All Forum Posts by: Ricky Cassidy

Anyone have any experience with Anne Arundel county’s tax lien laws.l?

I recently won a few property tax liens at auction and need to know the laws involved.

Charles/Mckinkey,

Thanks for the feedback, In your experience, what has been the most effective list to target? (tax delinquent, probate, pre forclosure, etc.)

I've been driving for dollars and making a list of distressed houses in my area. I have contracting company and am considering marketing to buy the house but also promote my contracitng company at the same time. The thought is, the homeowner may not be interested in selling but may be interested in updating. Obviously buying the house (at the right price) is the goal... would advertising for my contracting company take away from the potential of the homeowner selling me thier house? (my thought is no it won't)

The Letter would say something simple like this:

Dear Mr. X,

I'm a local contractor looking to buy a house, I just recently drove by your property on ABC St. and I was wondering if you were interesed in selling it. If so, call me at xxx-xxx-xxxx. If your not insterested in selling but want to update your property, I'd be glad to help with that too. Let me know what I can do to help.

Thanks,

Ricky

xxx-xxx-xxxx

Any thoughts on this approach?

@Andrew Franzen,

I just stumbled on this post, is there anyway to get information on the tax delinquent sales that actually sold? Or just the remaining?

The remaining list is kind of slim. I'm trying to create some DDM targeted toward tax delinquent properties, I figure the more information I can gather, the better. 

In search of my first BRRRR Deal... Jumping ahead here, but I forsee a pontential issue when I try to Refinance using the BRRRR method in a Cold market. In my area, it seems many houses are sitting on the MLS and realtors are slowly decreasing thier asking price.

If I were to purchase a house today, using comps in the $200,000 (ARV) range and in 6 months refinace (in a colder market), I could more than likely have some trouble getting my money back out? (Assuming Comps decrease in value)

Granted it is winter and I believe the market will pick back up come Spring...But I hate to make investments based off assumptions. Would it make sense to adjust my comp values and make them a little more conservative in this situation?

I'm probably overthinking this, but helps to put thoughts into writing.

Wayne/Caleb,

Thanks for the insite!

Michele,

Thank you for your reply, this is a hypothetical situation. My goal was get some information on the seasoning lengths necessary to refinance. (or if there is potential for immediate refi after renovation).

You say other routes, which are you referring too? (private lender, FHA, USDA, VA)?

I would love to hear alternates. 

Using Hard Money... When can I refinance?

For example:

I buy a home for 100,000 cash using hard money. I do a light rehab using my own money. I find a tenant and have the home reappraised. How long can I expect to be paying interest on the hard money loan before getting a conventional loan? I understand it will be differnent for different loan applicants, I just want to have an estimate to use for running numbers and evaluating potentional investments. In short, how do I accurately estimate money costs?