All Forum Posts by: William Harris

I'm a little confused on you accepting an offer with an inspection contingency I'm assuming? How are they able to make repair demands if you listed it AS IS already?  The deck and roof should have been their concern before making the offer on AS IS properties.  It sounds like they are taking advantage of you here. 

let’s go! 🤝

@Eric James yessir! Yeah I would never recommend to purchase a home from a tax owner unless the process is completed and title is free and clear 

@Eric Jameshahahah that’s funny. Yeah you can’t do anything with the property until you’ve completed the redemption process and get issued the judgment to take ownership. In this case, the attorney got to the finish line and presented the deed to the county for approval. That’s when I stepped in to purchase from him. 

@Eric James I will definitely look into this. The tax sale was in 2018. Took the attorney 3 years of sending out notice to owners with no response before getting rights of redemption, which happened 2021. 

@Steven Goldmangreat feedback! I assume some attorneys do this for a living and like to clean hands quick. That’s where the savy investors step in. But I agree, the fix and cash out option is definitely weighing on my mind. The home was paid off and owners disappeared apparently. Not sure why them didn’t redeem it. 

@Santiago Marquez great insight! Thanks for adding that in 🤝

@Darius Ogloza appreciate your feedback also! Yeah I’m really leaning towards just listing on the hot market as is and seeing what happens. It’s a nice location near a military base so I’m just stuck on also not trying to let a good possible cash flow by. 

@Young Park appreciate your feedback! I guess I’ll rephrase that to ask more of your personal answer based on your situation? I just want different perspectives based on your experience! 

Good morning Heath,

From my experience, it seems like you will be hit with capital gains tax on your proceeds when you file your personal taxes. Unless you did a 1031 exchange with the profit, you will get taxed. Moving that money into your business account would help you pay off debts of course, and that will also help with your overall business account activity. 

You can fact check this and see if the process is still the same 🤝