All Forum Posts by: Boyd McClean

All the information given here is great.

Go to a sale and talk to the bidders they

can be very helpful. You will make connections

which will prove to be helpful.

Know your counties right of redemption,

usually set by the state.

You might consider joining Pre-paid Legal. They have law firms all over US that can answer your questions for a flat monthly fee.

I have a situation in Fl that I am getting advice on and I don't live in that state. 

Most likley I would be in a stripped uniform behind bars if I did not have the ability to run an idea or situation by a lawyer to find out if I was heading up the wrong tree.

Try this   Foreclosure

I do not know if he is still in business, John Dugan

1000 Skokie Blvd., Skokie, IL

You may want to pass it buy.

I ran up against the same problem in the same city.

The tax office told me that they could not consider

a reduction in taxes because I was not the title holder.

I tried to work thru a lawyer and a member of City

Counsel to no avail. Was told privately that if they did

it for me they would have to do it for others.

If you can not work with the title holder then you are

spinning your wheels.

Jerry K made some very good points.

If Jerry is going to swing by there in the future have

him check to see if the vacant lot has septic or municipal

sewage in addition to a well or municipal water as well as 

electric. Once you get title to the vacant lot advertise in

Craigs List for that area that you have a mobile home lot

for sale. (with all utilities)

Also call local mobile home dealers and tell them that

you have a lot available if they have customers that are

looking for a lot to put their new mobile home on. Now you

either sell the lot or rent it for whatever moble home lots go

for in that area. If you can get $300 a month lot rent you

will recoup your invetment in a short period of time. Once

you get seasoning on the lot rent you could sell the lot to

a local investor.

There are some other options with greater return yet you are

out of the area and you would be hard pressed to get them

instituted.

Also call local porpane distributers and ask if they deliver

propane gas to that area. If so tell them you will give a referal

fee if they refer a buyer for the lot. Most mobile homes in rural

areas use propane and the dealers have connections in the local

mobile home community.

Look in CL and see who is advertising mobile homes for sale. Find

someone who is a wholesaler and tell him you have a lot and will

give him a referal fee.

Servicing yourself creates a lot of liability. Put the cost into your monthly payment from the mortgagor.

All these are good ideas and suggestions.

Talk to a CPA that has note experience.

There are different tax stageties you can use

to minimize your tax bite.

If you borrow money to buy the note your

tax libility is different than if you use your own funds.

Have you tried FIRST American Title?

They probably have several offices in your area.

Call each one and ask if they have a closing agent 

that has experience with notes.

I interviewed 4 agents before picking one.

Check with the county dept that handles the sales. Fl. and Texas HOA fees have to be paid if the respective counties force the issue. Contact me at [email protected] and I will help you with your quiet title problem. I am not in my office right now to look up the contact that handles such issues.