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All Forum Posts by: Shawn Merrihew

Shawn Merrihew has started 1 posts and replied 7 times.

Post: Short time frame for purchase

Shawn MerrihewPosted
  • Posts 7
  • Votes 0

I thought about that too. I’m confident he just has no business acumen. He also owns other properties; I think he’s in over his head. 

Post: Short time frame for purchase

Shawn MerrihewPosted
  • Posts 7
  • Votes 0
Originally posted by @Dennis Weber:

I agree with @Wayne Brooks  is it just going to tax lien sale or is redemption period running out?  If it’s just going to lien sale then you got time. Make the taxes your down payment. I have a question though. Why didn’t he pay taxes? Was it because the property didn’t generate enough to pay them?

Post: Short time frame for purchase

Shawn MerrihewPosted
  • Posts 7
  • Votes 0

I’d be willing to finance as much as possible. 

Post: Short time frame for purchase

Shawn MerrihewPosted
  • Posts 7
  • Votes 0
Originally posted by @Wayne Brooks:

If you have the cash for the lien and the seller is financing the rest, I sssume you are Not looking for financing here?

To clarify, if the tax lien is simply going to be “filed/placed” in a week, there is really no urgency....close later and just pay off the lien, with some extra costs, whenever you close. 

However if the property is going to be “sold” due to a tax lien in a week, that could be a different story. 

Post: Short time frame for purchase

Shawn MerrihewPosted
  • Posts 7
  • Votes 0

The property value is tax assessed at $110,000. My credit isn’t that good. 

Post: Short time frame for purchase

Shawn MerrihewPosted
  • Posts 7
  • Votes 0
Originally posted by @Tarik Turner:

What is the value of the property and if you dont mind disclosing where do you expect the credit score to land? 

We do use a 7 day product that can get you up to 75% of the as is however there is a loan min and a credit min 

Post: Short time frame for purchase

Shawn MerrihewPosted
  • Posts 7
  • Votes 0

I came across a great opportunity. A property with 6 apartments upstairs bringing in a decent amount each month and 4 store fronts on the main floor. Many more details; but my actual question is the current owner is a week away from a tax lien. His objective would be for me to pay the $20,000 in back taxes before the lien gets applied and then do a 3 year owner financed buyout. 

I have one property currently and with this short time frame what are my options for that money? My credits not that great I usually look for properties I can use current cash to buy until I fix my credit score to use loans as other options.