Vacant Land Tax Foreclosure Properties..
I've been browsing various county tax foreclosure lists and seem to find a lot of property that might be considered "common" areas or property in the middle of other properties without any street access. From satellite images, it appears that the adjoining properties are maintaining the lot.
With some research, is there a real possibility of picking these up, subdividing, and selling to adjoining property owners for a small profit?
My assumption is that the original developer couldn't build on the lot. The property in some cases have a playground or a couple trees. Now the property is part of an HOA that doesn't care about paying the taxes? Just a guess.
I also found two cases listed for tax sale that are the land immediately surrounding an apartment building... including the parking lot, lawn, and sidewalk. What keeps someone from getting this property and wreaking havoc? What am I missing?
Thanks in advance.
OKC
I have wondered the same question. Ron Starr who is an expert says stay away from common areas. The goal would be to try to get the association or neighbors to buy it back from you. What leverage could be used to encourage this. If it was large enough to subdivide, or if you could fence it off, otherwise they could thank you for paying the taxes for them.
What if the property includes the entry monument to an upscale (homes = >$600k) neighborhood?
TLL--(OK)------------------
I've got several properties that I bought at the Oklahoma County tax resales in past years. Didn't try to buy there this year.
About the apartment house. Maybe the taxes will be paid. Maybe there is an easement over the parking lot area for the use of the apartment parcel? I ran into that in a Sacramento County, CA, tax sale a few years ago. What value is a property which others have the right of use and you have no way of making money on it?
Good Investing***********Ron Starr************