Posted by Eric (IL) on May 17, 2000 at 11:49:27:
Couldn’t you just buy the tax certificate and forclose? Or do you feel that is cruel?
help…where do i begin…first timer here…and we’ve all been there!!! - Posted by jaegen
Posted by jaegen on May 11, 2000 at 14:17:05:
I’m about to start a new job…which will really help my income greatly…i’ve been thinking about real estate for the last year, but still hesitant about the idea, since I dont know how much this will cost me. I know that i want a better lifestyle for not only myself…but most of all my family. And i came up with an idea of buying small homes and renting them out…to make a profit…can some one give me SOME IDEAS of where do i start…and what I need to look out for…or if there are any good books…that some can recommend me…thanks.
almost tax loss - Posted by jeff
Posted by jeff on May 12, 2000 at 06:52:22:
If your looking for a great way of getting started this is something I have been doing for some time and it is very easy to do.
- goto your local tax collector find out who is behind on there taxes by at least 28 months.(in most areas 30 to 36 months is the time frame before gov takeover check that)
- Take the list you just got and go visit the properties listed as delinquent
- pick the properties that interest you
- contact the owners and feel out why the have payed there taxes
- see if they may want to get out of that responsibility
- offer to take over all the responsibility for the past owed taxes and still give them a monthly payment
This of course is simple but I have done this several times you would be surprised how many people just want to get out of a property.
Example: Right now I am buying a 3unit building the owner has past debt of $7,000 in taxes but there are no other lien against the property. I told her that I would take over the debt and give her $150 month for the next 5 years. She agreed so I went to the tax office and told them I was going to take ove the debt and could I work out terms they said ok and I have to pay them $117 month and the regular tax of $195 starting all from the time of closing. I gave the owner $150 good faith money for the deal and a note for the $150 a month. 117+150+195=462 the building has a income of $1200 give a extra $100 month for insurance and the final deal is $150 out of my pocket gives me a $638 positive cash flow and the ownership of a three unit building.
Good Luck
Jeff
Re: help…where do i begin…first timer here…and we’ve all been there!!! - Posted by Wendy
Posted by Wendy on May 11, 2000 at 16:44:43:
Search the archives for getting started and other key words to see what’s been said in the past. You know this question has been asked and answered a million times. Read what’s already here, and THEN see if you still have questions.