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 Forum for Investors of Real Estate. Discuss financing, foreclosures, wholesaling, rehabbing, landlording, and much more.
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Buy or not to buy a 10% ROI invest
Your correct Joe. It seems the commercial loan prime rate in Spain is almost 3 times that of the USA's.
02/02/2012 12:01 PM
Structure of wholesaling!!!
Ozzie, thank you for starting this conversation/post. I am inspired and ashamed at the same time. I look forward to reading more of your future successes and hope to duplicate it in my own efforts.
Congratulations!
02/02/2012 12:00 PM
Professional Negotiator Needed
Don't pay attention to the nay-sayers, it can be done.
Look for the "shorting IRS liens" link in this next thread:
http://www.biggerpockets.com/forums/41/topics/68977-foreclosure-auction-sheriff-sale-and-trustee-sale-faq
02/02/2012 11:50 AM
Structure of wholesaling!!!
The Tax Claim Bureau operates under the Pennsylvania Real Estate Tax Sale Law Act 542 of 1947. If you research that, you will find that all sales have to go through a progression, and that there are no redemption rights. First, the property must be offered for what is called the "Upset Sale" - the "Upset Sale" leaves all encumbrances in place except for the specific taxes being paid, so mortgages are not wiped out. Should a property not be sold at "Upset Sale" (usually because it has a big mortgage or it is a mobile home or because it is vacant land), then the property is to be exposed for sale in the next "Judicial Sale"; the "Judicial Sale" is the only sale where all encumbrances are wiped out, and payment of the taxes gives you the property free of all other encumbrances of record. If property is exposed to the "Judicial Sale" and fails to sell, then it becomes part of the repository; property in the repository can be bid on at any time, and the taxing authorities can determine whether or not to accept any bid on the repository properties. Repository properties have been exposed to "Judicial Sale" already, so they come free of all other encumbrances (but there may be a requirement to pay all current taxes and municipal fees).
Now, there have been issues in the past (many court decisions) where tax sales have been overturned. So it is quite common to have "quiet title" actions performed on any property purchased from the Tax Claim Bureau, in order to remove any claims a prior owner would have.
Now, to answer the question you posed. Would being at the sale give you an opportunity to meet buyers, so that you can add them to your buyers list? Probably so. Would they let you wholesale the properties just bought at tax sale? Hard to say, since that would depend on why they bought the property in the first place. Some people actually want to hold onto the property for a variety of reasons, so those properties won't be available for any sale. Some will be rehabbers who want to get maximum profit out of their acquisition, and wholesaling a property might not do that.
02/02/2012 11:43 AM
Still Waiting On Hyperinflation...
I have made similar preparations. My personal residence has active solar for both heat and hot water. We have a well, and a back up whole house generator (we are on the grid). We are 400ft from a year round river so water will never be an issue. I have 4+ years of firewood stockpiled. And we have 25+ fruit trees and 2.5Ac of good land with irrigation in place if we ever need to plant a garden.
All of these things make everyday living more comfortable and less expensive.
I still have room to improve...I need to add a PV system. I have spent a ton of energy and resources building up my rental portfolio over the past few years that my personal residence tends to suffer.
I don't think its ever a bad idea to be prepared. These preparations would help in many situations... temporary loss of income, natural disaster, etc.
Heck, I don't think my house will burn down but I still buy insurance.
I am not hedged for deflation because I think it simply will not occur here...sure the CPI could dip in the negatives for a quarter or two but I would bet everything that the Govt and the Fed would respond with MASSIVE printing and stimulus. The govt benefits from inflation...they are the largest debtor of all. The fed had one tool..it can print money. It is what they do. All the deflation guys argue that "the fed is out of moves" or that there is nothing more than they can do. I do not believe this. If I learned anything in 2007/8 it is that they can do anything...they are very creative.
There is much more the Fed can do. Anyone wonder how far they can go...google "Helicopter Ben" to learn how he got his nickname.
Our currency is 100% fiat. Inflation/deflation is a policy choice. And I am pretty they will choose inflation.
02/02/2012 11:42 AM
It's Feb 2012, what did you accomplish in the first month
Finished up a rehab & got it rented on Jan. First.
Working on paying down my debt.
Had a Vacancy as of Jan 31st. I was busy so I had someone else post it to Craigslist for me. Received 0 interest. Decided to drop the price, upon re-posting I realized that They had checked the box that doesn't allow replies. Re-posted correctly & working on getting it rented.
In the mean time I'm cleaning & getting it rent ready.
Worked on building a real business & developing local RE relationships
02/02/2012 11:23 AM
What's the best option?
Many thanks, Jon. I appreciate your response. I usually go the typical yellow letter route and receive favorable responses. However, I changed the verbiage/format on some recent mailers (based on recommendations) and now I know, I will definitely stick to the YL's in all my mailing campaigns.
Thank you so much!
02/02/2012 11:18 AM
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