All Forum Posts by: Timothy Cervantes

@Account Closed How does one determine if their is a Medical lien on the property, title search?

@Rick H. I appreciate the insight here. I gathered all the info I currently have from the county website as far as the deed and just found more info. But most of my education thus far in REI has not been anywhere NEAR probate, tax liens, etc. The property is scheduled to go to a tax deed auction on March 6th, is there a different deadline you are referring to?

Multiple questions here but here is the scenario I have

Vacant home that has been abandoned by the children of a woman who passed away several years ago.  Taxes haven't been paid since 2007 (ish).  I know the family and it is in the neighborhood where I grew up and which I am looking to invest in.  The family doesn't have the funds to pay the taxes back but I was thinking that I could work something out with them.

Home is free and clear, deeded to the woman's estate (as far as I can tell through my limited research).

Back taxes are 9 k

Land Value 24k

Assessed value 75k

Conservative ARV is 100k

Needed repairs UNKNOWN

The home needs some serious love cosmetically.  I've heard rumors about there being a serious mold problem in the house and that was the reason why the kids left.  Not sure about any other improvements needed.  I'll assume the worst but I think I can get access or permission to access.

Questions

1.  The tax auction is March 6th, can the family pay up and pull it back from auction if taxes and fees are paid up to date?

2.  The county is Fresno County, Ca does anyone know if this would be listed if had been listed previously for a tax deed auction in this auction?  Could I simply just call and find out?  The family won't know.

My plan would be to work out a deal with family to have the property deeded to me for the amount of the back taxes and value of the land.  I believe that is a fair amount so in essence 35k.  Everyone wins.  I would then hold as my very first investment property.

I never plan on Tax Deeds being my niche but this is a property that I've been interested in and my research has taken me there.  Any input or advice (specifically those who deal in this niche) would be greatly appreciated.

CONGRATS!  Have you looked up your local Section 8 listings for current rental owners' contact info?  Might be a buyer or two listed there, free info just trying to help.  

Very interesting thread.  Following for further commentary as I have begun the preliminary research of the right entity to form for my goals.

A win is a win, not to necessarily be defined by those (readers of this post) without all details.  If he wanted to ahve his deal analyzed he would have posted it in the appropriate forum.

I applaud you for taking that risk and jumping in that some can't or won't.  CONGRATS!  

Congrats!  It's more a mindset than anything else in my opinion.  Have a plan to introduce yourself and shake every hand in the room.  Be open about you and your goals, generally everyone is very welcoming and inviting.  It's no different than any other group meeting you've more likely attended so have fun with and ask questions.  Most people love to share their experiences and knowledge.  Good luck!

Didn't read all the replies so I'm sorry if anyone has already stated this but I had to give my thoughts on what could be wrong based on an experience my nephew went through recently.

Short Version:  The neighbor is tapped in to the power of your home.  My nephew works for a company that analyzes homes energy efficiency steps for homeowners.  While he was completing an analysis for a home with a $800 monthly utility bill they went to the meter to watch it for several minutes while on the phone with the utility company.  Everything was off and static, then suddenly the meter spiked.  The utility rep who was on the phone with my nephew stated something like, "Your AC just went on."  Again, nothing was turned on but meters read a spike that was confirmed by the utility company.  They asked the utility company to come out and inspect the electrical and main box and found the neighbors had tapped into the system.

Refocus to getting your credit in shape.  If you don't do that, any venture will will be difficult.  Not sure what bills you need to pay, but that is probably a good place to start because they have to be paid eventually right?  Put those to bed so you can focus on the bigger prize:  FINANCIAL FREEDOM (your words).  Also, credit repair is also not an overnight task.  It takes a lot of work and good credit is almost a necessity (some may argue that one).  Why not make the personal finance piece of your life a part of the overall plan to invest in real estate?  Step 1 in the many steps you'll take in achieving your goal.  In my opinion you can't have one without the other.

Congratulations!  I can't wait to post my first deal :)