All Forum Posts by: Michael J Shabazz

@Paul Amegatcher Great post, and good job! I've been studying tax liens and will soon add similar strategies to my "tool box." 

A seller that's a good friend of mine desires to sell her home for what's owed. She has agreed to sell me the house Sub to for what's owed. The house is 10 years old and in good condition, and I plan on Wholetailing it to a buyer using a VA Loan (military town). Being that VA Loans require 90 days of seasoning, I will have to hold tile for 3 months before selling. The seller's ex husband currently occupies the house but can't afford the mortgage and would like to move ASAP.

My Strategy Is to:

• Purchase Subject to, get on title to start the 90 day seasoning
• Rent the house to the current occupant on a month to month lease less than the current mortgage payment (incentive to stay, be corporative with Sub to, and subsidize holding cost during the mandatory seasoning)
• Begin marketing the house immediately
• Sell to a VA Loan buyer immediately after required seasoning

Both sellers are on title but wife has exclusive discretion for sell of house. Does anyone recommend a better way of executing the deal? Are there flaws with this strategy that you recognize? 

@Randy Walkins The County Assessor appraised value is in most cases less than the actual value of the property. Never attempt to use that to value a property; be sure at the least to look at comparable sales.

What did you end up doing with these properties?

@Sam Bagwell Thank you for sharing the great information. Is there a difference in how delinquent taxes and tax liens are handled when the owner is deceased? I was searching for the owner of a vacant house and found out through a skip trace that she is deceased. It appears family of the deceased lives in CA (property in Fulton Co. GA)  and has no idea their mother still owns the property. 

My research shows Investa Services has the lien, but it has not been sold by the Sheriff to date. My plan was to contact the family, help them open probate (quite sure she died intestate), and buy the  house from the administrator (minus liens of course) or pursue a short sale.

Congratulations @Willow T., awesome flip.