All Forum Posts by: Robert Leonard

The fact that you added the “maybe very long term” remark to your question, leads me to believe that you realize that it is unknowable when this low value housing will become higher value or get replaced by new developments. It is perplexing to find such properties literally across the street from LSU campus on the northern boundaries, but it’s there. Add flood zones to the equation and the unpredictability that presents, I have serious reservations about the idea.

Things do change, and one day, this area probably will, but it could be a long wait. Until then, you have a low rent, low value property that comes with the challenges of managing that type of property. What’s your plan to manage them?

We just recently discussed this topic and I’ve never heard of two different parties getting tax bills based on percentages sold in a tax sale?  I’m not saying its not right, but I’ve never heard it explained that way from several attorneys I’ve had the discussion with.  @Chance Delome is an experienced tax lien investor who I know can shed some light on this.

Thanks for the mention @James Dickens! Glad to connect with you @Seth Gary!

I organize a local real estate investors' networking group. You can join for free. I would post a link here, but any link outside of the networking thread about networking groups get deleted by admins. :-) see you around town soon!

I'm very familiar with the "holding company from Nebraska." It's a huge tax lien investing outfit. They will ask you to sign a document to accept their definition of "merchantable title." Nevermind the legal definition that already exists - it is legal for you to voluntarily accept their definition. Their definition of merchantable title says that you accept that when you buy it, the one title company (that was just created a couple of years ago), will write a title policy on the property. That doesn't mean that any other title company will ever give you a clear title to the property.  

If you are buying with cash, nothing will stop you from buying the property.  However, if you want to buy with financing, the lender will require a lender's title policy and that might be a problem.  Also, if you want to refinance or sell the property, you might have a problem.

I don't have any kind of affiliate relationship with them, but I recommend that you close this deal through Bradley Moreau Title (or another reputable title company) to be certain that you have a good clear title to the property before you buy it.

Welcome to BP @Seth Matherne! We have a good community of active investors in our market!

@Michael Faulk

Bonjour and welcome to BP @Abigail Nalbandian! Look up attorney David Birdsong. He is very active in NOREIA and he can advise you about the legal best practices in accomplishing what you are working on.

Red flag? This should not be considered a red flag.

While it is important to handle your SSN with care, I believe you can trust a title company to handle your SSN responsibly. If there were no record of what you paid for the property that was kept track of by your SSN, how would there be any way of knowing how much, if any, taxes are owed, if you sell the property? When you report the sale and your tax preparer calculates the profit or loss, it's all kept track of by your SSN or the tax ID number of your entity (LLC, S-Corp, etc.), if you aren't buying in your own name.

Glad you found the site. Welcome to BP!