All Forum Posts by: Lynn Henley

Ned,

What is your "grading" specifications when you're looking at properties to purchase Tax Liens?

I ended up not persueing this any further. I did contact some of the owners of adjoining properties, but no one was interested.

Wayne, are you saying the court will automatically give an easement?

Karen, should I lock it down with an Option, then contact the neighboring property owners about purchasing it? If they're not interested, let the Option expire and move on?

I have an opportunity to purchase some acreage for just the back taxes. It's presently owned by 4 siblings, scattered all over the country. The property is local to me.

Here's the kicker ... the property is land-locked.

With that in mind, should I (1) purchase the property for the amount of the back taxes - about 25% of county tax assesed value; (2) option the property; or (3) forget about it, and move on. The exit strategy would be to try to resale it to one of the owners who's property joins this parcel.

Thanks.

My private lender asked me about the possibility of a partnership, so I'd like to get some feedback on what others are doing.

I know I would probably actually make more profit if I go it myself, and just use his money, but I'd also be on the hook more. I told him, that with a partnership, he wouldn't be receiving any interest on his money until the deal closes. He said he was OK with that.

Anyway, I'm open to any and all feedback.

Thanks,

Lynn (FL)

I've found a residentual lot with 5 owners, who are scattered from FL to CA, but none local to the property. I've had verbal commitments from 2 of the owners, and they tell me everyone is OK with selling it. I've had a local Realtor tell me that it should resell pretty quick.

Do I send each of them the paperwork for 1/5 the selling price?

Do I send each of them an "Option to Purchase" or a regular "Purchase and Sale Agreement, not knowing if all will actually go for it? If I send an Option, do I get a Memorandum notarized? The relative in CA is elderly, and I've been told has a hard time getting around.

What's the best way to deal with multiple owners, who are scattered all over the country?

Thanks,

Lynn (FL)

Terry,

Are you still using this Option Agreement, or have you changed it up?

Thanks,

Lynn (FL)

I'm going to present the owners with an Option, and see what happens. I can always say that my builders need the price locked in before they can proceed. If it falls thru, then there's nothing gained, and very little lost.

Lynn (FL)

I actually have a couple of possible transactions in the works, but I'll need funds for both of them, thus the reason for either an Option, or an extended closing date.

Both I want to quick resell, but ofcourse, I don't know how long that will take. Both are residentual lots within the city limits, and I've had a Realtor CMA on both.

#1 - $36k value I can tie up for $20k. Quick-resell price of $30k.
#2 - $12k value I can tie up for $2k. Quick-resell price of $9-10k.

Any suggestions or recommendations?

Lynn (FL)

I'm dealing with a FSBO, and it's not a short sale.

Andrew ... How long until close do you put in your Agreements? How much of a deposit do you include in the Agreement?

Kevin ... This is a straight Option, and not a Lease-Option.

Lynn (FL)