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All Forum Posts by: Norman Kindon

Norman Kindon has started 2 posts and replied 5 times.

Post: Tax lien certificate sale

Norman KindonPosted
  • Ponchatoula, LA
  • Posts 5
  • Votes 2

Hello All -

Complicated tax lien certificate issue here & would appreciate any insight or help.

Recently purchased 3 tax Lien certificates for properties in New Iberia, La, through the online auction.  

For each of the properties, I won the bid with 100% bids.  However, I'm starting to navigate through unfamiliar territories due to a few issues that arose.  After purchase it came to light that my 100% bid is only 100% ownership of 1%, due to past tax liens, according to the property description.  This is confusing, since I was under the impression that all other unpaid liens would be canceled if future taxes weren't paid by the lien holder.  

To complicate matters, the parish sheriff's department informed me that two of the properties were in city limits & there were also unpaid city taxes.  These tax lien certificates were apparently on auction as well and were sold to another party.  The sheriff's dept said that they wouldn't worry about these as long as the owner pays back the penalty & interest within the redemption period.  If they do not, then I should hire an attorney & look at paying these city taxes, but if I tried to pay them now (since the auction is over), the city wouldn't be able to pay me those funds.

It seems that if the property owner pays the parish penalty & fees, then I will be ok.  But, if they do not pay within the redemption period, then I may be looking at a loss or a legal mess. 

Again, any insight or help into this matter would be greatly appreciated.  Not a ton of details on the internet.

Thank You,

Eric

Post: Newbie From Covington Louisiana

Norman KindonPosted
  • Ponchatoula, LA
  • Posts 5
  • Votes 2
Welcome neighbor! I live in the madisonville area. BP has tons of great info to begin building your real estate knowledge. I'm somewhat of a newbie myself, learning & saving for my first deal. Listen to the podcasts, great interviews with successful investors. Look forward to seeing you around the area.

Post: First Deal: Multifamily Unit in Louisiana

Norman KindonPosted
  • Ponchatoula, LA
  • Posts 5
  • Votes 2

Nicolas - that's the one.  If you move forward with this property, I'll be interested to know how it does.  I would think that a small inexpensive multiplex would be great at hedging your risk of full vacancy.  

Post: First Deal: Multifamily Unit in Louisiana

Norman KindonPosted
  • Ponchatoula, LA
  • Posts 5
  • Votes 2

Hello, I'm from ponchatoula as well.  I believe we may have been looking at that property as well.  Definitely a rough area, after driving by.  But, looks like you're doing your homework.  Good luck.

Post: New Investor Southeastern Louisiana

Norman KindonPosted
  • Ponchatoula, LA
  • Posts 5
  • Votes 2

I'm a relatively new investor in the Southeast Louisiana area.  Have not completed my first deal, but have been learning.  Looking forward to making connections, continuing my real estate investing education & eventually making my first deal.