This Is What I Know
I found a Seller through the Tax Deed Auction posts. He owes back taxes of $9,900. He bought the property Subject 2 and says he did not know taxes were in arrears. He just opened a new office and is having trouble getting tax money. There is no mortgage. It is on 2 lots. He said he paid 80K and put another 30K in repairs. There is $1,600 mo. cash flow. No tenant leases. The property has 2 assignments of rent on original date of recording in 1993. He has put a bootleg rental on the property plus a subdivision of the main house. Mortgage was $160,000. This property is uninsurable. Tax assessed value is $97,549. My homework says it needs at least 40K in repairs. Neighborhood SFH comps are an average of 100K to 120K. I have 3 pages of comps and none fit his situation. He thinks 100K cash is a fair price. I offered seller 40K all cash in 10 days and watched the blood drain from his face. Now what?
Comments(0)