All Forum Posts by: Phil Sirmarco

Got a situation and could use some advice and guidance. I was approached to buy a house that was a tax lien foreclosure. After investigating it further I found that the owner can come and still claim the house and pay what’s owed to get house back within a year of the judgement. The person that approached me was simply issued a judgment to purchase the house for what’s owed. I’ve heard from the owner of a title company that said he would not issue a title for a year because the owner can still claim it if he pays the taxes plus other fees. Is there a way for me to go straight to the owner to redeem the house and I pay him a fee for his time plus what ever he owes to get the house directly from him so I don’t run into any issues of losing my investment or do I take the risk buy it from the guy that approached me and just hope the original owner does not redeem house in that year? There is a title company that will issue a title 90 days from judgement but not sure if I go to sell house within that year if I could get another title company to issue a title if needed buy another buyer?

Thanks Stephanie P

@Geordy Rostad

Thanks, I have considered that. With the taxes and ect it just doesn’t add up for me. I had planned on selling it and to use the profit to fund my first multi family..... turn key. I was able to talk to some one who said they could do a refi before I list it for sale. I am starting to wonder about financing the multi family I find and use the flip house for collateral?

Would like some advise on financing. I am finishing my first flip in NJ. I bought the house for 60k put 60k into rehab(all my own cash). The value after rehab is around 170k. I am looking for advise on how to move to multi family rentals. I would like to know the best road forward? Do/can I get a mrtg on the rehabbed house while it is for sale or do I try to get a mrtg on the multi family and use the rehabbed house as collateral? Looking for someone with some experience to give some advise.... thanks in advance for any help given