All Forum Posts by: Account Closed

Why @Brandon Turner did not name this the PRRRR (p for purchase) since he loves cats is beyond me hahaha

@Wayne Brooks so then theoretically you could never lose your home or pay taxes if a different person buys your lien every year. That doesn’t seem right either. I did work for the government for years obviously. So I know logic doesn’t always prevail there. 

thanks for the information. However, my question is that there are several years of owed tax lien certificates, but NOT my own. I have one where the same previous lien holder holds 3 other tax liens on that property. And mine makes the fourth. 

@David Dey Hello, I saw this old post but I figured you'd know even more know. So I recently bought a few tax liens in Miami. A few of them have outstanding liens from previous years. Can I start the foreclosure process, since it has been over two years that have not been paid already? 

@Account Closed In Florida you can start the foreclosure process after 2 years. But now what if the property already has more than 2 delinquent years. For example I have purchased a tax lien in this round, and there are 3 years of non-redeemed tax liens for the same property. Can I be the one to start the foreclosure process, since it is over 2 years, even though I have only held the lien for a few days now?

Kind of messed up to say the person is irresponsible based solely on the fact that they own four dogs and are renting, not buying. My grandmother rescues greyhounds and usually has over 5 at a time. Is that “irresponsible”? She organizes a lot of events for grateful greyhounds, doesn’t seem like she’s irresponsible....

@Kevin Phu but you didn’t allocate any to taxes, insurance or maintenance. In Miami taxes and insurance can run about 800 a month. My friend in northern Florida is paying 800 a year! Huge difference  

Interesting how everyone has a different opinion on it. So is life I suppose. The homeowners insurance is almost 30-40% of the mortgage so it's kind of tough to make numbers work here and with a VA loan needing the property to be habitable without leans and violations. I keep running into properties that don't qualify. Some having 70k in liens on them

@Nicole A.yes. I factored in 15% for vacancies ( very conservative) and 10% for capex/ repairs and the outrageous homeowners insurance here ~500 a month. Everything down here that is in fairly good condition (needs to be liveable for the VA home loan) is 225+ unless you get into townhouses, butbwith hoa fees can get pricey too. That's the problem. It's tough to get a good cash flow deal with those stipulations. In a not so high crime area. My alternatives depending on how much I can get off the asking price with the few I've come across are about 50-80 miles away for one area or 115 miles in the other direction. With traffic here drive times can greatly vary but roughly 2-3 hours if you're lucky. I figure if I can live for free it would be a good starting point to get my feet wet at least. But considering it's a 300k mortgage it could be a big mistake which is why I'm picking brains right now.

@Andrew B. That would make sense as I will not be living there long term. But how much cash flow would be "good" considering a property would be 300k ish? I watched a Dave Ramsey episode and he said "any cash flow is good" I know on BP they preach 100 a door, but that is on properties that cost 80-120k. I just don't want to be stuck in this analysis paralysis forever and never take action. I have been interested in real estate for a few years and my last semester in college I decided I will make it happen and that was in December. Since rents are increasing in Miami, even if you break even today, you should see some cashflow increase every year. I know 18 months ago I was looking to rent a room and they could be found for 500, now you are looking at 600. In just one year. Would you consider that? In a smaller city or town I could see that being dangerous, because they probably have only a few major employers, but Miami has a wide variety of employers so even a hit in one or two industries would not kill the city.