owners who lose them have no rights to sue..

So in the extreme case of a water landing ( IE the county screwed up in some way) this is your only chance to get the sale vacated and get your money back. You will have to bring an action in court to do it though.

Next thing you can do is try to find out who lost it and buy their overage rights they may not be aware they have 60k waiting for them.

Otherwise your just another long list of investors as Steve so aptly pointed out got hosed in a tax sale..

And there are definitely low end land selling companies that buy all these unbuildable junk properties and then resell them.